Accidents happen. A pipe bursts. Your roof needs repairs. For most small businesses, needing a fast business loan isn’t the result of poor planning or negligence. Instead, occurrences outside of your control can make getting a loan approved quickly a necessity. Unfortunately, it can sometimes be difficult to secure a loan from the bank in time to make a difference. When you apply for a fast business loan you should consider all your options; the good news is, you’ve got plenty. With that in mind, here’s a step-by-step walkthrough on how to get a fast business loan:
Identify the Issue
Before applying for a fast business loan you should have a clear idea of why you need the loan in the first place. As with any loan, taking out more than you need is a bad idea. So make sure to determine exactly how much you need and why you need it.
Check Out the Competition
Once you’re sure you need a fast business loan, you can start searching around for a bank or a lender. Banks are more willing to approve fast loans now than they were in the past, but –– depending on your situation –– you may want to consider an alternative method. Not all lending companies are created equal, so be thorough in your search.
Keep it Short
If you’re applying for a fast business loan, it’s generally better practice to seek out a short-term business loan. Generally, you can get the cash you need quicker with a short-term loan than with a payment plan that stretches out for longer.
Sometimes you can avoid an outright loan when starting a business by applying for a business credit card, or establishing a business line of credit. Normally you can accomplish this in a couple of days. And rather than taking out small loan after small loan, you can consolidate what you owe with one fell swoop.
Have a Plan
Once you’ve decided on a course of action, make sure to plan for life after the loan. Remember, fast business loans are a great way to fix a one-time mishap, but constantly relying on loans to extricate yourself from a jam could lead to trouble. So strategize not only about how best to use the loan, but how to pay it off and (potentially) avoid having to do so again.
Having trouble securing a loan from a bank when you need it most? Contact the National Business Capital team today! We have the resources and the know-how to meet your needs in a timely fashion. And if you want to learn more, you can download our free eBook “How to Get Business Funding When Banks Say ‘No’” to learn why banks deny loans and which options you still have available.