How to Get a Fast Business Loan

If you’re in need of a fast business loan there are a few options out there that can help you get the financing you need in as little as 24 hours.

Short-term Loan

Short-term loans allow borrowers to quickly access a lump sum of cash and make monthly payments for a set repayment period, typically between three and 18 months. Rates can vary anywhere from 3% to more than 50%, and interest starts accruing on the total loan balance as soon as funds are disbursed. Although this can be a fast business loan option, the combination of short repayment terms, fixed repayment schedule, and high interest rates can be challenging for small business owners.

Line of Credit

A line of credit can be useful as you don’t need to take the full amount up front. You can pull from the line of credit as needed and as you pull your repayment amount adjusts accordingly. Payments may be daily, weekly, or monthly depending on the lender. Lines of credit may be a fast business loan, but the downside is that payments remain the same, regardless of your business revenue. Also, the line of credit may offer less than you need if your relationship with the lender is a new one.

Revenue Based Financing

One of the quickest, most straightforward ways to get fast business funding is through revenue-based financing. Also known as sales-based financing, this is a type of financing for businesses that provides access to an upfront sum of working capital in exchange for a portion of the business’s future revenue. That means if the business’s revenue decreases, payments can too. And the total amount to be remitted to the funder is fixed, so it doesn’t change, no matter how long the estimated payment period may last. Learn more about this fast, flexible business financing option at What is Revenue Based Financing.