Business Loan Instant Approval

Business owners can receive instant approval when applying for specific fast business loans through non-traditional lenders. Traditional lenders like banks will take some time to approve your loan. You could have your funds within 4 hours with a business loan instant approval for your company. 

Are you a small business owner looking for emergency funding for your business? If you don’t have time to wait to be approved by traditional lenders like banks, you’ll be interested in fast business loan options with instant approvals. 

We will explain how instant approvals for business loans work, the benefits of fast funding, and the types of loans available in this category. We will also share tips on the application process. Keep reading to learn more!

How Does Instant Approval for Business Loans Work? 

Instant approval for business loans works by using online applications and various technologies to approve you for capital. This differs from the traditional loan approval process, which requires in-person applications that can take over a week to approve. 

To begin the process, most lenders offer a straightforward online application on their website. You will be prompted to list information like your revenue details and bank statements. 

After you have submitted your application, some lenders may use an automated evaluation with an algorithm to analyze and approve your application. You will receive your approval instantly or within a few hours. 

These algorithms will be programmed to assess different data points, such as your business revenue, credit score, and more. Each lender may use different technology, so you can always ask them what their approval methods are if you want to be sure. 

Benefits of Instant Approval Business Loans

Some benefits of business loans with instant approval include quick access to working capital, opportunities for fast business growth, and more convenient application processes than traditional lenders. 

• Quick Access to Working Capital: With instant approval, you may be able to get your small business funding in as little as 24 hours. This is a vast difference from how long it can take to receive funding from lenders like banks. 
• Opportunities for Fast Business Growth: Because you will be able to access funding so much faster, instant approval business loans can offer you the chance to grow your business at twice the rate of traditional funding. 
• Convenient Application Process: Instant approval business loans offer a convenient application process that can all be done online, from the comfort of your home or any remote location. You won’t be required to share any unnecessary information or documents. 

These benefits make business loans with instant approval an easy way for small business owners to invest in their businesses and livelihoods. 

Eligibility Criteria for Instant Approval Business Loans

Sunwise Capital’s eligibility requirements for instant approval business loans are 12 months in business, $15,000 monthly revenue, and a FICO score of at least 500. Keep in mind that criteria for business loans will vary from direct lender to lender. 

This makes instant approval business loans an excellent option for those with lower credit scores, as they won’t be disqualified from receiving capital. Direct lenders will pay attention to other factors like their monthly revenue and business performance. 

While direct lenders don’t discriminate against those with poor credit history, you may also benefit from having a higher credit score. Rates on your loan may be lower for those with higher credit scores. 

Types of Business Loans Available for Instant Approval

Equipment financing, short-term business loans, and merchant cash advances are some examples of instant approval business loans. We will discuss these different kinds of loans in more detail below. 

• Equipment Financing: This loan was created to help business owners purchase equipment for their company and can be used to purchase vehicles, tools, and more. In these loans, the equipment is used as collateral if the loan can not be paid back.  
• Short-Term Business Loans: These loans offer quick access to funding without long-term commitments. A short-term loan has a repayment term of usually around six to eighteen months, so short-term loan payments will be higher per month than payments for a long-term business loan.   
• Invoice Factoring: This loan was created to help business owners pay any unpaid invoices. Invoice financing will give you an advance against any outstanding invoices you may have, giving you access to funds now instead of waiting for your customers to pay in full. 
• Merchant Cash Advances:  While not technically a loan, merchant cash advances (MCA) work by giving business owners a cash advance as their capital. MCAs are repaid through credit or debit transactions. It is considered an advance, and MCAs differ in terms and rates from loans. 

Application Process for Instant Approval Business Loans

The application process for instant approval business loans is straightforward. The only steps are to apply online and submit all required documents. You can apply from home or wherever you desire, and you can even complete the application process within 5 minutes. 

To ensure a smooth application process, make sure to fill out your form and supply all necessary information accurately. You will likely be asked how long you’ve been in business, your monthly business revenue, and your credit history. Make sure you answer all questions completely. 

You will also likely be asked to attach the last three months of your business revenue or bank statements. Make sure all the dates and signatures are accurate on your forms. 

Conclusion

With instant approval, you could have access to funds for your business within the same day or the next 24 hours. This makes these business loans an excellent resource for business owners in dire need of emergency funding who don’t have time to wait for banks. 

If you’d like to learn more about getting instantly approved for a business loan, reach out to the loan experts at Sunwise Capital. We provide services in multiple states, including New York, California, Florida, Texas, Illinois, and more!

We have the experience and passion necessary for investing in your business. Apply today, and you can have your approval within hours and your money within the same day. 

We are committed to getting you the best financial options for your business. Contact us online or call us at 888-­456-9223 to get started. 

Frequently Asked Questions: 

Is a business loan instant approval really instant?

Your business loan may be approved and funded within a few hours or minutes. The time frame depends on the lender and the technology they use to approve your application. 

What is an instant approval business loan?

Instant approval business loans are loans that can be applied for and approved almost immediately, rather than traditional loans from banks that can take weeks to be processed and approved. Instant approval business loans are a great option for those who need emergency funding. 

Do I need a good credit score to qualify for an instant approval business loan?

You don’t need a good credit score to qualify for an instant approval business loan, as many lenders will look at other factors like your business performance and revenue. However, having a good credit score may help you score lower rates for your business loans. 

Do instant approval business loan applications do a soft credit or hard credit pull? 

Most lenders will only perform a soft credit pull for their online business loan applications as a pre-qualification step. This means your credit score will not take a hit like it would during a hard credit pull.