Here is how to get a quick business loan in six steps.
1. Decide how much you need
Create a detailed business budget to determine how much you need to cover essential or ongoing expenses. Remember, quick business loans typically have higher interest rates. If you’re considering tackling long-term projects, it’s worth waiting until you qualify for an SBA or long-term business loan.
2. Evaluate your qualifications
Most lenders will outline their basic business loan requirements on their website, such as minimum credit score, annual revenue, collateral and down payments and other criteria. Keep in mind that while online lenders tend to be more lenient with qualification requirements, they also charge higher fees than brick-and-mortar banks.
Check your credit scores before applying for fast small business loans to know your options.
Boosting your credit score now can help open the door for more competitive financing offers in the future.
3. Research quick business lenders
Once you’ve narrowed your best fast loan options, pay attention to each lender’s details. Some lenders advertise low interest rates, only to add extra fees later in the application process. Read business lender reviews to stay aware of any predatory lenders.
4. Gather required documents
If you want a speedy loan application process, gather general business documents in advance. These typically include a business plan, personal and business tax returns, financial statements and a balance sheet.
5. Apply for a quick business loan
The application and approval timeline for fast loans for business generally happens within a few business days. You may need to provide additional documents after hitting submit, but most online lenders make a final decision within minutes.