Secure a Business Loan Instantly

Secure a Business Loan Instantly
Secure a Business Loan Instantly
August 28, 2016

The rapid growth of business all around the world essentially requires fast funding for keeping pace with the challenges. If you are one of those who need a fast loan for your newly launched business, you must find this page on instant business loans and all the information accumulated here really helpful. We live in a modern world where most things are available after a few seconds just with a touch of a button. Likewise, getting quick loans is also possible if you are on the right track. There are a good number of alternative options before you but it is always advised to put your steps with proper consideration and absolute care.

Traditional bank loans can be considered

Most traditional bank loans require large collateral before they give a loan to a small business. These loans usually range from $20,000 to $200,000. And ever since the economic crisis, the majority of small business firms that apply for a traditional loan get rejected. Thankfully there are alternative options to consider.

Read also: Merits and Demerits of Purchase Money and Non-purchase Money Loans in Short Sales

Instant Business Loan is meant for a small loan

If you find yourself in the situation that you need money for your business and you need it instantly, turning to a traditional bank loan (even if it says it is instant) is not a good idea, as they will only give you instant approval of the loan, and you will have to wait for the funds. So for short term funding you will need to turn to alternative options. Here are some of the options you might consider.

OnDesk is the fastest option

This option is good for you if you need your funds very fast, because OnDesk will give you a loan within 24 hours. It takes very little paperwork, compared to traditional bank loans, and you can get the maximum of $500,000. Just don’t forget that this means really high interest rates. To get a loan from OnDesk you will need to own a business for a year or more.

Read also: A Cash Business Loan might Just be Perfect for a Working Capital

Fundation has lower interest rates

Fundation online business Loan is the one you should consider if you have some more time to wait because the interest rates are lower. So, in case you can wait for three days you can get a loan $500,000. Some of the requirements are that you own a business for two or more years and that you have at least two employees.

Funding Circle is a peer-to-peer company

Funding Circle is a peer-to-peer option for you and they are a company from the United Kingdom that gives loans to small business. You can get loans from $25,000 to $500,000. Your business needs to be established for at least two years. But the interest rates are not high – from 5.49% to 27.79%.

Read also: What You Never Knew about the Small Business Administration Loans

Get a small personal Loan for your business

It is a bit more complicated to get a loan for your business than to get a personal loan and there are some things that you need to know before you apply for one. You need to have a very good business plan and be extremely organized. Your personal credit needs to be perceived as good if you want to get the loan after applying, because if it’s not you might be considered a risk.

Too much Haste in getting a loan might prove disadvantageous

Even though you probably need the loan in a very short period of time, don’t rush things too much. Take your time and consider all of the options and ask as much questions as you can. You can consider your bank, or a credit union or peer-to-peer loans. Look at all the interest rates and the requirements and the terms and take at least a week time to decide which one works the best for you.

Read also: Looking for Ways to Finance Your Company: Try Asset Based Lending

Article highlights

  • Initiating new businesses round the world often need quick loans to start off.
  • Instant access to fast small business loans requires proper research.
  • Traditional bank loans are one of the best available instant business loans.
  • OnDesk is the fastest option for a fast business loan.
  • Alternative options for small loans are a little bit slower.
  • Large collateral is needed for traditional bank loans.
  • A small business is usually granted from $50,000 to $500,000.
  • One should take all things into consideration before choosing a loan for business.
  • Having a good business plan will get you a loan faster.
  • Personal credit when applying needs to be in order.

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