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Don’t Get Furious, Here Are the Fastest Business Loans to Ensure You Win the Race

Faith Stewart
March 24, 2022
fastest business loans Credit Suite

The fastest business loans out there are typically the ones with the least risk to the lender.  As a result, terms and rates may not be awesome, and security is often necessary. Still, if you need funds fast, there are options. You just have to figure out which ones will work best for you.

Fastest Business Loans: Why The Need for Speed?

Expenses cannot wait.  This is true whether they are planned or unexpected. Unexpected cash flow issues require that you know about and have access to the fastest business loans out there.

Learn Business Loan Secrets and Get Money for Your Business via Credit Suite

Speed Comes at a Price

The cost of a fast business loan may include:

  • Higher interest rates
  • Shorter terms
  • And lower limits

What Fuels Speed?

Usually, it is not possible for traditional lenders to be speedy when it comes to lending money.  However, some alternative lenders can sometimes make it happen. The process goes even faster if you meet qualifications, like good personal credit and a steady cash flow. Of course, having collateral available for security is even better.

Furthermore, the more Fundable™ your business the faster you can get funding. That all starts with building a Fundable™ foundation. The stronger the fundability of your business, the faster any loan process will go.

Fast Business Loans are Possible for Anyone

If you are a startup, have bad credit, or you have no collateral, you can still get fast business loans. Yet, it will cost more. Lower credit scores, less time in business, and lack of collateral equal higher interest rates, shorter terms, and lower limits.

Fast Loans with Alternative Lenders

Creditworthiness is not the only deciding factor when it comes to loans with alternative lenders. Other factors lenders might consider include assets, annual revenue, time in business, and more. Not only that, but the approval process is usually faster. In fact, some approve almost as soon as you hit “apply.”

They do not all have the same requirements, but generally you need to be in business for at least a year or two. Annual revenue requirements vary by lender.

Learn Business Loan Secrets and Get Money for Your Business via Credit Suite

Our Picks for Fastest Business Loans

Here are some of the fastest business loan options out there.

Fundbox

For Fundbox, you need at least 6 months in business and a FICO of at least 600. In addition, a minimum of $100,000 in annual revenue is necessary.

Merchant Cash Advance

This is a short-term loan from a bank, alternative lender, or credit card issuer. The Credit Suite Merchant Cash Advance program has no collateral requirements. Better yet, bad credit is not an issue. Rather, funding is based on cash flow, per review of the most recent 3 months of bank and merchant account statements. They are looking for consistent deposits showing revenue is $50,000 or higher annually.

Credit Suite Credit Line Hybridfastest business loans Credit Suite

You can get up to $150,000 with the Credit Suite Credit Line Hybrid. This is unsecured, no-doc financing that has no collateral or cash flow requirements. Approval is based on personal credit only. However, if a borrower has bad credit they can use a guarantor that has good credit. Initially, rates can be as low as 0%.

Invoice Financing

Invoice financing can be a good option for businesses with irregular cash flow. It allows for immediate payment on invoices, covering cash flow gaps due to slow paying customers.

Equipment Financing

For the Credit Suite equipment financing program, you must have at least one year in business and a credit score of at least 680. There are no financials required, but you will need to provide details on equipment. You can get approval in as little as 24 hours.

Learn Business Loan Secrets and Get Money for Your Business via Credit Suite

SBA 7(a) Express Loan

For established businesses with good revenue and profitability, this is a great option. Large sums are available, and they are faster than standard 7(a) loans. In fact, it can take as little as 30 days instead of 45 to 60 days.

To Get the Fastest Business Loans You Have to Be Prepared

The more prepared you are the faster the process will be. Working now to build fundability is the best thing you can do. Find out more about how to start and these Credit Suite loans with a free business finance assessment today!

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