Online Business Loans

Get ready for a whole new experience.  No more wasted hours. No more piles of paperwork.

Fast, easy, and very simple. Just the way it should be. Online business loans with 24-hour approvals and if you need same day funding.

What are Online Business Loans?

We all know that applying for a traditional business loan is complicated and incredibly time-consuming. Your bank, credit union, and other traditional business lenders ask for a lot of tedious paperwork, and it usually takes weeks to get a decision. Sometimes it’s even months to get your business loan. It’s not unusual for them to ask for a business plan, a personal credit score of 700 or better, and a strong business credit score. These lenders all offer a secured business loan. The advantage is that they will have the lowest interest rate.

A traditional lender will usually have a minimum loan amount of $500,000 or more since the economics of underwriting $10,000 or even $50,000 can’t be justified in terms of the cost to underwrite. The result means limited loan options for the average small business owner. The bottom line is that banks have very stiff loan requirements.

Where to Get Business Loans? Online of course.

Imagine how much easier it would be to apply for and receive a business loan online. It’s not that hard to imagine. Why? Think about it. What can’t you get online today?

The real birth of the online small business loan industry was born out of the great recession that hit the U.S. marketplace in the mid-2000s. The major players in the lending marketplace, namely the big banks like Chase, Bank of America, and Wells Fargo all but pulled out of the lending business, especially to small businesses. The drop-in lending to small businesses fell precipitously from about 50% in 1995 to less than a third by 2012.

There have always been alternatives to banks such as credit unions, merchant cash advance companies, factoring companies, and asset-based and equipment loan companies.

As the banks receded from lending to small businesses, alternative lenders proved that they could provide online alternative funding options for small companies. And not just high risk business loans.

The advent of alternative lenders, known as the fin-tech industry, created a seismic shift in the way small businesses accessed the cash they needed. As more lenders came online to compete, the big beneficiary became the business owner. This increased competition created more price transparency, and the end-user enjoyed a far better experience.

The most significant radical change is the simplicity of the process. It’s fast and easy, and there is no way a bank can get you the capital you need inside of twenty-four hours. The applications are online, so if you’re sitting at your desk or on a mobile device, in less than ten minutes, you can submit your information and have a decision sometimes within thirty minutes. This proved to be a big boon to online lending. Business funding now happened the same day. Even the owner with bad credit could get an unsecured business loan.

How does that compare to a traditional lender? According to the Federal Reserve Bank of NY, in the fall of 2013, they found the average amount of time spent on the paperwork approached 25 hours, and you needed to visit at least three banks.

The thought of being approved in hours and funded in days compared to the “old-fashioned” way no longer made sense for those business owners considering the big traditional lenders like the banks. The “new” new is an alternative lender.

What emerged is a streamlined and efficient approach to business lending. Three distinct models evolved in a matter of years. The first is the “online balance sheet” lenders. Characteristically, they are like a merchant cash advance. Many consider these to be a more high risk business loan. They work with those that have bad credit and are sometimes called a business cash advance. However, they have a fixed daily weekly or monthly payment. The repayment is deducted automatically via ACH and is a relatively short term loan with terms that can be several months to a year or two. Most business owners us these funds for working capital and inventory, although general growth and expansion top the list of reasons.

Next, we see peer-to-peer funding models. These markets use credit models that are proprietary. They focus on those with better credit or a near prime credit rating. This lending model is not to be confused with the crowdfunding models that are popping up.

Lastly, there is what I like to call the matrix approach. These lenders use the best of the available models and provide a wide range of product types.

What is a Small Business

Then there is the question of, “What is a Small Business?” Banks like Bank of America and Wells Fargo limit financing options to companies doing more than $50M and $20M respectively. The challenge is how a small definition is defined.

At the SBA.gov here is what they say:

A small business is a privately owned and operated business. A small business typically has a small number of employees. In the United States, the legal definition of a small business is determined by the U.S. Small Business Administration (SBA), which sets the criteria to be used by the SBA in making small business determinations.

Criteria by the SBA in determining the definition of a small business include the number of workers employed or annual receipts.

The following rules are used by the SBA to define a small business:

• MANUFACTURING – Maximum number of employees may range from 500 to 1500
• WHOLESALING – Maximum number of employees may range from 100 to 500
• SERVICES – Annual receipts may not exceed $2.5 to $21.5 million
• RETAILING – Annual receipts may not exceed $5.0 to $21.0 million
• GENERAL AND HEAVY CONSTRUCTION – Annual receipts may not exceed $13.5 to $17 million
• SPECIAL TRADE CONSTRUCTION – Annual receipts may not exceed $7 million
• AGRICULTURE – Annual receipts may not exceed $0.5 to $9.0 million

 

Case in point:

– a recent Wells Fargo/Gallup poll about small business optimism included businesses with revenue as high as $20 million.

– a recent Capital One report on small business confidence capped revenue at $10 million.

– a recent MasterCard survey about small business retail sales growth included businesses with up to 199 employees.

When you think about a small business what do you picture? Is it a manufacturer that has close to 1500 employees or is it your local dry cleaner with the 2 or 3 employees you see or the family-run pizza shop in your hometown? Most would agree the latter is more representative of this marketplace, right?

Online Lending Business Model

Does it come as a surprise that with the explosion of technology and the ability to combine algorithms with the vast data sources, that the fin-tech industry saw an opening that the traditional lenders missed? What started decades ago with the merchant cash advance exploded with online lenders now able to compete aggressively for the small business owner‘s attention and business. And not for just the high risk business loans for those that have bad credit.

Whether you are looking for an SBA loan, invoice financing, or high risk business loans, you can find term loan financing with an online lender.

Some fundamental differences are that these lenders look beyond the typical model of securing loans with personal assets and collateral and requiring high personal credit scores. In fact, the online lenders can see beyond these stalwarts of lending and their underwriting principles to look at non-traditional analysis including using metrics not previously considered like social media, customer reviews, and the overall health of the business based on cash flow and not FICO scores.

Typically, a one-page application and business bank account statements are all that is required to get easy access to business funding. As a result, bank loans suffered whole this burgeoning industry of alternative lenders is flourishing.

At Sunwise Capital, we have a streamlined loan approval process. We can offer online business funding with approvals in 24 hours and same-day funding.

You can apply for a business term loan in a matter of minutes. Just click here. Most loans are approved in one day and funded the next. We customize loans for virtually any situation imaginable. We fund over 700 industries. Sunwise Capital is the name to trust for fast online financing for small businesses.

Online business financing without the hassle

How is a Traditional Bank Loan Different from an Online Loan?

It is safe to say that borrowing money from an online lender is not for everyone. While it may be true that more businesses will qualify, a bank will typically offer better loan terms and low rates.

 

Before you can apply for a traditional business loan, you must gather copious amounts of documentation. Business loan applications are notoriously long and complicated. Banks and other big lenders typically require substantial assets and collateral. They must also approve of your reason for needing to borrow the money. So, it better be good.

They also take weeks to process. Sometimes it takes as much as 90 days to get a response. Why go through all of that when you can go online and get approved within 24 hours and funded in the next 24 hours?

The online loan application process will require a one-page application and three months’ business bank statements. That’s it. Imagine that in less than twenty-four hours you’ll have a decision and can fund in the next day or two.

Get Funding Online

Are business loans online for everyone? If you are a relatively new company or a startup business looking to apply for business loans online, chances are you will have the same challenges as going to a bank for a business loan or line of credit.

However, even if you’ve been only six months in business and can demonstrate positive cash flow and increasing monthly revenue, there are financing options for you. From cash advances to invoice factoring, you might be pleasantly surprised at the result.

Where to Find Small Business Loans Online

There is no mystery at the access to capital that is now available to virtually any business. A simple search of the internet provides a plethora of choices, and you never have to leave your office. You indeed don’t have to join a lending club or look for the local kabbage platform. Online financing is that easy.

What do you need?

Cash Lines of Credit Using Business Credit Card and Personal Credit Cards

If it’s day-to-day operations, then you’ll probably want a cash line of credit. Unfortunately, banks have all but withdrawn from this market. Rather than securing a loan that you’ll repay over time, you can look to using a combination of business credit cards and a personal credit card. This type of funding may look more like a personal loan, however, if you’re a startup or even a business that is a local landmark, this can work for you.

What are the requirements?

You have two options. Option A is for those with a FICO score above 650 and Option B is for those with a FICO or personal credit score above 700. We suggest using creditchecktotal.com to get your scores before you apply.

If you have a 650 or better, you’ll also need a verifiable income of at least $2,500 to $3,000 a month. If you qualify, you’ll be eligible for between $25,000 to $150,000.

If your FICO score is above 700 and you can verify $100K in annual income, then this program can offer between $200K to as much as $400K. These will be revolving lines of credit. The interest rates can start as low as 0% for up to a year or two. If not at 0%, the rates can be the current rate at the time of funding.

Microloans

Microloans are loans for small businesses. Don’t be fooled by the word micro. These small business loans start at $10,000 with terms that range from 6 months to about eighteen months. Even the SBA has a microloan program with a maximum amount of up to $50,000.

Merchant Advance aka Cash Advances

This funding option is probably one of the oldest forms of financing. The lenders use your credit card receivables as the “collateral.” While slightly more expensive than other types of funding, this is a fast and easy process that puts the least emphasis on your personal credit. You’ll receive a percentage of your monthly credit card sales as an “advance,” and you’ll repay a small portion of your futures sales on a daily (although sometimes weekly) basis. The significant advantage of the MCA vs. a loan is that the cash advance is not a fixed repayment rate. Plus is not your typical secured loan. What this benefit means to you is if you have a slow day in sales you repay less and a stronger day means you repay a bit more compared to the fixed rate loan.

The Sunwise Capital Online Lending Business Model

Sunwise Capital uses a proprietary system that analyzes more than 800 individual and business data points. We process applications in a flash and put the money into your account even faster. Looking for a $ 10000 loans online? You’ve come to the right place.

Simple Online Business Lending

Sunwise Capital has stripped away all the hurdles that typically lie between small businesses and the loans that they need. We have a unique and personal understanding of where you’re coming from. The principals of Sunwise Capital are all previous business owners who have a firm grasp of the challenge and cash flow demands of your business.

For example, we know that small businesses can’t wait around for weeks to get financed. We also know that business owners need to focus on running their companies. As a result, fast online business loans are not a foreign concept. Easy approval business loans are the rule and not the exception.

You can ill afford running around filling out complicated loan applications. With our help, you can get a business loan online from the comfort of your home or office. What could be easier?

Customized Business Loans for Your Business

We provide an array of loan products for small businesses. We customize them to suit your specific needs. We offer unparalleled flexibility when it comes to loan terms and features.

Depending on your eligibility, you may choose from loans with terms ranging from one to five years. Payment schedules are daily, weekly and monthly payment plans. Our online loans are in amounts ranging from $10,000 to $2 million. We also have quick access and next-day funding for loan amounts of up to $150,000. So, don’t wait to get the cash that you need.

Apply for an Online Business Loans Now

At Sunwise Capital, we don’t think that small business owners should get the runaround. This philosophy is especially true when you need a business loan to keep your company plugging along. In this fast-paced, highly competitive world, it pays to have a dependable source for fast, convenient small business loans.

Three out of four of our clients return to re-borrow from us 2 to 3 times a year and some for several years in a row.

Why? Because it works. And we know it will work for you!

With our online business lending platform and easy approval process, Sunwise Capital is more than up to the task. As a lender since 2005, no matter what you need money for and regardless of your personal credit, we are here to help. Apply for an online business loan today.

Apply Now

or Call 888.456.9223