When you run a business, money is something that’s extremely important. Without it, you’ll soon see how much of a struggle daily operations become. But when you have it, you’ll see the benefits immediately. There are lots of different ways that you can receive financial support too, with lots of businesses turning towards the process of borrowing. However, some of the methods can be quite lengthy and if you need the cash fast, it might not be quick enough for you. So, if you need to borrow money for your business and need it ASAP, keep reading and discover the top business funds that you can receive super fast.
Instant Business Loans
An instant business loan is a finance method that allows you as a business owner to secure money extremely quick. They don’t have the regular slow approval process, or the multiple days wait you have to endure before receiving the funds. In fact, a lot of instant business loans can provide you with the cash you need within 24 hours! This can be a great option for those who need the monetary support as soon as possible. For example, say your boiler broke or a piece of expensive equipment needed repairing. If you don’t have the funds, you can make your workplace impossible to function during the daily operations. But if you’re able to receive the money you need within 24 hours, then you’ll be able to resolve the issue a lot sooner and keep disruption to a minimum. There will be criteria that you need to meet when applying, so it’s a good idea to read through it beforehand. Otherwise, you could be setting yourself up for rejection and you want to give your business the best chance possible. Instant business loans tend to be for slightly smaller amounts of money too. So, if you’re after thousands and thousands, you might want to discuss your options with your local bank. But an instant business loan can be perfect if you’re trying to secure lower amounts of money in a pinch.
Business Credit Cards
Credit cards aren’t just for eager shoppers. In fact, utilising a business credit card can do great things for your credit score and help give you access to the funds that you need in a very short space of time. Business credit cards have a very fast approval process, with some lenders making decisions within one working day. You’ll find that business credit cards have a much higher upper limit than regular ones, as lenders understand that business owners need a bit more funding. The great thing about business credit cards is that you’re in control of how much debt you get into. This means you could spend what you need and completely clear you debt in one repayment. Whereas, with loans, you may have a lot longer term and more repayments in the long run. So, if you’re in need of funding that you can control and fast, then a business credit card could be just the thing for you.
Business overdrafts are one of the fastest ways to access funding that you need. You may find that a lot of banks are able to apply the overdraft on the same day or even (if you’re lucky) within a couple of hours. This is because it’s a simple change to your bank account and the approvals process is extremely fast. Overdrafts are similar to credit cards where you’re in control of how much debt you get into. You’ll receive an upper limit and then you’ll be able to spend what you need, when you need it. Again, you can easily pay it off too and you won’t have to worry about having to make repayments for the next 5 years with increasing rates of interest. This quick method of finance is flexible, and it can be a lot cheaper than a loan. Most of the time you won’t be charged for paying it all off at once either. Loans on the other hand might, and often charge you a couple of hundred to pay it all off before your agreed term is up. So, if you’re after a fast and easy way to boost your business finances, an overdraft could work wonders.
There are many different types of finance available for business owners, but some of them can take a while to receive. Government grants in particular can take weeks and weeks to even be processed, and then you have to wait for the money as well. However, these three options prove that you can have your applied finance quickly and you don’t have to wait forever to receive it. So, if you’re in need of some monetary support and you need it fast, why not speak to your preferred lender and see what they can do to provide a quick solution.