Discover Fast Track Business Loans

Those looking for quick business funding can find it through fast-track business loans, such as equipment financing, short-term business loans, business lines of credit, and others. These loans offer quick approval processes and competitive rates. 

Are you a business owner looking for fast access to capital? Do you need money to invest in your business and don’t have time to wait for a traditional business loan through a bank? The loan experts at Sunwise Capital can help. 

We will explain what fast-track business loans are and share their key features. We will also share who qualifies for these loans and their benefits and drawbacks. Keep reading to learn more!

What are Fast Track Business Loans?

Fast-track loans are an alternative means of funding for businesses. They differ from a typical business loan given by a bank in key ways, like quicker approval times, generally shorter terms, and faster funding. They also have an easier application process and are more accessible.

A traditional business loan has a long and cumbersome application process, and it can take months to see the funding from these loans. Fast-track business loans are the perfect solution for those who need money for their business immediately.  

Businesses can use fast-track loans for expansion and growth opportunities, purchasing new equipment such as trucks and other vehicles, and other working capital needs. 

Key Features of Fast Track Business Loans

Key features of fast-track business loans are a simple application process, fast approval process and funding, flexible loan terms, and competitive rates. These features make fast-track business loans a valuable resource for businesses looking for emergency funding. 

Different Types of Fast Track Business Loans

Short-term business loans, equipment financing, and invoice factoring are some examples of fast-track business loans. We will discuss these different kinds of loans in more detail below. 

• Short-Term Business Loans: These loans offer fast access to funding without long-term commitments, making them a great option for companies who need money quickly. A short-term loan has a repayment term of usually around six to eighteen months.  
• Business Lines of Credit: This is a revolving loan that provides business owners with a specific amount of money that they can draw from as needed until they hit the credit limit. They will only be charged interest on the money they use. As they pay back the money, they can borrow again.
• 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.  
• 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. 
• Bad Credit Business Loans: Some lenders offer bad credit business loans to company owners with a credit score rating of 619 to 500. These loans do not have the strict requirements of a loan from a bank, and they are generally short-term.

Who Qualifies for Fast Track Business Loans?

Any business owner who has been in business for at least 12 months, with a credit score of at least 500, and makes $15,000 monthly revenue at a minimum can qualify for a fast track business loan. 

If you fit these requirements, you can apply online to most direct lenders and fill out their applications to see if you can be granted funding. The lender may ask to see more information, like your bank statements or other financial documents.

Pros and Cons of Fast Track Business Loans

The pros of fast-track business loans include the speed and flexibility of the loans, while the cons include higher interest rates and loan limits. While fast access to capital can bring many benefits, you shouldn’t borrow unless you’re aware of the drawbacks. 

Pros of Fast Track Business Loans 

• Speed of Approval and Funding: With fast track business loans, you can be approved and receive funding within the same day. This vastly differs from traditional loans, which can take weeks to process and approve. 

• Flexibility: Fast track business loans offer greater flexibility for business owners, with various options for different needs and with flexible loan terms. 

• Accessibility: Fast track business loan options are more accessible than a traditional business loan from a bank, which is only available to those with great credit scores and who fit their strict eligibility requirements. 

Cons of Fast Track Business Loans 

• Higher Interest Rates: Fast-track business financing options will have higher interest rates than bank loans. This is typical with emergency business funding and can be a major drawback to companies that do not have consistent cash flow. 

• Limited Loan Amounts: Most fast-track business loans come with limited loan amounts that may not be as high as a traditional loan from a bank. This will be a challenge to those who need very large sums of money. 

• Shorter Repayment Terms: Fast-track business loans have shorter repayment periods, which means your monthly payments will be higher. If you cannot afford high monthly payments, you may need to look for alternate funding options. 

Choosing the Right Fast Track Business Loan with Sunwise Capital

At Sunwise Capital, we will help you choose the right fast-track business loan that works for your unique business and needs. We can help you understand your loan’s terms and conditions and evaluate repayment options, all while staying transparent about our prices and not hiding fees. 

With a one-page application and quick approvals, we can help you find your financing solution today. 

Conclusion

Short-term business loans, business lines of credit, and equipment financing are just some examples of fast-track business loans available for business owners. These loans provide quick capital and have various benefits for those needing quick financing. 

If you’d like to learn more about fast-track business loans, reach out to the loan experts at Sunwise Capital. We also offer merchant cash advances and business-term loans. We provide services in multiple states, including New York, California, Florida, Texas, Illinois, and more!

We can help you find the right financial option for your business. Contact us online or call us at 888-­456-9223 to get started.

Frequently Asked Questions: 

Can I qualify for a fast-track business loan with bad credit? 

Bad credit business loans are available to business owners with bad credit. These loans offer access to business funding in shorter terms than traditional business loans. The repayment terms are generally between six to twelve months. 

How fast can I get funding from a fast-track business loan? 

You may be able to get funding from a fast-track business loan as soon as the same day, depending on which lender you choose to borrow from. Sunwise Capital offers same-day funding and a quick approval process. 

How do fast-track business loans work?

Fast-track business loans work by providing company owner with the quick funding they need for their business. Business owners will apply online, and if they are approved, they will receive their funding on either the same day or within a few business days.