Discover The 7 Major Benefits of Fast Business Loans

As the CEO of SUnwise Capital, I’ve witnessed firsthand the pivotal role that swift financial support plays in sustaining and expanding a business.

“Discover The 7 Major Benefits of Fast Business Loans” is an essential guide for entrepreneurs needing capital to seize growth opportunities or navigate through unforeseen challenges.

This comprehensive exploration highlights the advantages of quick financing options, from enhancing cash flow and enabling immediate equipment purchases to providing the agility needed to capitalize on market opportunities or address emergencies.

Our aim is to equip business owners with the knowledge of how fast business loans can be a game-changer, ensuring they have the resources to act decisively and maintain their competitive edge. Join us as we delve into the benefits of securing rapid financing, illustrating how it can catalyze your business’s growth and stability in an ever-evolving economic landscape.

More than 500,000 small business startups open their doors each month for the first time. For these businesses to stay open, they’ll need money. And, unless they’re independently wealthy or have tremendous business resources, most new small business owners will need loan options.

Whether it’s equipment financing, invoice factoring, term loans, franchise financing, or a business line of credit, most entrepreneurs and business owners go to a traditional bank to seek business capital. Unfortunately, the experience requires time and patience. Most traditional financial institutions require annual revenues north of $1 million a year plus a personal credit score above 700 if not higher.

That minimum credit score plus personal guarantees makes the application process arduous. Your funding options can be limited with the stringent minimum qualifications. Most business owners complain that the time to funding is too long. According to a study by Harvard University, the funding time can be upwards of 90 days. The study found that the average owner visited almost 3 banks and spent nearly 28 hours on the application process.

At Sunwise Capital, we specialize in connecting small businesses with fast business loans. We offer options for quick same-day and next-day approvals with a high approval rate so that your business can get the funds it needs quickly. For most businesses, the loans range from $10,000 to $500K.

If you are looking for commercial real estate loans, we have SBA loans up to $5M.

Let’s examine how fast business loans could benefit your small business.

Benefits of Fast Business Loans

For a company to maintain regular operations, companies need what is called “working capital.” This capital is money you’ve earned from sales, minus overhead costs, employee salaries, and what you owe to your suppliers.

Working capital is necessary to grow your business. Marketing campaigns, equipment maintenance, and business expansion require spending your working capital.

But with all the overhead costs involved, it can be hard for new business startups and younger companies to build up these funds. Also, using your positive cash flow to cover these expenses can leave your business without emergency funds.

For this reason, many businesses choose fast small business loans to cover these operating and expansion costs. These loans have high approval rates, allowing you to grow your business without tying up your liquid capital.

Get Emergency Funds

The old saying goes, “Men make plans, and God laughs.”

No matter how much you plan your business finances, there can still be instances where you’ll need to spend money on unexpected expenses. Perhaps you’ll need equipment loans when an essential piece of equipment breaks or unforeseeable circumstances cause you to lose revenue.

In these instances, you need the comfort of knowing that you can get the money you need when you need it. If you go through the Small Business Administration, you can expect to wait at least 60-90 days. The process of applying through a bank isn’t much faster.

When you apply for fast loans, you can get your money in as little as 24-48 hours. These quick business loans with their easy approval will ensure that your business won’t have to stop operating and lose revenue while waiting for a capital loan to come in.

Work with Fewer Documents

Another frustration of going through the Small Business Administration or a bank is the required documentation. Pulling all this paperwork together can be difficult and time-consuming.

For instance, many lenders require business owners to show business plans, financial statements, and both personal and business bank statements with personal and business tax returns for the past three years. In addition to the time it takes to get these documents together, you must also wait for the lender to review them.

By contrast, a short-term business loan comes with much less required documentation. If fact, with Sunwise Capital, you can even apply for your loan online using the online application. This quick approval will give you more time to work on your business and less time filling out bothersome paperwork. In fact, you can have your funds on the same business day!

• All you need is a minimum personal credit score of 500+
• A one-page business loan application
• 3 months’ bank statements from your business checking account or bank account
• Loan amounts between $10K to $500K
• Approvals in minutes
• Funded as quickly as the next 4 hours
• Loan term from 6 months to 18 months
• Merchant cash advances for those that take credit cards

No Collateral Needed

Another benefit of fast business loans is that you often have the option to choose an unsecured loan. With these types of loans, you won’t need to put up any property or personal or business assets as collateral. By contrast, most banks require both assets and excellent credit for a loan.

Of course, just because the loan does not require collateral doesn’t mean that there is no risk involved. It’s still important to make all your daily or weekly payments. Otherwise, you may have difficulty getting approved for another loan in the future.

Don’t Let Credit Hold You Back

Running a small business requires taking on a lot of risks. For this reason, many small business owners develop less-than-stellar credit scores. Sunwise Capital specializes in bad credit business loans. If you have challenges with your business credit or personal tax liens up to $175,000 we can help.

These credit challenges can be a problem for businesses that apply for a loan through a bank. To get approved, a business owner with poor credit may need to accept a loan with a much higher interest rate, or not get approved at all. With fast business loans, it’s often possible to find lenders who will work with your credit profile.

Maintain Ownership of Your Company

Of course, getting a loan isn’t the only way that small businesses get the operating funds they need. Some small businesses choose to use investors instead.

One benefit of going through an investor is that you won’t need to repay the funds. The drawback, however, is that, in return for the funds they provide, investors take over ownership of a certain percentage of the business. Some business owners end up working with so many investors that they become minority owners of their own company.

With small business loans, you won’t have to give up any equity in your business. This type of business funding means that, even though you’ll have to repay the loan, you will get to maintain ownership of all the growth in your business.

Choose Loans with Shorter Terms

When you decide on a loan through the bank or the Small Business Administration, you will typically get a longer repayment term. While paying off the loan over 5 to 10 years will lead to lower monthly payments, it will also keep your business in debt for a longer period. When you get a long-term loan, you can also end up paying more interest, even if the rate is lower.

When you choose a loan with a longer term, you will have to calculate repaying that loan into all your financial projections for the coming years. These loan repayments can hold your business back. Ask you accountant for a loan calculator or click here.

By contrast, choosing a loan with a shorter term will help you get out of debt more quickly. This way, you can focus on building your company’s revenue, rather than on making payments.

Get Fast Business Loans Today

A business short-term loan can be an excellent way to quickly get your business the funds it needs. Instead of waiting weeks or months to get approved, you can get cash in a matter of days.

To learn more about how to get fast business loans for your small business, contact us at 888.456.9223. Deal directly with our underwriters who will help you find the perfect loan for your business. Become one of our many success stories to help your business explode!

FAQs on Benefits of Fast Business Loans

What are fast business loans?

Fast business loans are financing solutions designed to provide quick business capital access. Unlike traditional loans, which may take weeks or months to process, fast business loans can be approved and disbursed within a few days or hours, catering to immediate financial needs.

How quickly can I receive funding from a fast business loan?

The speed of funding can vary by lender, but many fast business loans are structured to provide funds within 4 to 24 hours after approval. Some lenders offer same-day funding for applications submitted and approved early in the day.

What are the major benefits of fast business loans?

The major benefits include quick access to capital, minimal paperwork and requirements, flexibility in use of funds, opportunity to capitalize on timely business opportunities, solution for emergency cash flow needs, competitive advantage, and the possibility to build or improve credit.

Who can benefit from fast business loans?

Fast business loans are beneficial for small—and medium-sized businesses that need quick financing to cover unexpected expenses, seize growth opportunities, manage cash flow dips, or invest in inventory or equipment.

Are there any drawbacks to fast business loans?

While fast business loans offer immediate financial relief, they may come with higher interest rates than traditional loans, shorter repayment terms. They may require a strong credit history for the best terms.

What types of fast business loans are available?

Various types include short-term loans, lines of credit, merchant cash advances, invoice financing, and SBA express loans, each catering to different needs and situations.

Do I need collateral for a fast business loan?

Many fast business loans are unsecured, meaning they do not require collateral. However, some loan options, particularly those offering larger amounts or lower interest rates, might require a business asset as security.

How can I apply for a fast business loan?

To apply, you must research lenders offering fast business loans, gather necessary documentation (such as business financial statements, tax returns, and a business plan), and complete an application. The process can often be done entirely online within minutes.

Can a startup qualify for a fast business loan?

Yes, startups can qualify, especially if the owner has a strong personal credit score or if the business shows strong potential. However, options might be more limited compared to established businesses.

How can I get the best deal on a fast business loan?

Compare offers from multiple lenders, including interest rates, fees, repayment terms, and eligibility requirements. Also, consider consulting with a financial advisor to find the best financing option for your business’s unique needs and situation. Sunwise Capital offers $500 with a Best Rate Guarantee.