How to get a quick business loan in 4 simple steps
Preparing for your loan application
- Have your documents ready to provide to a broker or lender. These include;
- Company Accounts
- Company bank statements
- Management accounts (if available)
- Pick the right lender/broker - Use a company that has quick response times to enquires - maybe a fintech finance broker [find out more].
Fintech services are generally quicker than traditional finance institutions as the application process is carried out online without the need to send documents via the post.
Being able to complete business loan applications using web portals will allow you to upload files, digitally sign forms and keep your details up to date to further speed up your loan requests.
- Keep on top of communications with your broker.
You will need to send documents when requested, sign privacy statements as well as consent forms and answer any questions in relation to your application.
Delays in replying when asked for documents required to process your business loan will increase the time it takes for your loan to be approved
Following these steps you, as long as you have used a good lender or finance broker, you can have a decision on a business loan within 48 hours and the money in your account within 24 hours of your application being accepted.
- Review loan offer and accept
You usually receive a decision within 24-48 hours and funds within 24-48 hours of your application being accepted.
It is important to review all documents, make sure the loan is right for your needs, before signing the agreement.
Things to consider when deciding which business loan is the best fit for you and your business are;
- Rates/Interest – How much will the finance facility cost you in full
- Fees – What fees are involved
- Loan amounts – How much funding does your business need
- Repayment schedules – Short term business loans or long terms
- Impact on financial health – Will the loan have a positive impact on long term health
Updated: November 19, 2019