Career Advice - A Community Blog

Erik Larson writes about the job market, resume improvement, and career advice

Best Business Loans for When You Need Funds Immediately

Written by Erik Larson, Community Blogger | Jan 5, 2018 11:43 AM

There are times when your business needs a quick financial boost and the sooner you get it, the better for your operations. In that case, any means that can get you fast loans would be much welcome in such a moment. Here are some of the best fast business loans that you can consider when you need funds immediately.

Working Capital Loans

This is a good facility that can help you make payment for any type of your business operation expenditure. It is also a good and quick fix that helps when you want to take advantage of a business opportunity that shows up unexpectedly. The repayment terms usually range between 3 and 18 months. Their processing times are very short, say in 48 hours or so. Not much paperwork is needed and you could get it even with bad credit. With it, there are flexible payment structures and will not need collateral.  

Business Line of Credit

If you have an active line of credit in place, it is a lot easier and quicker to access funds in emergency situations all the time. If you don't have one, you could still get fast help in less than 48 hours. As long as you haven't reached your borrowing limit, there will be a ready solution at hand to give you money when you are in need of it. Interest is only paid on what you are borrowing at present.

Short term Business Loans

At times, you may need a lump sum in a short notice. A short-term business loan would be a perfect option in such a time. These are usually paid back between 3 and 18 months. You can get your loan application approved and issued in 48hours. Even though they can be expensive, you will at least get the financial boost you need for your business to keep going. You will qualify for different amounts based on the financial records and creditworthiness of your company.

Loans for Equipment

This type of loan facility is specific in nature. It mainly caters for those who work in the construction, health or any other industry dealing with heavy machinery and equipment. Should you need money to buy such equipment, you can get financed within 48 hours and proceed to do so. Use this option should a major power surge damage your very important business equipment and you have no funds to make a replacement.

Sell Your Unpaid Invoices

There are certain financing companies that can accept to buy your unpaid invoices in exchange for some good payment ranging between 50% and 90% of the total sum of the unpaid invoices. Once the customer makes payment, you will get the remaining balance of the invoices less the fees charged on the lending. The unpaid invoices are taken as collateral but the borrowing fees tend to be a bit higher compared to other financing options. However, it is still an option when you need a business loan quickly.  

Merchant Cash Advance

With this option, you choose to sell out a part of your business' projected future income to a financial lender in order to get a lump sum needed to meet your present needs. These funds are available for business and can be issued almost immediately. In such a case, you get to pay a factor instead of an interest rate.

Payments change based on your sales volume and will directly be subtracted from your personal merchant account on a day-to-day basis. Basically, a merchant cash advance is not a loan as such and will not need to be repaid should your business go under. For processing however, you will need to make available merchant bank statements and processing statements to help determine how much you can borrow.

The Bottom Line

Your business will go through different financial phases whether with or without planning. Sometimes, it will be a situation where you want to take advantage of a business opportunity that has shown up. Other times, you may need to take care of a loss that came up due to an accident and so on.

During such moments, you need a quick fix to fund the different scenarios. Here are some of the best fast business loans to go for when in need of funds immediately. Should you have issues with costs incurred in getting fast business loan facilities, go for options that are less expensive. The most important thing is to get financial boost that will not turn out to be a big liability in the end.

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