Looking for a fast loan for your business?
Maybe you’re just starting out or maybe you’ve reached a point where you cannot self-fund enough for your growing business.
As long as your business isn’t drowning in debt, a fast business loan might be a great option!
To help you grow your business, here’s a list of the 5 best fast business loans so that you can get started applying for financing today!
1. Short Term Loans
For quick lump sums of money, a short-term business loan may be the first place to look.
These types of loans will need to be paid back within 3 to 18 months and usually can be processed in as little as 48 hours.
Depending on your company’s credit and financials, you can usually get a loan from $2000 to $200,000.
One of the downsides is the expense. Short term loans can have high costs, similar to credit cards.
2. Quick Working Capital Loans
Similar to short-term business loans, a quick working capital loan is another option of fast business loans.
The available financing is usually anywhere between $2500 to $250,000, with short terms and varying interest rates.
These types of loans require little paperwork and no collateral. Quick working capital loans can be used for any business purpose, including operating expenses or general business opportunities.
3. Merchant Cash Advance
A merchant cash advance is an interesting quick loan that allows you to finance based on projected revenue.
This type of funding allows a company to sell portions of projected future revenue to a lender in exchange for a lump sum.
There is no interest rate. Instead, companies pay a factor rate that works similar to invoice financing. MCAs are not loans and do not need to be repaid.
Many lenders, such as Sunwise Capital, offer merchant cash advances to small businesses.
4. Equipment Financing
Depending on the industry that a business is working in, equipment financing loans can help offset the cost of expensive machinery or equipment.
Whether you need to purchase equipment for a startup operation or have damaged equipment that needs to be replaced, this type of financing is quick and appealing.
Interest rates on these loans are generally low (7% to 30%) with equipment serving as collateral and many of these loans require a down payment.
5. Business Line of Credit
While not technically a loan, an active business line of credit can work as a fantastic source of immediate funding.
One of the biggest advantages to a business line of credit is that you only pay interest on your balance. As long as you don’t max out, you’ll have more room to borrow.
If you foresee a need to borrow on a regular basis, consider a business line of credit as a viable alternative to other fast business loans.
Fast Business Loans Can Help Your Business Grow
Having enough cash flow to sustain your company’s growth can be difficult if you need to wait for loans to clear.
Talk with your partners about these 5 fast business loans and choose the right fit for your business!
Looking for more business advice? Check out our blog!
