Hi, everyone, today we are going to talk about How Fast Can I Get a Small Business Loan? Now, that is the question that is asked all the time, and we are going to go over the quickest funding times for your small business.
How Fast Can I Get a Small Business Loan?
Keep in mind that these loans do have to be in business and generating revenue. These are not startup loans, so I just have to keep that, you know, give that warning to you right away, so I’m not wasting your time. But however, if you’ve been in business for four to six months, stay tuned because we’re gonna talk about the fastest bank or business loan that you can get online.
So there’s 31 million small businesses in America. Many of them don’t make it past their fifth year, but the ones that do stay in business they typically will need working capital throughout their span of their lifespan. So we’re going to talk about the quickest working capital business loans that you can get online.
Fastest Small Business Loans Online
So let’s dive in. I’m going to talk about what not to do if you’re looking for a fast business loan. This is the average time it takes to get an SBA loan, it takes about 60 to 90 days and this is a rough estimate. They can’t even tell you if it’s longer or shorter.
So if you have an emergency with your business or you want to expand and you want to get the ball rolling like yesterday, then obviously SBA is not going to work for you.
Neither will a traditional bank loan because traditional bank loans – the banks are only approving 14.6% of businesses that apply for a traditional bank loan.
Plus, you are going to have to wait weeks and you are going to have to have a perfect credit score at least over 700. You are going to need to put up collateral and you might have to be doing 50,000 to 100,000 a month with your business. So that is not a realistic route for many small business owners.
How Fast Can You Get Approved for a Business Loan?
So let’s dive into what we offer. We offer three loan programs. Okay. Starting with the longest one, this one literally can take only one to five days to get funded, and we offer up to $2 million.
Your business has to be in business for four months or longer. You have to be generating $15,000 a month or more in business revenue, and you have to have a FICO of 500 or higher.
You shouldn’t have more than five negative days in the last three months, and you should have at least two to four business deposits a month. Now if you are in a high risk industry like trucking, you might have to show a year of revenue but right now for this requirement, you only need to have three months of steady income of above 15,000 a month.
We’re going to be looking at your business deposits and how consistent your revenue is and how much you can borrow. You can borrow one to two times your monthly revenue, depending on your qualifications and if you have any outstanding loans or if you have any other types of blemishes on your credit, but one to two times your monthly revenue.
So if you’re doing 50,000 a month the last three months with your business and your checking looks great then you could probably look at getting $50,000 to $100,000 in one to three to five days depending on how fast you get your documentation to our underwriters.
Okay, so this is a 100% automated application. I’ll leave the link under the article. The application will redirect you to the right program that fits your needs. So you don’t have to remember everything I go through on this.
Now the terms are four to 24 months and the payments will be automatically withdrawn from your business checking account on a daily and sometimes weekly schedule. Okay, we do work with 17 in house lenders and over 80 out of house lenders to get you the best and fastest funding times and rates.
Best Same Day Business Loan for Small Business
Moving on to the second quickest loan program is the same day up to $25,000. So you have to be in business for six months generating $5000 a month with your business the last few months and you have to have a FICO of 550 or higher.
Keep in mind a bank will not even look at your application. If you have anything less than a 700 score, sometimes 740, so this is probably one of the best bad credit business loan options you can get for your small business online today.
Again, no more than five negative days in the last three months and these are four to six month terms, automatic daily repayment that comes out of your business checking account through ACH and the rates are 1.19 to 1.69
These are factor rates, so if you borrow $10,000 and you lock in a 1.19, then you’re gonna have to pay back $11,900, and if you pay it off in full in 30 days, you’re gonna get a better rate than if you take the full term to pay it off. There’s no penalties to pay it off early and you can always borrow additional funding.
Best Instant Small Business Loan Online
Moving on to our quickest funding option is our instant cash advance. So you can get up to $5,000 literally in 10 minutes. So you have to be in business for six months or longer, and you only need a personal checking account for this one. Whereas the other two you need a business checking account.
This one is for anyone that has a personal checking account or they have less than $5000 a month in revenue. You can get this one if you are only doing $3000 a month with your business, but you have to have four business deposits into your checking account each month.
This is perfect for your 1099 workers or the self employed, food delivery drivers, Uber drivers, anyone who gets four deposits a month, that has business revenue, 1099 income, not W2 job income, but 1099 income then you can qualify for this.
The rule of thumb is we can get you up to 25% of your monthly revenue. So if you are doing $5000 a month with your business, you could probably get up to $1250 in advance as quickly as 10 minutes.
This one is also available 24/7. It’s not available in California or New York, but you can apply for this literally 24/7 even on the weekends or holidays.
The terms are three to six months and automatic weekly payments through your ACH. All you have to do is apply for this and see if you get pre approved – it won’t affect your credit score.
If you like the terms all you do is you connect your checking account using plaid and then you can get the funds in 10 minutes. So I hope this helps your search in getting the fastest small business loan online. Click the link below to apply. It takes only five minutes to complete. Good luck to you and your lending goals.
