Life moves fast in the small business world. Your business has a new opportunity on the horizon to double or triple revenue. Or, you need cash to solve a problem. Either way, a fast business loan is the solution you need.
Getting a business loan approval in a short time frame is critical to pushing your business forward, no matter what you’re trying to accomplish. Without a fast business loan, you could lag behind the competition or miss your opportunity to take things to the next level.
Here are some tips on finding the fastest business loan for you to take on any business challenge or seize an opportunity for success.
How Hard is it to Get a Fast Business Loan?
It all depends on where you go and who you work with.
Unfortunately, getting 24 hour small business loans from a bank is borderline impossible, even though the interest rates are lower. Bank underwriters will take a deep look at your business to determine if you’re a good fit, and because of this thorough process, usually won’t respond to you for quite some time. It may be a few weeks or months at least.
It’s even more complicated when you submit an application with a potential issue, like:
- Bad credit
- Tax liens
- Poor/fluctuating sales
- Short time in business
- Previous missed payments
Most small business owners searching for quick business loans can’t afford to wait that long. However, you’re not out of options if you want to get a business loan fast.
At National, we understand that your business is on a timeline. Through our fast small business loans process, you can apply, qualify, view your options and get funded in as little as a few hours. As an alternative lender (also called a fintech lender), we don’t abide by the same time restrictions and qualifications.
In fact, your personal credit score isn’t a deal breaker when it comes to applying for quick small business loans. Your business can qualify based on annual revenue, and where you’re going, regardless of credit scores.
Not All Loans Are Created Equal
The Alternatives to Getting a Fast Business Loan Aren’t Great, Either
Regardless of the challenge your business is facing, the problem remains the same: you need money. Loans aren’t the only way you can get fast working capital for your business, but for most business owners, they’re the best.
When you need cash to grow your business, you have three options:
- Get a fast business loan
- Sell equity
- Save profits to reinvest
Selling equity means you forfeit a portion of your profits forever, and may also involve losing full control or direction. Saving profits, on the other hand, can take forever—especially when you’re putting a lot of cash toward operating costs like payroll.
Based on the options, most business owners turn to outside cash in the form of fast business loans.
At National, you can get your business funded through a fast, simple and easy process.
You Don’t Just Need Fast Business Loans, You Need the Right One
As you probably know, banks may offer the lowest interest rates, but can’t compete when it comes to speed and convenience. That being said, there are many places where you can get a fast business loan.
To truly fuel your long-term growth, your business needs a program that fits your needs, goals and financials. If you act fast and accept the first option on the table, though, then you may not be going down the best path for your business.
Unfortunately, most direct lenders offer only one or a few options. Brokers may offer more, but are limited by the lenders they work with.
National’s marketplace includes over 75 leading small business lenders, putting all of the best small business loan programs in one place. After you apply, you gain access to the best options on the market.
National’s Fast Business Loans Process
Wondering how it works?
At National, our process is geared toward helping you understand the options available in our 75+ lender marketplace, selecting the one that works best for you, then getting the funds into your account so you can get started right away.
We move quickly to find your options, help you get the information you need to make a decision, then get your business funded.
- Apply online: Skip the in-person visit and complete the online application at your convenience. Enter a few quick details we need about your business to get the ball rolling. It only takes 60 seconds!
- Complete the application: Finish the application process by connecting your bank accounts through our secure online portal. This automatically tells us everything we need to know, meaning you won’t have to submit bank statements.
- Hear from a Business Financing Advisor: Once you finish applying, you’ll touch base with a Business Financing Advisor who will be your main point of contact. They’ll get any more information they need and get the ball rolling finding your options.
- Discuss your options and ask questions: Your Business Financing Advisor will reach out to review any options that might be on the table, and give you the opportunity to ask questions.
- Choose the best option: Based on the options available, you can choose the one that works best for your business with guidance from your Business Financing Advisor.
- Get funded: You can get funded in as little as a few hours after applying! Once you receive funds in your account, you’re free to put the money toward any of your business needs.
Our fast-paced process is designed to help your business get the best funding option and not lose out on your opportunity.
Quickest Financing Options On the Market
Like we mentioned earlier, the speed of your financing process doesn’t only depend on the type of lender you apply through.
Various programs also have specific guidelines that may impact how fast your business loan (or financing option) really is. While timelines can vary based on your needs and financials, most can be available in just 24 hours.
- Small Business Loans (Av. Time to Fund: ~24 Hours): Flexible or fixed financing options for any use by any industry, with terms ranging from 6 months to 10 years. Find fast secured business loans or unsecured options.
- Business Lines of Credit (Av. Time to Fund: 24-48 Hours): True revolving lines of credit. Get the cash you need at the ready to take on any spontaneous opportunity, or squash any challenge.
- Equipment Financing (Av. Time to Fund: 24-48 Hours): Purchase, lease or upgrade new or used equipment, and lower your cost of capital by not paying out of pocket. With no collateral leveraged other than the equipment itself, equipment loans from NBC are an obvious choice for business owners across all industries seeking fast equipment funding.
- Hybridge SBA Loan (Av. Time to Fund: 24-48 Hours): The fastest, easiest SBA Loan product on the market, offered exclusively by NBC. Get cash in advance of your SBA loan in as little as 24 hours, and get your expedited SBA funds as soon as 45 days – that’s 4x faster than banks!
- Merchant Cash Advance: (Av. Time to Fund: 24-48 Hours): Get cash in advance of a portion of customer sales. The less you make, the less you have to pay. Flexible financing with fully accommodating repayment terms.
- Bridge Loan – Also called interim financing, bridge loans help businesses cover cash flow gaps during times when financing is needed, but not yet available. They’re also popular when a company has to repay one loan but hasn’t received the new, long-term loan.
Curious about which option is best for you? Get connected with a Business Financing Advisor to discuss your options!
Eliminating Paperwork to Get You the Fastest Loan Possible
When it comes to the application process, waiting around for an answer is only half the time you’re spending. As a business owner with important things to accomplish, you also have to consider the time spent applying and gathering paperwork.
At a bank, the list of paperwork you need to submit alone can be daunting. You may have to spend hours of your own time working with your accountant to gather the paperwork, including:
- Business licenses and permits
- Income statements
- Balance sheet
- Your commercial lease
- Business debt schedule
- Entity structure
Depending on your situation, you may also have to provide more than that.
National’s fast business loan process not only saves you weeks when it comes to getting funding, but also valuable time. Instead of sifting through files or making calls, you can connect your bank accounts in the click of a button, and move on to the next step.
Fast Business Loans from an Online Lender You Can Trust
If you go about the process the wrong way, then getting financing through traditional lenders can be time-consuming and complex. With documentation requirements, sky-high credit standards and lengthy review windows, traditional lenders simply won’t offer fast business loans.
At National, we’re here to ensure that you can grow your business on your own schedule—not based on loan application review timeframes. Our rapid process—which includes speedy decisions and responsive Business Financing Advisors who provide advice tailored to you—ensures that you get the fast business loan you need to grow.
Don’t miss your opportunity to grow and lose out to the competition! Apply in just 60 seconds to get started learning your options!
National’s marketplace includes over 75 leading small business lenders, putting all of the best small business loan programs in one place. After you apply, you gain access to the best options on the market. Small Business Loans
Related Loan Articles:
- The Small Business Tax Rates in 2021, Explained
- 4 Business Loans For Retailers (And How to Get One)
- 6 Factors That Keep You From Getting a Small Business Loan
- Small Business Loans 101
- How to get a Small Business Loan in 5 Steps
- 7 Minority Grants for Small Businesses
- What Will it Take for Small Business Owners to Recover From The Labor Shortage?
- Understanding the Business Loan Credit Assessment Process
- Qualifying For An SBA Loan: What Small Businesses Need To Know
- How Do Commercial Loans Work?
- Where Can I Get a 5 Million Business Loan?
- Can I Get a PPP Loan and A Small Business Loan?
- Fast Business Loans The Complete Guide
- Entrepreneurs Tips
- SBA 7a Loan
- Bridge Loan
Business Loans Explained