Quick Business Loans

Facing the occasional financial shortfall is all part and parcel of running a business. Unfortunately, these temporary financial gaps have a tendency to occur at the worst possible time.

Business loans are readily available from most major lenders, but are rarely of any practical value in time-critical situations. Where capital is needed as quickly as possible, it is often necessary to look beyond the High Street.

When time is a factor, quick business loans from a specialist lender can offer an invaluable lifeline.

Quick Loans for Business: Main Features & Benefits

A quick business loan is a strictly short-term facility, designed to cover unexpected costs and bridge temporary financial gaps. Depending on the nature and extent of the applicant’s requirements, it is possible for the funds to be transferred in as little as 24 hours.

Quick business loans are essentially specialist bridging loans for business purposes. They can be used for any legal purpose whatsoever, and are available from an extensive network of specialist lenders.

If the business requires short-term cash flow or funds to pay its suppliers this is where bridging finance can be used as it can be secured against future profits/sales for repayment. Another common reason a business or company may need a quick loan is that they may need to relocate to a new location or upgrade their current premises and getting a bank from a loan may be out of their time line or not possible at short notice.

Key features of a typical quick business loan include the following:

• A strictly short-term facility

• Repayment terms of 1m to 18m

• Borrow anything from £10,000 to £10 million

• Secured and unsecured loans are available

• Same-day decisions and prompt payouts

• Poor credit applicants accepted

• Monthly interest from as little as 0.5%

Particularly when time is a factor, enlisting broker support at the earliest possible stage is essential. This will enable you to pair your requirements with an appropriate lender, while streamlining and accelerating all aspects of the application process.

Key Questions to Ask Before Applying for a Quick Business Loan

Prior to your application going ahead, your broker will ask you a series of questions to establish your requirements and help you find an appropriate product.

It is important that you take into account these questions beforehand so you can be clear on the information that would be needed to process your application more quickly.

Examples of which include the following among others:

• How quickly do you need to access the funds?

• Do you have any existing credit issues?

• How many other loans are you currently repaying?

• Do you have assets available to secure the loan against?

• Would you prefer an unsecured loan if available?

• Are your accounts and tax returns up to date?

• When would you be able to repay the loan?

• Do you have a viable exit strategy?

The answers you provide will help your broker determine whether a fast business loan is right for you, or if an alternative option (like a conventional bridging loan) could be more suitable.

Who Can Qualify for a Quick Business Loan?

Eligibility for quick business loans is determined on the basis of three things:

1. The strength of your current financial position

2. Availability of security to cover the costs of the loan

3. A workable exit strategy to repay the debt

Your lender will expect to see several recent bank statements and/or your most recent tax returns. A credit check may also be conducted, but imperfect credit will not necessarily result in the rejection of your application.

If you have any questions or concerns regarding your credit status or your eligibility for a short-term business loan, consult with an independent broker to discuss the options available.