How to Get a Small Business Loan in 24 Hours or Less
So, you need a small business loan, and you need one now.? The problem is, depending on the type of loan, your financial situation, and which type of lender you look into, a 24-hour turn-around time on any loan is highly unlikely. But never fear, you do have a few options when it comes to lightning-fast business funding!
Clearly, traditional lenders, like banks, are not an option if you need quick financing – their process from start to finish generally takes anywhere from three weeks to two months. But, when it comes to financing on the go, alternative lenders are more lenient and have data and technology-driven underwriting systems that generally give you a decision and access to working capital in two to three days.
Alternative lending has drastically opened up funding for millions of small business owners across the country. Every lender is different, however, so it’s important to conduct thorough research before signing any contract or taking any working capital. Let’s take a look at some of your best options for a fast business loan.
How Kabbage Offers Quick Small Business Loans
Kabbage has gone mobile (IOS/Andriod) – bringing the world’s fastest and easiest way to get funds to grow your business to your smartphone. Kabbage can deliver up to $250,000 in minutes, all on your mobile phone. Once you qualify, you can use this application to receive funds (remotely) as well as pay your Kabbage bill and view your entire transaction history. The Kabbage app revolutionized the way small business owners look at financing their business. What used to take weeks and even months of meetings and paperwork has been simplified into an on-the-go app that gives you quick access to working capital. The Kabbage application is great for service industry businesses such as salons, spas, auto shops, and restaurants. Having working capital on-the-go is great for these types of business owners because it allows them to get a loan while doing their day job.
Additional funding is more readily available than ever before, so now is the time to help your small business grow. There are over 28 million small businesses in the United States, and over 22 million of those are self-employed. The state of small business is becoming increasingly better as more and more owners continue to thrive and grow. To help your business scale and grow, sometimes you need funding on the go, and now more than ever before you have more options when it comes to financing your small business!
How to Get a Small Business Loan, Today!
P2P Lending doesn’t operate through traditional financial institutions; instead, it requires the cooperation of individuals. Individuals provide unsecured loans to borrowers based on their business plan. There are many websites and platforms that provide more information on how to apply for P2P financing. When receiving a P2P loan, everything is done online. Often times these types of loans have higher interest rates and shorter terms, but in most cases, everything is based on the credit history of the borrower.
Alternative lenders pay a lot more attention to a business’ revenue and growth plan than a business owner’s credit score. Alternative lenders are popping up all over and are eager to fund business owners regardless of their credit because small businesses are the lifeblood of America! Other alternatives like Kickstarter are great for start-ups that are looking for investments. Although many alternative lenders do require a personal guarantee of cash flow, they do not necessarily require collateral.
Kabbage is a great example of not requiring collateral to secure a small business loan. When you sign a loan agreement with Kabbage, you personally guarantee that you will pay back your loan, but you do not have to put up any real estate or personal collateral. In minutes, you can find out whether you are approved, and Kabbage is constantly reevaluating your data to extend larger lines of credit to you. The best part about Kabbage is you only pay for the cash you use!