How to Get a Short-Term Business Loan Quick
For every individual, getting a loan for their small business is a major hurdle due to the strict lending standards by banks and private loan providers. But getting a funding source is significant to start or grow your business or cover expenses, including inventory and payroll.
Getting a loan for small business with relaxed lending standards can be difficult; to qualify for the loan, you need to prepare for these steps:
1. Ask Yourself, Why Do I Need This Loan?
Lenders ask this question frequently, and your answer should fall into one of these four categories:
- To start my business
- To manage my day-to-day expenses
- To expand my business
2. Determine Which Type of Loan is Right for Your Business
The reason you provide for needing the loan will dictate the type of small business loan you get. If you’re a startup, chances are slim to zero of getting a loan in the first year of your company’s listing. Lenders need cash flow to support repayment. So, if you are starting a business, you may immediately be disqualified.
Startups can do several things like borrowing from friends and family, crowdfunding, and likewise. Here’s more information about startup business loans.
So, if you’re a startup, don’t worry, you can still get a loan:
BitX Funding (the loan providers from the past 20 years) have a startup business loan program, which grants loans $25,000 – $150,000 with 0% to 15%, lowest annual interest rate APR. Tell your plans, and the organization will help you achieve your dreams. Check the startup’s loan policy here.
But if you need the loan for small business, then BitX Funding has a lot more to offer. Fund your account with $5,000 to $2,000,000 within 24 hours, visit if you can qualify.
3. Conclude the Best Type of Small Business Lender
You can apply for loans from several places like banks, nonprofit microlenders and, BitX Funding or other online lenders. These lenders offer different programs including short-term business loans, lines of credit and accounts receivable financing.
Once you have decided which type of lender is best for your small business, compare similar options based on the annual percentage rate. After comparing, select the one with the lowest APR (annual percentage rate).
4. Find Out if You Qualify
Your position on the credit spectrum is one factor that determines which loan you’ll qualify. You can get your credit report free from www.nav.com. Banks need credit scores at least above 650 to qualify for bank rates but BitX Funding has a deep bench of alternative lenders that can provide the funds to grow your business with a FICO score as low as 550. So, if your credit score falls below 550, consider taking the loan from friends and family.
5. Gather Your Documents
After comparing your options, it’s time to apply for your small business loans that fit your financing needs. Consider applying for multiple small business loans within a short time frame with BitX Funding. To get a fast approval and quick offer all you need to provide is an application and three months of business bank statements. If your cash flow is strong and over $10K in deposits a month you will qualify for a short-term business loan.