Can I Get Instant Loans for My Business?
(The Truth About a Same Day Business Loan)
Unlike in years past, instant business loan decisions are a reality and are available for small businesses through a large surge of new alternative lenders that offer financing quickly with fast underwriting business decisions and same day business loans. Business owners simply fill out an application and either upload or link the small business owners’ business bank accounts, business loan decisions can be rendered in minutes. All credit types from poor to excellent are accepted for consideration.
Business credit cards are an alternative to a business loan, providing an instant business line of credit option that has been available for years that leverage the business owner’s personal scores and can render decisions with no documentation in many cases, but for credit cards, you will need to have excellent scores. If you’re looking for instant loan options that you can take advantage of for your business, you’re in the right place. With fast and easy application processes, diverse interest rate options, reliable business loans, and cash in as little as same business day — small business owners get the same day business loans you need when you need it.
What Are the Most Common Uses for Instant Business Loans?
Cash Flow to Stabilize Business Bank Account
Emergency Payroll Issues
Emergency Cash Infusions Due to Extenuating Circumstances
Emergency Relief for Accounts Receivable Issues
Repairs of Existing Facilities, Renovation Costs
Inventory or Supplies
The Best Types of Instant Business Loans: How can Small Business Owners get money fast?
We offer approval for same day business loans by leveraging new technology and algorithms that use more data points than traditional lenders. If you’re looking to borrow money fast, we can help. Whether it’s cash flow for purchasing equipment, working capital, or expansion opportunities for your company — AdvancePoint Capital is your solution for immediate funds with a variety of financial products.
Short Term Small Business Loans
Short-term same day business loan has a repayment duration of 6 to 18 months and can be a great way to get the short term loan you need, fast. A term loan features a factor rate instead of principal & Interest. Short-term loans are a popular option with small businesses that may not be able to get approved through traditional channels. This term loan option has far fewer documentation requirements and credit score obstacles to jump through compared to a long-term loan. Loan amount limit varies. Personal guarantee may apply. No business tax returns required in most cases. With an easy application process, you’ll have the loan option you need fast.
Loan Amount: $10,000 up to $5,000,000
Rates: Pay interest costs with factor rates ranging from 1.09% up to 1.45%
Terms: 6 to 18 months in duration (typically 12 months or less)
Fees: Origination Fees 0% to 5%
Payments: Weekly, Bi-Weekly and in some cases daily Monday-Friday
Credit Score Standards: All types considered. Low minimum credit score requirements
Minimum Annual Revenue: $120,000
Processing Times: Same day to 24 to 48 hours
Business Line of Credit
Business lines of credit are the most flexible financing product for small companies. Business lines operate a lot like a credit card in that it is an open revolving line of credit that allows for draws at any time up to a specific credit limit. Keep in mind; alternative online lenders work faster and are more automated than going into a bank for a same day business line of credit, so we recommend small business owners use alternative online lenders unless you have a special relationship with your bank and can get same day business lines fast, as traditional banks are typically slow to process and fund businesses.
A line of credit has excellent rates, good terms, low fees, and flexibility. With a line of credit, the ability to draw cash at any time with a business line of credit is about as same day funding as you can get.
Rates: Fixed interest rates starting at 1% per month simple interest
Repayment Term: Revolving with renewals quarterly, 6, 12 or 18 months
Draw Fee: 0% to 3%
Remittance: Monthly payments or Weekly Payments
Special Features: You can draw as little or as much money up to a credit limit at any time
Credit Standards: Must have good to excellent credit and deep credit history
Paperwork: One page application, Recent Bank Statements
Application Timeline: Same day funding available.
Minimum Annual Revenue: $250,000 per year or more
Business Credit Cards for Instant Business Loans
Business credit cards function the same a personal line of credit. Credit cards is a revolving line of credit and issue a card that can be used for both purchases and payments. One could say this is a same day business credit line product. They can be used in conjunction with other small business loans, but there is nothing more instant than a credit card when accessing capital for your business. Plus, the application process is familiar and simple. A minimum credit score will be required.
Rates: Interest rates starting at introductory rates at 0% up to 28.99%
Terms: Revolving, no term limits
Fees: Annual fees from $0 to $250 typically
Payments: Low flexible monthly payments
Credit Standards: Must have good to excellent scores and deep history. Poor credit not accepted.
Turnaround Time: Instant. Receive funds same day.
Documentation: No Documentation for smaller amounts $3,000 up to $15,000. Larger credit limits may require documentation if you are looking for more cash or an increase to prove the ability to repay.
Business Cash Advance
Business Cash Advances (BCA), also known as the purchase of future sales agreements, leverage future sales for instant lump sum of cash. Your business is responsible for paying back a fixed payback amount with a “factor rate” attached. These payments (or an agreed-upon percentage of sales) are collected by an account clearing house (ACH) either daily or weekly directly out of the business bank account. These aren’t term loans, which means there is no term limit with cash advances as repayment terms are flexible to sales.
Cash advance options are a great way to get funding instantly. When you don’t have time to wait around for business loans, cash advance opportunities can get you cash within the next business day with a fast and easy application process.
Rates: Factor rates from 1.09% up to 1.45%
Repayment Term: No term limits. Payments continue until paid in full based on specified percentage collection method and are dependent on future sales
Fees: Origination Fees that range 0% to 5%
Payments: Weekly or daily Monday-Friday Fixed ACH payments
Credit Score Standards: Poor credit to Excellent scores accepted. Low minimum credit score requirements
Paperwork: One page application, Business Bank Statements
Processing Time: Same Day to 24 to 48 hours
Merchant Cash Advance
Similar to a business cash advance, merchant cash advances also fall under the umbrella of “purchase of future sales agreement.” However, there are some notable differences as to how the “loan” or advance operates. Instead of fixed payments being deducted from a business bank account, it’s deducted from a set percentage of future credit card sales. These advances have no term limits as well and can get you the cash you need within the next business day with AdvancePoint Capital. These are great for working capital or cash flow gaps in the business, with attractive terms and conditions for many industries.
Rates: Factor rates 1.09% up to 1.45%
Repayment Term: No term limits (payoff depends on future credit card sales)
Fees: Origination Fees range from 0% to 3%
Payments: Fixed Percentage of future credit card sales as payment
Credit Score Standards: All personal credit score considered from poor credit to excellent. Low minimum credit score requirements
Paperwork: One page application, Business Bank Statements and Merchant Processing Statements
Processing Time: Same Day to 24 to 48 hours
Invoice factoring advances unpaid invoices to a company to increase the speed of cash flow to the business. This solution provides funds quickly, and there is no need to wait for outstanding invoices to be collected and received by the client with invoice financing in place as the factoring company handles the collection. Invoice financing has affordable costs that a factoring company would charge ranging from 1% to 2.5% fee off of the face value of the invoice advanced. A factoring company offers small companies that issue invoices to their customers with repayment guidelines up to a net of 60 days, some exceptions even longer. Personal guarantee may apply. This is not a loan but an advance of unpaid invoices so does not have an interest rate, but flat fee.
Invoice Factoring Overview
Interest Rate: None
Repayment Guidelines: Not traditional financing
Fees: 1% to 3% fee based on the outstanding invoices. Monthly service fees may apply depending on the volume of invoices factored
Borrower Credit Requirements: The credit score of the business owner does not matter as no credit report is required.
Application Process: A couple of days for approval and set up
The fast, convenient and straightforward way to get the money you need for your small business – now!
Get Your Quote Today by filling out our simple form.
Frequently Asked Questions
The short answer is No. There are more ways than ever to get cash through instant financing for your business thanks to easier-to-obtain minimum requirements. The key is to evaluate all small business loan options you qualify for and find out which is best for you and your business. Credit matters when it comes to getting instant money so, the better the credit, the better the product offerings and terms will be. A minimum credit score may be required for some small business loans. You can also utilize personal loans for business, but many small business owners avoid these so that their company and personal finances don’t become intermingled. Compare, shop, and save!
There is a wide variance with interest rates, which are principal & interest or alternative small business loans, which are based on factor costs depending on products and your credit qualifications. Typical business credit cards have an interest rate starting at introductory rates at 0% up to 28.99%. For other instant business loans, factor rates vary from 1.09 to 1.45 of the funding amount. That is a big range, and all small business owners need to compare offers and loan options carefully when looking at small business loans.
The short answer is yes. Bad credit business loans may be limited though, remember, the worse your score, the higher the rates and fees as well as the effect it will have on terms of any business loan product offerings. While there are certainly other qualifying factors like time in business or business revenue, credit does play a crucial role — even with online business lenders.
You will sacrifice in terms to get an instant business loan compared to other, more traditional small business loan types from traditional lenders— because instant business loan options collect less documentation and information to make a credit decision. Alternative business loans are typically six months to 12 months, and credit cards have no term limit. This may also be impacted by the loan amount as well.
Business owners can use same day business loans for a wide range of purposes depending on the type of business financing they choose. Typically, purchasing equipment or leasing equipment may take longer than funds to restock inventory, for example. However, if you’re looking to gain instant approval from alternative online lenders for working capital or other business needs that require a lesser amount, you’re in luck. We offer access to quick financing for business owners in the form of an MCA, same day business line of credit, and short-term small business loan to help with your company.
Unfortunately, the small business administration is the agency which administers SBA loans and they do not work quickly and have a lengthy process. SBA loans require a ton of paperwork that takes time to organize and prepare. You can’t get a SBA loan fast as they can take up to 30 to 60 days to process and fund.
Advice, Tips, Warnings about Same Day Business Loans
If a business owner needs money instantly, then typically, it’s because they need to fix a problem fast. Is your cash flow problems short term? Was this a one-time special circumstance emergency or will your cash flow problems continue long term? Will your small business always need instant business loans, as it’s just the nature of your type of business? Did you consider the cost and terms sacrifice to get the business funding instantly? Have you done your cost versus benefit analysis? Can the request for capital and application process wait for a business loan product that may take longer to get approved for but offer better rates and terms?
Consider the questions above when choosing the instant business loans that are available. Work with a company that has a large product line that can offer you as many choices as possible. We understand when you need the money, you need the money, but sometimes you don’t want to make any rash decisions because you can make matters worse. As we always say at AdvancePoint Capital, compare, shop, and you will always save!
How to Apply for Fast Business Loans
We at AdvancePoint Capital can assist you in finding the business financing solution you need. We offer an easy route to small business loans that our customers. A fast, streamlined process with high approval rates that come from working with us.
Applying for a loan with AdvancePoint Capital is as simple as a 1, 2, 3, 4 process. Start with this online form, then fill out the short application page, wait a few hours for your approval, and then get your money!
The fast, convenient, and straightforward way to get the money you need for your small business – now!
Get your quote today by filling out our simple form.