Discover the Best 6 Best Same Day Business Loans for Small Businesses

As a CEO navigating the financial hurdles of a small business, I understand the urgency that comes with finding a reliable financial lifeline. Discovering the 6 Best Same Day Business Loans for Small Businesses is a game-changer for anyone looking for fast funding. These loans provide the swift financial support you need to seize growth opportunities and offer the flexibility and terms that perfectly align with your strategic objectives. In this article, I’ll share these vital resources that can empower your business with the agility to thrive in today’s fast-paced market

What is a Same-Day Business Loan?

In the fast-paced world of small business, the need for swift financial solutions is often as immediate as the morning rush at a bustling café or the last-minute inventory restock before a big sale.

Imagine seizing a game-changing opportunity or navigating a sudden cash-flow hiccup with the same speed and ease as making a daily business decision.

That’s where a same-day small business loan steps in—like a reliable business partner that’s there precisely when you need it.

This financial lifeline is for entrepreneurs who can’t afford to wait for traditional lending timelines, offering a vital cash infusion to keep the heartbeat of your business strong without missing a beat.

 

What is a Same-Day Business Loan?

A same-day business loan is a type of financing option that provides small businesses with quick access to funds, typically within 24 hours of application approval.

These loans help companies meet their immediate financial needs, such as covering unexpected expenses, purchasing equipment, or managing cash flow gaps.

Same-day business loans are known for their fast approval and funding times, allowing business owners to obtain the capital they need without the lengthy processes associated with traditional loans from banks.

With online lenders and alternative financing options, business owners can easily apply for same-day business loans through an online application, bypassing the need for extensive paperwork or collateral.

These loans are often short-term, with shorter repayment terms and higher interest rates, making them ideal for businesses needing quick capital and flexibility.

Whether a business owner has excellent credit or bad credit, same-day business loans offer access to funds based on their business’s performance and revenue rather than solely relying on their personal credit score.

 

TIP: Same-day business loans offer quick financial aid to small businesses, providing funds within 24 hours without extensive paperwork. They are ideal for urgent expenses with the flexibility of short-term repayment, although at higher interest rates, and are based on business performance rather than the owner’s credit score.

 

Benefits of Same-Day Business Loans for Small Businesses

Small and medium-sized businesses (SMEs) often have limited access to capital, making it challenging to fund day-to-day operations and invest in growth.

Fortunately, same-day business loans can provide a solution for businesses with fast cash needs.

Same day business loans offer several advantages, making them an attractive option for small businesses seeking quick financing.

One of the main advantages of same day business loans is the speed with which business owners can access funds.

Many loans offer same-day or next-day funding, allowing businesses to cover urgent expenses and take advantage of opportunities without waiting weeks for a traditional loan approval.

Second, same day business loans are less stringent in their lending criteria than traditional bank loans, making them easier for small businesses to qualify.

Since lenders don’t rely solely on credit scores, companies can receive funding based on their financial performance and revenue.

Finally, same day business loans provide flexibility for businesses with unique needs. Many lenders offer different loan amounts and repayment terms.

These lenders try to meet the specific needs of each company.

 

6 Best Same Day Business Loans for Small Businesses

Business owners looking to apply for a same-day business loan have various lenders. Here are some of the best same-day business loans for small businesses:

1. Kabbage: Kabbage offers small businesses term loans of up to $250,000 with fixed repayment terms ranging from six to twelve months. Loans come with 0% origination fees and no prepayment penalties, making them an excellent option for businesses looking for affordable financing.
2. Fundbox:Fundbox provides small businesses with access to up to $100,000 in term loans and lines of credit, ranging from 12 to 24 weeks. The company also offers flexible repayment options, making it easier for businesses to adjust their payments according to their cash flow.
3. LendingClub: LendingClub is one of the most popular business loan lenders, offering same-day business loans of up to five hundred thousand with terms ranging from one to five years. The company also offers competitive interest rates and no prepayment penalties.
4. BlueVine: BlueVine offers small businesses up to $250,000 in term loans and lines of credit with payment terms ranging from 12 to 24 weeks. The company also provides access to business-specific tools, such as invoicing and accounting software, to help businesses manage their finances.
5. OnDeck: OnDeck offers small businesses up to $500,000 in term loans with repayment terms ranging from three to 36 months. The company also provides borrowers access to various financial products, including lines of credit and merchant cash advances.
6. Sunwise Capital: Sunwise Capital provides small businesses with access to up to $500,000 in term loans and lines of credit with repayment terms ranging from six to 60 months. Sunwise Capital also offers competitive interest rates and flexible repayment options. Their fast business loans allow businesses to access funds the same business day or within 24 hours.

No matter what kind of business you own, there’s an option for same day business loans that can help you get the financing you need quickly and without too much hassle.

With the right lender, you can ensure your business has the resources to succeed in a highly competitive market.

For companies that need access to capital immediately, same-day business loans can provide a simple solution.

Many lenders offer fast approval and quicker funding times than traditional bank loans, allowing small businesses to take advantage of urgent opportunities without waiting weeks or months for a bank loan.

With flexible terms and no collateral or asset requirements, same day business loans are ideal for businesses needing quick financing.

TIP: Same-day business loans offer quick access to funds, often within 24 hours, helping small businesses overcome capital access challenges. They have more lenient criteria than traditional loans, basing approval on company performance rather than credit scores. These loans provide flexibility with various amounts and repayment terms, catering to unique business needs.

 

Traditional Bank Loans vs. Alternative Lenders

When obtaining funding for small businesses, there are traditional bank loans and alternative lenders to consider.

Well-established financial institutions typically offer traditional bank loans and require extensive documentation and a lengthy application process.

On the other hand, alternative lenders offer quicker access to funds and more relaxed criteria, making them an attractive option for small businesses needing fast capital.

We will uncover some differences between traditional bank loans and alternative lenders, helping small business owners make informed decisions regarding securing financing for their ventures.

Traditional Bank Loans

Traditional bank loans are the historic go-to option for small business owners seeking funding.

These loans generally have longer repayment terms, lower interest rates, and larger loan amounts.

However, the application process for traditional bank loans can be cumbersome, requiring extensive paperwork, detailed financial statements, and a strong credit history.

Additionally, the approval process can be time-consuming, often taking weeks or even months to receive a decision.

While traditional bank loans may be ideal for established businesses with excellent credit and a solid financial history, they may not be suitable for small businesses needing immediate access to capital or those with less-than-perfect credit scores.

 

Alternative Lenders

In recent years, alternative lenders have emerged as a popular financing option for small businesses.

These lenders offer a range of loan products, including short-term business loans, merchant cash advances, and equipment financing, among others.

Alternative lenders often have more relaxed criteria than banks or credit unions, making it easier for small businesses to qualify for funding.

Alternative lenders typically have a quicker application process, allowing business owners to submit applications online and receive funding decisions within days if not hours.

This expedited funding process is particularly beneficial for businesses facing unexpected expenses or time-sensitive opportunities.

However, alternative lenders often charge higher interest rates and have shorter repayment terms than traditional bank loans.

Small business owners should carefully consider the cost of borrowing and evaluate whether the benefits of quick access to funds outweigh the potentially higher costs associated with alternative lenders.

In summary, traditional bank loans and alternative lenders offer distinct advantages and disadvantages regarding financing options for small businesses.

Conventional bank loans provide lower interest rates and longer repayment terms but require more documentation and a longer application process.

On the other hand, alternative lenders offer quicker access to funds and have more relaxed criteria but often charge higher interest rates and have shorter repayment terms.

Small business owners must understand their specific funding needs, evaluate their creditworthiness, and consider their financial goals before deciding between traditional bank loans and alternative lenders.

By considering the pros and cons of each financing option, business owners can make an intelligent decision that best meets their unique circumstances and objectives.

TIP: Consider alternative lenders for faster access to funds and more lenient qualifications if your business needs quick capital and doesn’t have perfect credit. Traditional bank loans might offer better rates and larger amounts but require more documentation and a longer process. Evaluate both options against your business needs and financial health to choose the best funding.

 

Types of Traditional Bank Loans

When it comes to securing funding for small businesses, traditional bank loans are often a top choice.

These loans come in different types, each with its structure, maximum loan amounts, and collateral requirements.

The first type of traditional bank loan that small business owners can consider is a term loan.

Term loans are typically with a fixed repayment period and regular monthly payments.

The maximum loan amounts for term loans can depend on the bank but generally range from $25,000 to several million dollars.

Collateral requirements may also differ, with some banks requiring borrowers to provide assets such as real estate or equipment as collateral.

Another type of traditional bank loan is a business line of credit.

This type of loan provides small businesses with a revolving line of credit.

They can draw from this line if needed.

Depending on the bank, the maximum loan amount for a business line of credit can range from a few to several hundred thousand dollars.

Collateral requirements for business lines of credit may be less strict than term loans, with some banks only requiring a personal guarantee from the business owners.

Finally, small businesses can also consider equipment loans.

These types of loans help companies to finance the purchase of necessary equipment or machinery.

The maximum loan amounts for equipment loans can vary depending on the value of the financed equipment.

Collateral requirements for equipment loans often involve the equipment itself serving as collateral.

Overall, traditional bank loans offer small businesses different options to obtain funding.

Companies can select the most suitable business funding for their specific needs and requirements by understanding the types of loans available.

 

TIP: Explore different traditional bank loans to find the best fit for your business. Term loans offer fixed payments and large amounts but require collateral like real estate. Business lines of credit provide flexible access to cash with potentially less stringent collateral needs. Equipment loans are specific to purchasing machinery, with the equipment itself often used as collateral. Assess each option’s structure and requirements to match your business’s funding needs.

 

Types of Alternative Lenders’ Loans

When traditional bank loans are not viable for small businesses seeking same-day business loans, alternative lenders can provide various financing solutions.

These lenders specialize in working with small businesses and offer unique loan options catering to their needs.

Here are some types of alternative small business financing to consider:

Quick Business Loans

Alternative lenders can provide fast approval and funding for small businesses needing immediate capital.

These loans offer a streamlined application process and can often be approved and funded on the same day.

Invoice Factoring

Invoice financing is a type of financing that enables companies to sell their unpaid invoices to a lender in exchange for upfront cash.

The factoring company provides quick access to working capital and helps improve cash flow.

Equipment Financing

Alternative lenders offer equipment loans that help businesses acquire the necessary equipment or machinery.

These loans help purchase or lease equipment, and the equipment acts as collateral. 

Merchant Cash Advance

Merchant cash advances are a financing option that offers business owners quick access to capital.

With this type of funding, business owners receive a lump sum payment upfront.

The payments are through a percentage of the business’s daily credit card sales.

One of the main advantages of merchant cash advances is the speed of funding, often providing same-day access to cash.

Additionally, this option is available to businesses with lower credit scores, making it an attractive choice for those who may not qualify for traditional loans.

While a business cash advance can be a viable solution for immediate financial needs, a small business owner should consider the cost and repayment terms before proceeding.

TIP: If you need quick capital, consider alternative lending options like quick business loans for same-day funding, invoice factoring for cash against unpaid invoices, equipment financing to purchase or lease machinery, or merchant cash advances for a swift cash injection against future credit card sales. Each has unique benefits and should be matched with your cash flow needs and repayment ability.

Advantages and Disadvantages

Working with alternative lenders has pros and cons compared to traditional bank loans.

One of the main advantages is that alternative lenders typically have more relaxed eligibility requirements, making it easier for small businesses with a challenged credit history.

Even a lower credit score does not necessarily disqualify an owner.

Additionally, alternative lenders can provide quicker approval and funding, which is crucial for companies with urgent financial needs.

However, alternative lenders often charge higher interest rates and fees than traditional bank loans.

Small businesses need to understand and consider the total cost of the loan before deciding.

Some alternative lenders may have less stringent regulations and oversight, so it’s essential to research and choose reputable lenders with transparent terms and fair practices.

Secured and Unsecured Term Loans

Alternative lenders also offer secured and unsecured term loans.

Secured term loans may require personal guarantees and collateral, such as business or personal assets or real estate, to secure the loan.

These secured loans typically have lower interest rates and longer repayment terms.

On the other hand, unsecured term loans do not require collateral but may have higher interest rates and shorter repayment terms.

Overall, alternative lenders provide flexible financing options for small businesses seeking same-day business loans.

It’s essential to thoroughly research and compare different lenders to find the best terms and rates that suit your business’s needs.

 

Pros and Cons of Traditional Bank Loans

Traditional bank loans can be a valuable business financing option for small businesses, but they also have pros and cons.

One of the main advantages of traditional business loans is they can offer more competitive interest rates and longer terms than alternative lenders.

This advantage results in significant savings for small businesses over the life of the loan.

Traditional bank loans typically come with longer repayment terms, allowing businesses more time to pay off the debt.

Longer paybacks can alleviate some financial pressure and provide more flexibility in managing cash flow.

On the downside, traditional bank loans usually have stricter eligibility criteria.

Small businesses may need to meet requirements such as a minimum credit score, years in business, and established revenue streams.

These requirements can make qualifying for these loans challenging for startups or businesses with limited credit history.

Another drawback is traditional bank loans’ longer approval process and funding timeline.

Banks often have more extensive underwriting procedures, which can result in a lengthier wait time for approval and disbursement of funds.

Underwriting times of thirty to 90 days can be problematic for small businesses that need immediate capital for urgent expenses or growth opportunities.

In summary, traditional bank loans offer lower rates and longer repayment terms.

However, they also come with stricter eligibility requirements and longer approval processes.

It’s essential for small businesses to carefully think about their specific needs and circumstances before deciding whether traditional bank loans are the right financing option for them.

 

Pros and Cons of Alternative Lenders

Alternative lenders offer several advantages over traditional bank loans.

One of the key benefits is the accessibility of these lenders.

Alternative lenders have less stringent eligibility criteria than traditional banks and credit unions, making it easier for small businesses with limited credit history, time in business, or lower credit scores to qualify for funding.

Online alternative lenders provide more options for the enterprise that may not meet the strict requirements set by traditional lenders.

Another advantage of alternative lenders is the quick and efficient application process.

Online applications and digital platforms allow small businesses to easily apply for loans, eliminating the need for lengthy paperwork and multiple visits to the bank.

Alternative lenders often offer same-day funding, which can be crucial for businesses facing urgent expenses or growth opportunities.

The fast funding times provide quick access to capital, enabling enterprises to address their financial needs promptly.

However, there are also some drawbacks when dealing with alternative lenders.

One significant disadvantage is the higher interest rates associated with these loans.

Due to the relaxed eligibility criteria and expedited funding processes, alternative lenders often charge higher interest rates to mitigate risk.

The higher rate can result in increased borrowing costs for small businesses over the life of the loan.

Another potential disadvantage is the shorter repayment terms offered by alternative lenders.

While traditional bank loans typically offer more extended repayment periods, alternative lenders may require shorter repayment terms, resulting in higher monthly payment amounts.

The faster payback can strain cash flow management for small businesses, especially those with unsteady cash flow and limited resources.

When evaluating alternative lending options, small businesses should consider the interest rates, repayment terms, and loan amounts offered by different lenders.

It is essential to compare these factors carefully to determine the most cost-effective and suitable borrowing option for the business’s specific needs.

Additionally, small businesses should assess the reputation and credibility of the alternative lenders to ensure they are working with reputable and reliable institutions.

 

Qualifying for a Same-Day Business Loan

Obtaining a same-day business loan can be a lifeline for small businesses needing quick access to capital.

One of the advantages of these loans is that they often have less strict eligibility criteria than traditional bank loans.

While conventional institutional lenders may heavily rely on factors such as business credit scores and balance sheets, alternative lenders consider a broader range of factors when evaluating loan applications.

These may include a business owner’s personal credit score, time in business, monthly revenue, and outstanding invoices.

Additionally, many online lenders offer different types of loans tailored to specific business needs, such as equipment financing or merchant cash advances.

By understanding the particular requirements of other lenders, small businesses can position themselves to qualify for same-day business loans and get the funding they need quickly.

 

Time in Business Requirements

When it comes to same-day business loans, lenders have different requirements regarding the time a business needs to be in operation.

While specific requirements vary, most lenders generally ask for a minimum of 6 months in business.

This duration allows lenders to assess a business’s performance, cash flow, and stability before extending funds.

Due to their limited operating history, startups may face challenges in obtaining fast funding.

Lenders often prefer to work with more established businesses operating for at least two years.

These businesses may have access to lower-cost options, such as traditional bank loans or LOCs (lines of credit).

A track record of at least six months in business can increase the likelihood of qualifying for same-day business loans.

Private lenders want to ensure that borrowers can repay the loan.

A more extended operating history demonstrates stability and cash flow that can support the repayment of the funding.

Ultimately, the time in business requirements for same-day business loans varies across lenders.

Startups may need to explore alternative financing options tailored to their needs, while more established businesses can access a broader range of funding options.

For fast funding, companies must match their time in their industry with the lender’s requirements to maximize their chances of approval.

 

Annual Revenue Requirements

When qualifying for a same-day business loan, lenders often consider various factors to assess the borrower’s ability to repay the funds.

One crucial requirement is an adequate annual revenue.

Having sufficient annual income demonstrates the business’s financial stability and cash flow, increasing loan approval chances.

In the case of Sunwise Capital, the minimum annual revenue requirement for their same-day business loans is $200,000.

This benchmark ensures that borrowers have a certain level of financial capacity to meet their repayment obligations promptly.

Meeting the annual revenue requirement is essential because it shows lenders that the business is generating enough income to cover the loan payments without putting undue strain on its operations.

Higher revenues indicate a healthier business and reduce the perceived risk for the lender.

While the annual revenue requirements may vary among lenders, presenting a solid financial profile is crucial to maximize the chances of qualifying for a same-day business loan.

Demonstrating consistent and substantial annual revenue increases the likelihood of loan approval and helps secure more favorable terms and financing options.

In summary, having a minimum annual revenue of $200,000 is a crucial requirement for qualifying for a same-day business loan from Sunwise Capital.

Meeting or exceeding this benchmark showcases financial stability and enhances the chances of securing fast funding for your small business.

 

Minimum Credit Score Requirements

One crucial factor that lenders consider when applying for same-day business loans is the business owner’s credit score.

Online and alternative lenders typically require a minimum FICO score of 500 – 620 or above.

It is worth noting that traditional banks may have higher credit score requirements.

For same-day business loans, some lenders offer more leniency regarding credit scores.

There are options available for small businesses with a minimum FICO score of 500 or better.

This flexibility allows companies with less-than-perfect credit access to the funding they need.

Having a good credit score is crucial because it directly impacts loan eligibility.

Lenders use credit scores as a tool to measure the potential level of risk involved in lending to a business.

A higher credit score demonstrates responsible financial management and increases the chances of loan approval.

It also helps secure more favorable terms and financing options.

Therefore, small business owners must know their score and take steps to improve it if necessary.

Maintaining a good credit score enhances eligibility for same-day business loans, improves overall financial stability, and opens doors to more funding opportunities.

 

Finding the Best Same-Day Business Loan for Your Small Business

Small businesses must find the best option that suits their needs when securing same-day business loans.

One crucial factor to consider is the credit score requirement.

Some lenders are more lenient and willing to work with businesses with a minimum credit score of 500 or above.

This lower minimum allows businesses with less-than-perfect credit to remain eligible for funding.

Small businesses must have a good credit score, directly impacting loan eligibility.

As you know, lenders assess the risk level involved in lending to a business based on their credit score.

Having a higher credit score increases the chances of loan approval and allows companies to secure more favorable terms and financing options.

Small businesses should carefully compare different lenders to find the best same-day business loan that aligns with their credit score and financial needs.

 

Researching Online Lenders and Loan Programs

When researching online lenders for small business loans, it is essential to consider the different types of loans available.

One type is quick business loans, which provide fast access to funding for unexpected expenses or opportunities.

These loans typically have shorter repayment terms and higher interest rates.

Another type is term loans, which offer a lump sum of money repaid over a specified period.

These loans suit more considerable expenses, such as equipment purchases, and often come with competitive interest rates.

Secured loans require collateral, such as personal and business assets or personal guarantees.

They typically have lower interest rates, but you risk losing the collateral if the loan defaults. 

Unsecured loans do not require collateral. They may have higher interest rates and more stringent eligibility requirements.

When researching online lenders, business owners should take into consideration factors such as interest rates, repayment terms, eligibility requirements, and customer reviews. It is also crucial to compare loan options from multiple funders to find the best terms and rates for their needs.

By taking the time to thoroughly research online lenders and different types of loans, small business owners can make informed decisions and find the funding that best suits their financial goals.

 

Filling Out an Online Application for a Same-Day Business Loan

Applying for a same-day business loan has never been easier with the availability of online business loan applications.

This streamlined process allows small business owners to access the funding they need within minutes conveniently.

To begin the application, business owners can visit the lender’s website and locate the online application form.

This form is quick and straightforward, taking less than 5 minutes to complete.

During the application process, the funder will ask for basic information about the business.

This information may include the business’s bank statements, annual revenue, months or years in operation, the amount of funding, and the reason for the loan.

A business owner’s credit score is usually a soft pull and will not harm the owner’s score.

These details help the lender assess the business’s financial health and determine the suitable loan amount and terms.

After gathering the necessary information, business owners can apply online or call the lender’s toll-free number to speak with an agent or representative who can guide them through the process.

The lender promptly reviews the application and will decide based on the provided information.

This online application process allows small business owners to save time and easily access the funds they need to support their business growth.

Whether covering unexpected expenses or investing in essential equipment, same-day business loans offer a convenient and efficient funding solution.

 

Evaluating Funding Times and Monthly Payments

When considering a same-day business loan, evaluating both the funding times and monthly payments is vital to making an informed decision about the best financing options that meet your needs.

Funding times are crucial in determining how quickly you can access the funds.

Some lenders can process and approve applications within hours or even minutes, while others may take several days.

If you have an immediate need for capital, choosing a lender with a fast funding time is beneficial to ensure quick access to funds.

On the other hand, monthly payments reflect your cash flow.

Determining whether the repayment amount is manageable within your business’s budget is essential.

Before committing to a loan, consider the impact of monthly payments on your day-to-day operations and cash flow.

When evaluating funding times, consider factors such as the efficiency of the online application process.

A streamlined application can save you time and expedite the funding process. Additionally, assess the lender’s underwriting team and their ability to review applications promptly.

By carefully evaluating funding times and monthly payments, you can choose a same-day business loan that provides quick access to funds without compromising your cash flow.

The key is that your business can meet its financial obligations while taking advantage of immediate funding opportunities.

 

Same Day Business Loans Frequently Asked Questions

What is a fast business loan?

A fast business loan is a financing designed explicitly for small businesses to access working capital quickly and easily. Alternative lenders often offer quick business loans and may have higher rates than traditional bank loans but can be more flexible in terms of application process, repayment terms, and credit requirements.

How do I qualify for a fast business loan?

To qualify for a fast business loan, you must provide evidence of the business’s financial health, including the last few months of bank statements. Larger business loans require an up-to-date balance sheet income statement and possibly tax returns. Additionally, lenders may require information about the owner’s credit score through a soft credit pull and copies of their driver’s license (or passport).

How long does it take to get a fast business loan?

The time it takes to receive the funds from a fast business loan can vary depending on the lender. Some lenders can process and approve applications within hours or even minutes, while others may take several days. It is important to evaluate the funding times of various lenders before committing to one to ensure quick access to funds.

How to choose the right lender?

When selecting a lender for your same-day business loan, it is essential to research all of your options thoroughly. Consider the lender’s approval process, repayment terms, and customer service. Additionally, evaluate their online application and review process to ensure you can access funds quickly and efficiently. Reading customer reviews to gain insight into the lender’s service and reliability is also beneficial.

Is it challenging to qualify for an instant business loan?

Qualifying for an instant business loan is typically less complicated than a traditional bank loan. Lenders offering same-day loans have more flexible terms and credit requirements than banks, making qualifying easier.

Generally, lenders require proof of the business’s financial health, such as a balance sheet and income statement, as well as evidence of the owner’s creditworthiness. Additionally, some funders may require additional information, such as copies of the owner’s driver’s license or passport.

Can you get a same-day business loan with no credit check?

No credit check same-day business loans are available from specific lenders. These loans are especially beneficial for businesses with bad credit or no credit history, as they do not require a hard credit review of the borrower’s credit score. However, it is essential to note that these loan options have higher interest rates than traditional bank loans and may come with shorter repayment periods and additional fees.

What are the easiest loans to get approved for?

One of the most accessible loans to get approved for is a same-day business loan. Same-day business loans are short-term loans that provide quick access to funding without much paperwork or long wait times. These loans help small businesses bridge the gap between immediate expenses and future revenue.

With same day business loans, most applications can be processed and approved within 24 hours. The fastest loan approval times vary depending on the lender. Generally, online lenders can process and approve applications within hours or even minutes. It is essential to research various lenders to find the one with the fastest turnaround time for loan approvals. Additionally, evaluate their customer service, repayment terms, and online application process before committing to a lender.