Published On: Mon, Sep 24th, 2018

Instant Small Business Loans Using Alternative Lenders

There are times when a small business needs access to immediate funds, they can’t afford to wait for days or weeks for the loan application to be approved. When your company requires access to instant cash, conventional banks and credit unions aren’t an option. If you were to wait for weeks, you could miss out on a business opportunity or it could put your company in financial trouble.

Requirements – Alternative money lenders aren’t that different from traditional banks in the sense that you make an application based on certain terms and you wait to see if your loan has been approved. If you are looking for funds from a bank or credit union, you won’t be able to secure money instantaneously. It will take a few weeks for the process to reach completion and if approved you’ll have the money transferred into your bank account.

photo 401(K) 2012 via Flickr

Banks require a lot of documentation before they approve loans, which means there is no chance of getting access to instant cash. Using recognised private lenders like Max Funding is one way of getting cash fast, they can approve your loan application in a matter of hours, so you use the funds for whatever venture you’ve set aside.

Banks are not accustomed to taking much risk, they simply won’t approve a loan unless it has been scrutinised by several of their senior members. This isn’t good news if you are running a small business and you need access to instant cash. Alternative lenders fill in where the banks won’t, they offer a service that includes immediate access to funding. Alternative lenders tend to underwrite their loans a lot differently to banks, they rely on different criteria for approval which means they don’t judge customers too severely if they’ve bad credit history.

Needs – Why would a company need access to instant cash? While most business owners do their best to control their budget without needing a sudden injection of cash, there are times when companies encounter unforeseen elements and need financing to take care of an emergency. An emergency doesn’t have to be all bad, it may simply be an opportunity that presents itself at the last minute.

Here are some of the main reasons why businesses require access to instant cash that can only be acquired through alternative means:

Payment Issues – If your business has encountered some difficulties and you don’t have enough capital to cover payroll, you may need to speak to an alternative money lender about securing a loan.

Opportunity – Your business may need capital to take advantage of an outstanding opportunity.

Machinery – If a crucial piece of equipment has broken, you might need to have it replaced to ensure your operations aren’t affected.

There are plenty of options to ensure your business gets access to small loans instantly. Gone are the days when small business owners were reliant on banks and credit unions to secure funds. Alternative money lenders are willing to provide clients with loans that can be secured on short notice, they also offer competitive interest rates and easy application procedures.

Author: Sophie Fenns

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