Businesses need cash for many purposes. You may need cash to pay your staff, working capital, purchase a new office complex, purchase equipment, or fund a project. Sometimes, you need the cash urgently and the only place you can get additional funds is from lenders. Although traditional lenders grant loans at a lower rate, they have a complex application process. Due to the complex nature of their application process, it takes time to get approval for loans. Even if your request for a loan is approved, it will be funded after several weeks.
Sometimes your business cannot wait till then. You need the cash quickly. Fortunately, there are loan options that allow you to access loans in a matter of days. Most of them do not request that you complete several application forms. With most of them, you don’t have to go all the way to the office of the lender. You can apply from the comfort of your home. Below is a list for the best lenders who offer quick business loans.
Kabbage has loan offers with amounts that can be anywhere between $2,000 to $250,000. The APR also ranges from 24% all the way to 99%. The loan terms differ, you will need to choose between 6 months, 12 months, and 18 months. This lender will approve your loan in minutes and you will receive the funds by the next working day. However, if the lender needs more time to verify your application, the approval and funding can run into several days. This rarely happens though. With Kabbage, your business should be open at least a year and bring in a minimum of $50,000 annual revenue. Fortunately, Kabbage has no minimum credit score requirement.
Quarterspot also has no minimum credit score requirement. You will have access loans that range from $5,000 to $250,000. The APR on their loans ranges from 30% to 70%. You choose to repay your loan in 6, 9, 12, 15, or 18 months. They can fund your loan by the next working day. One good thing about Quarterspot loans is that there is no prepayment penalty. When you pay early, this lender does not penalize you. This means that you can save on interest rates when you pay early. Quarterspot requires that you will have a minimum annual revenue of $200,000 and your business should be running for at least 1 year.
FundBox can offer you fast cash through their line of credit. You can access loan amounts as low as $1,000 and as high as $100,000. The APR for their loans vary and it ranges from 10.1% up to 79.8%. You can draw from this line of credit when you need to pay. The APR will be charged on the amount you draw only. You will need to pay back in 3 months. Since the line of credit is revolving, your balance increases once you repay the amount that you draw. You should have annual revenue that reaches a minimum of $50,000 and you will also need to be open for at least three months.
Streetshares offers several loan options including term loans, a line of credit, and invoice factoring. You can access from $2,000 to $250,000 when you apply for term loans. You can also access from $5,000 to $250,000 in a standard line of credit. You can also factor invoices up to $2 million. The loan terms range from 3 to 36 months. Your loan will be funded in 1 to 5 days. You will need a minimum credit score of at least 600 for term loans and standard line of credit. You will also need a minimum revenue of $75,000 annually.
OnDeck can offer you loans in one business day. They have a low credit score requirement hence you can apply for their loan even if you have a with a credit score of 500. They offer loan amounts between $5,000 to $500,000 at an APR from 16.7% to 99.4%. You will be required to make daily or weekly payments for the loan. You are expected to have an annual minimum revenue of $100,000.
- Lending Club
Lending Club is a lender you should consider if you have a good credit score. This is because they offer low APR on their loans. However, their credit facilities are only available for business owners with good credit scores. You will need a minimum of at least 600 as a credit score to access loan amounts that range from $5,000 to $300,000. They offer these loans at an APR that comes in anywhere from 9.8% to 35.7%. This means that if your credit score is 700, you can access the loan at an APR that is closer to the 9.8% indicated in the range. They have longer loan terms; 1 to 5 years. Before you apply for this loan, you will need to be in business for at least 1 year. You should also have a minimum annual revenue of $50,000.
- Credibility Capital
This lender also offers loans at low rates. Their rates range from 10% to 25%. You can access a loan with amounts that range from $10,000 to $350,000 and you will need to repay the loan in 1, 2, or 3 years. Credibility Capital can complete the loan processing and funding in less than 3 days. However, the loan approval and funding can take up to 7 days. You should have a credit score not less than 650. Your annual revenue should not be less than $150,000. Another requirement from this lender is that you should be in business for at least one and a half month. Although Credibility Capital is an ideal lender for a business owner with a minimum credit score of 650, it has certain limitations. You cannot apply for this loan if you live in South Dakota, North Dakota, Vermont, and Nevada. This lender is not available in these states.
Before you apply for a quick loan, you should prepare all the necessary requirements before applying. Make sure that your ownership documents, account statements, and business financials are intact. When you get all these in place before applying, the process becomes faster. You should also provide accurate information to the lenders. Do not forget to read the lender’s terms and conditions. If possible, you should repair your credit at a time when you do not need new credit. When you do this, you will be able to access loans at lower rates. When you have a low credit score, you will get loans at the lowest rates available.