Can I Get Instant Loans for My Business?

(The Truth About Instant Business Funding.)

Unlike in years past, instant business loan decisions are a reality and are available for small businesses through a large surge of new online business lenders that offer online automated underwriting business decisions. By simply filling out online applications and either uploading or linking the business owners’ business bank accounts, business funding decisions can be rendered in minutes. All credit types from poor to excellent are accepted for consideration.
Business credit cards are an alternative 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 this business product, you will need to have excellent scores. If you’re looking for instant loans 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 loan products, and cash in as little as one business day — you’ll get the financing you need when you need it.

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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
  • Advertising/Marketing
  • Repairs of Existing Facilities
  • Equipment Breakdowns
  • Inventory or Supplies

 

The Best Types of Instant Business Loans: How to Get Business Funding Instantly

Online business lenders offer approval for instant loans by leveraging new technology and credit check algorithms that use more data points than traditional lenders, which do not look at in order to render a fast business decision.

Short Term Business Loans

Short term loans have a repayment duration of 6 to 18 months and can be a great way to get the loan you need, fast. A short-term business 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 loan option has far fewer documentation requirements and credit score obstacles to jump through compared to a long term loan. With an easy application process, you’ll have the loan option you need fast.

Product Overview

Rates: 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 

Processing Times: Same day to 24 to 48 hours

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Business Credit Cards for Instant Business Loans

Business credit cards function the same as regular ones. These are revolving credit lines and issue a card that can be used for both purchases and payments. They can be used in conjunction with other business loan products, but there is nothing more instant than a credit card when accessing capital for your business. Plus, the application process is familiar and simple.

Product Overview

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

Turnaround Time: Instant 

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.

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Cash Advance

Sometimes referred to as payday loans, cash advance options are a great way to get funding instantly. When you don’t have time to wait around for business loans, payday loans or cash advance opportunities can get you cash within the next business day with a fast and easy application process. Both business cash advances and merchant cash advances are fantastic options for certain industries, offering funding in as little as a day.

Business Cash Advances (BCA), also known as purchase of future sales agreements, leverage future sales for instant cash flow. 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 (payday loans).

Product Overview

Rates: Factor rates from 1.09% up to 1.45% 

Terms: 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 to Excellent scores accepted.

Processing Time: Same Day to 24 to 48 hours

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Merchant Cash Advance

Similar to a business cash advance, merchant cash advances also falls 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 car 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.

Product Overview

Rates: Factor rates 1.09% up to 1.45%

Terms: 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 scores considered, poor, fair, good, or excellent.

Processing Time: Same Day to 24 to 48 hours

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The fast, convenient and straightforward way to get the money you need for your business – now! Get Your Quote Today by filling out our simple form.

Frequently Asked Questions

Is an Instant Business Loan difficult to obtain?

The short answer is No. As of 2020, there are more ways than ever to get cash through instant financing for your business. The key is to evaluate all products 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. You can also utilize personal loans for business, but many business owners avoid these so that their company and personal finances don’t become intermingled. Compare, shop, and save!

What are the interest rates for Instant Business Loans?

There is a wide variance with interest rates, which are principal & interest or alternative business finance, 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 alternative instant business funding products, factor rates vary from 1.09 to 1.45 of the funding amount. That is a big range, and you need to compare offers carefully.

Can I qualify for an Instant Business Loan if I have bad credit?

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 an effect it will have on terms of any business loan product offerings. Offerings like long term or SBA loans are fairly difficult to obtain with poor scores, while others are far easier. Just make sure you’re doing the research to determine which type of loan option has the right loan amount, terms and conditions, and interest rate that you’re looking for.

What Term Lengths can I get with Instant Business Loans?

You will sacrifice in terms to get an instant business loan compared to other, more traditional business loan products — because instant business loan options collect less documentation and information to make a credit decision. Alternative business loan options 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.

How much will an Instant Business Loan cost in fees?

Business credit cards usually have no upfront fees but due have an annual fee (typically $0 to $250). When you need money instantly, you sometimes will have to sacrifice in costs. Expect fees to be higher than more traditional business loan for alternative business loan options. Origination fees should range from 1% to 5% of the amount you are borrowing — however, this will depend on the loan type and loan amount.

Advice, Tips, Warnings about Instant 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 business always need an instant business loan, 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 loan options 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 Working Capital Business Loans

We at AdvancePoint Capital can assist you in finding the business financing solution you need. We offer an easy business loan experience that our customers love, that is a fast, streamlined process and 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 business – now! Get your Quote Today by filling out our simple form.

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* All loans made by either WebBank, an FDIC-insured Utah industrial bank, or Bank of the Internet Federal Bank, an FDIC-insured federally chartered thrift located in California. In connection with the loans, the Banks' underwriting conditions and terms apply.