Maintaining a healthy cash flow is essential to the success of every business. Unfortunately, many small businesses experience seasonal cash flows and, if not filled, may halt operations. So whether you’re experiencing seasonal slumps or need access to capital to cover an emergency expense, fast business funding comes in handy.
Not all business loans are created the same, though. Some get approved and funded in 24 hours or less, while others take days, weeks, or even months. If you need quick access to cash to keep operations running smoothly, you may want to consider a fast business loan.
In this guide, we’ll explain what a fast business loan is, how quickly you can get the loan and the available options for fast business funding. You’ll also learn the factors that impact how fast you can get business funding.
Flexible and Fast Small Business Loan Quote
What is a Fast Business Loan?
As the name suggests, a fast business loan provides quick access to funds, typically within 24 to 48 hours. It allows small business owners to jump on opportunities like acquisitions or cover unexpected expenses, such as equipment breakdown that needs replacing as soon as possible.
Fast business loans are usually offered by online lenders with flexible qualification requirements. Plus, these loans have streamlined application processes, fast approval, and funding in one to two business days.
How Fast Can You Get Business Funding?
You can get fast business funding in as little as 24 to 48 hours. But, of course, the exact time frame varies depending on the lender, the underwriting process, and the business loan you’re looking to apply for, among other factors.
Factors That May Affect How Fast You Get Business Funding
Several factors go into the speed at which you receive a fast business loan. These factors include:
Every lender has unique funding requirements. For some, you need a good credit score, at least two years in business, and provide financial statements. Depending on the requirements of the business financing you need, it may take you a few hours to days to get approved and funded for a fast business loan.
The loan application process determines how fast you receive a fast business loan. While most lenders today have streamlined online applications, some loan types require more paperwork than others, influencing funding speed.
How long does it take to get approval for fast business funding? This varies depending on the lender and the loan type.
For most online and alternative lenders, it takes a few hours to get loan approval. If you prefer working with traditional banks, approval time can take days and sometimes weeks. With some loans, you’ll get an approval decision within one business day.
Small business lenders usually disburse funds as soon as one business day after approval. Much of it boils down to the lender and the type of business loan you need.
Flexible and Fast Small Business Loan Quote
What Are Your Options for Fast Business Funding?
There are several fast business funding options to choose from. Here are some of the most popular ones:
SBA Express and Micro Loans
SBA loans are best known for their low-interest rates, larger loan amounts, and longer repayment terms because the U.S. Small Business Administration partially guarantees them. However, these loans take several months to get approved for and funded.
If you recently applied for an SBA loan and you require capital to finance business expenses in the meantime, SBA express and microloans are some of the options to consider. In addition, Mulligan Funding can provide you access to funding as you wait for SBA loan approval and funding.
Small Business Term Loans
Small business term loans are perhaps the most common fast business funding that every business owner thinks of when in dire need of quick capital. With online small business term loans, you can make an online application, get approved in hours, and be funded as soon as one business day after approval.
Term loans are often offered as a lump sum of money, repaid at fixed intervals over a set period of time. For example, you can access a small business term loan of $5,000 to $2 million through Mulligan Funding, with flexible repayment terms, ranging from 3 to 24 months. Request a free quote for a small business term loan and get approved in as little as a few hours. (*)
Working Capital Loan
If you’re looking for access to capital to finance your day-to-day business operations, a working capital loan might be a perfect option. With this type of financing, you can cover expenses such as payroll, rent, debt payments, inventory purchases, and more.
Mulligan Funding provides access to several business financing options, including working capital loans. You can borrow up to $2 million and pay off the loan in 3 to 24 months. Get a quote for a working capital loan by completing an online questionnaire, get approved in a few hours, and be funded as soon as one business day after approval (*) . It’s free and won’t affect your credit score.
Merchant Cash Advance
A merchant cash advance, or an MCA, is a one-time lump sum of money offered by merchant providers in exchange for a percentage of your daily debit and credit card sales. Due to their approval and funding speed, MCAs are considered fast, small business loans. You can get approved and funded for an MCA in 24 to 48 hours with little to no paperwork required.
MCAs are a perfect business financing option for business owners with a considerable amount of debit and credit card sales.
If you’re looking for capital to finance an equipment purchase, equipment financing is probably your best bet. From computers to heavy machinery, this quick small business loan could be the best option for business owners with an immediate need for an expensive piece of equipment. You can get approved for equipment financing in one business day or two.
Besides, you don’t need any form of asset to back up the loan because the equipment you’re looking to purchase acts as collateral.
Business Line of Credit
A business line of credit gives you access to funds up to a specific limit. You can access the line of credit on an as-needed basis and only pay interest on what you use. Like a credit card, you can borrow it again once you pay off the line.
Borrowers who need fast business funding can benefit from short-term lines of credit. Although this type of financing comes with shorter repayment terms, usually less than a year, funding is faster compared to traditional lines of credit.