If you apply for a business loan at a traditional lender like a bank, it might take as long as four months or longer before getting final approval. More likely, your application would be rejected in much less time than that, so you’d have to consider some other means of obtaining funding. Nowadays, an alternative has arisen which is commonly referred to as ‘easy business loans’, and these can be approved in a much quicker time frame.
Easy Business Loans
Easy business loans have been made possible by improved financial technology in which lending companies have adopted algorithms which they then use to evaluate applications and underwrite business loans. Online lenders can now provide very rapid pre-approval, and credit decisions can be arrived at sometimes in an hour or less. The endless array of paperwork and documentation which was formerly needed by traditional lenders has now been largely done away with this new methodology.
Types of Easy Business Loans
There are a number of different kinds of easy business loans that can be approved very quickly and without the mountains of paperwork formerly necessary. One of the most popular of these methods is invoice factoring, in which a company’s invoices can be sold to an alternative lender in exchange for an upfront amount of cash. A similar financial product known as a merchant cash advance will also put fast cash in the hands of a company, in exchange for some percentage of its future credit card sales.
Another product called a business cash advance hinges on a company selling some portion of its future bank account receivables to an alternative lender, in exchange for receiving an immediate cash deposit in the company’s account. This amount would then be repaid by having a pre-determined amount subtracted from the company’s business account each day, and delivered to the lender through an Automated Clearing House.
Looking for Easy Business Loans?
These kinds of loans can be extremely beneficial for some businesses, and if you qualify, it might be just what you need to achieve real growth. Contact us at Third Bay Capital so we can discuss your eligibility.