Conventional business loans can be a bit of a pain and stressful! To fuel the growth of small businesses, you may opt for small business loans; sometimes, you must stick with the qualification process of loans for several months.
But what do anyone of you gets their paths crossed with a business emergency? Everyone must take up the gauntlet and respond to unfavorable business situations promptly.
What is the best way to get funds for your small business? It would help if you stuck to the text until the end because you don’t want to treat your business as a leftover in the marketplace.
Why is needed for a Fast Small Business loan?
As you are already aware of the small business loans, so augmenting the loans with fast loans here! This sounds cool because many businesses desperately need to finance their growth, and quick loans could assist with short-term capital needs.
Sometimes, your small businesses acquire fast access to additional capital, or you may specify it with a quick business loan, which is critical to taking advantage of an opportunity because no one wants to undergo rigorous documentation to meet a short-term business challenge in fast, small business loans. So, yes, go and break a leg!
Who can acquire fast business loans?
- Equipment failure-Some small businesses rely on specialized equipment; it might be a small restaurant that owns a pizza oven or a large milling machine that plays an integral role in your manufacturing process. When your equipment gets down, your business suffers as a consequence.
- An opportunity to expand-Maybe your working space is asking for an extra next door, or the more prominent storefront down the street is now on sale; then you need quick access to money to put things all together. The opportunity to expand acquires for quick access to capital might.
- Unexpected opportunities to increase profits-What if your suppliers offer you an incredible discount on the inventories, and you know that it could be an opportunity to fuel your business? To avail of quick-turnaround inventory at a steep discount can be a great addition to your business, so a fast loan can serve this purchase for you.
- Growing pains-None of us wants to say no to the opportunities to overcome unexpected expenses, including the ramping up of employees, training, office equipment, or any other expense related to your small business growth. To keep your business viable, growing pains must be considered with persistence.
- Building maintenance problems- Maintenance issues aren’t only for small businesses, but could also wreak havoc on established businesses. Occasionally plumbing, electrical, digging up a sewer line, or putting a new roof on your building maintenance problems can add to the bill in your wallet.
Downside
Unfortunately, popular media is out there leaving you on the fence, promoting the shallow idea that fast money is the ultimate solution to quench your every business challenge and normalizing that the more money, the better you get—it’s important to mention here that don’t exceed the required borrowing limit, it could be extravagant for small businesses. It could even put the business’s viability at risk.
BitX Funding-Business line of credit
BitX Funding provides you with short-term business lines of credit; your wallet could be topped up with a credit line for up to $250,000.
Requirements for Qualification
- To qualify for a BitX loan, your business must have been operating in the market for at least one year.
- Your annual revenue must be at least $50,000 (revenue of $4,200 monthly revenue could also work)
BitX’s Simple Online Application
- Create an account, and you can also link your account to other systems, such as your QuickBooks, PayPal, or business checking account.
- Connecting your bank account helps BitX’s lending partners finalize a quick decision.
- Fill out the application with basic information in just a few minutes (Social Security number, business address, etc.)
- Review your business performance.
- Once you complete the requirements, apply.
- You will be enlightened instantly if the loan is approved or not.
- Once approved, you can have access to business funds immediately.
Conditions
- You must pay off the funds within six, 12, or 18 months.
- You must pay for the speed and convenience of BitX Funding.
- Loans carry a monthly fee, which typically ranges from 1.5% to 10% (it may vary)
BitX Funding – Business loan for working capital
BitX is an online Marketplace. It offers term loans from $5,000 to $500,000 and lines of credit from $6,000 to $100,000.
Qualification Criteria
- You must have a personal FICO score of at least 600.
- Your business should be operating for at least one year.
- Annual revenue of at least $100,000.
- Must have a business bank account.
How to apply?
It typically takes less than five minutes to apply for a loan.
- You can apply online or over the phone.
- After applying, the loan advisor will reach out. Usually, loan advisors take one business day.
- Then, after 24 hours, you can get your funds back.
Tacked-on Amount
You must pay an average rate of around 49% APR for term loans and 35% APR for lines of credit, including all tacked-on amounts.
BitX Funding-Business credit
With BitX, you can have your funds within 24 hours. Business owners can swiftly apply for a loan, and they get to know if they are approved or not in just a matter of a few minutes.
Funds Available
- BitX offers up to $100,000 in credit
Requirement
- Business owners must carry a credit score of at least 500
How to apply?
- When you apply for BitX, you must share your basic information
- Fill your application with business information
- Connect your accounting software or bank account with your account
- Once approved, your funds are transferred within 24 hours.
Loan Installments
Equal installments over 12 to 24 weeks pay off your loan. You’ll have to repay weekly payments of 0.5% to 0.7%.
Penned Words
While securing a traditional loan, you must invest your time and gather plenty of business documents to reach out to lenders.
But a fast loan facilitates you to have your funds quickly and adorn your business with a trajectory to success. No hassle, no specific collateral, and no hidden charges, eventually making you stress-free. You can now grow your business at your ease and pace!
BitX Funding is an online marketplace for small business owners looking to fund a project. We specialize in connecting small business owners with lenders who will compete for your business. We believe small business owners drive the economy and are passionate about helping your company reach its full potential.
You can reach a loan specialist toll-free at 1-800-824-2407 or email [email protected] or apply online here, and we can guide you on which loans are the best fit for your business.
