Cut Through the Confusion: How Fast Are Fast Business Loans?

Fast Business Funding

How to Get Faster Funding

Tell Us What You Need

Online Enquiries

Unsecured Loans

Be Prepared

Why Might a Business Need Fast Funding?

Summary

Fast Business Funding

When you're running a business, time is money. As entrepreneurs and business owners, we need to get our hands on the money quickly to make our businesses run as efficiently and smoothly as possible.

At Love Finance, we're constantly talking about the benefits of fast finance and blowing our own trumpets about how fast we can get you funded. As online brokers who work with a vast panel of lenders, we can get you funded quicker than through other avenues. 

Fast business loans can be a lifeline for small businesses.

So here, we will tell you how long "fast" actually is.

The answer to this question isn't a one-size-fits-all response. For the most part, how long it takes to get a business loan depends on a few variables. 

First and foremost, it depends on the type of loan you're looking to receive.

Accessing funding through traditional routes like a bank loan will generally take longer to process. Banks typically have a longer approval process because of their stricter lending requirements.

Furthermore, there may be additional steps to the bank loan process, such as an in-person meeting and an extensive credit check. All of these steps need to be completed before a loan is approved and the money is released, which prolongs the process.

How to Get Faster Funding

In contrast to this, we have a variety of options for fast business funding. 

Online lenders are becoming increasingly popular nowadays for business owners seeking quick capital. 

There are still some factors that can influence the speed at which you receive your funds, such as the rates and terms you are willing to accept.

There are a variety of factors that could impact how fast your business loan is approved and released.

If you want to borrow a significant amount, or you have poor credit, the lender may take longer to approve your request as they want to ensure you are able to repay.

Tell Us What You Need

If you communicate to us that you need fast funding, we will always do our best to get it for you in the shortest time possible. A Love Finance loan enquiry takes just a couple of minutes to complete, and you can expect to hear from a member of staff within around 20 minutes. And if all goes to plan, you could receive your money in as little as four hours. 

Love Finance could get you funded in as little as four hours.

Enquire about fast business loans with Love Finance here.

Online Enquiries

You can complete the entire process securely and electronically, meaning that you don't have to wait for snail-mail paperwork to arrive. The lack of paperwork to process is another thing that allows us to get you your funds quickly. 

Unsecured Loans

Love Finance only offers unsecured loans, which can be funded in a shorter time than secured loans. There is no collateral involved, so lenders can move faster in the approval process as they don't need to take the extra time to evaluate the collateral. 

Unsecured business loans are faster to process than secured business loans.

Unsecured loans rely on your creditworthiness rather than assets, so the lender is able to assess your risk level more effectively without the valuation of assets.

Be Prepared

Another influencing factor in the time it takes to get a fast business loan is how prepared you are to apply. As a business owner, you should make sure you have everything you need ready, such as tax returns, business financials, and personal financials. You should be familiar with the process before you apply, so you can move through each step quickly and effectively. 

Why Might a Business Need Fast Funding?

Fast funding works for business owners facing an urgent need for capital, such as those dealing with seasonal costs or unexpected expenses, such as a forgotten bill or wage increase.

There are a variety of reasons why a business may need fast funding, from bills to expansion to launching a new product.

Fast funding can also be beneficial for taking advantage of sudden opportunities, such as a new product launch or a major business deal. Fast funding can also help businesses expand quickly, allowing them to hire more staff or purchase necessary equipment or materials.

Summary

Overall, the time it takes to get a business loan will vary depending on the type of loan and lender you choose. For example, if you're hoping to get a loan from a traditional bank, you might have to wait for months for the approval process. But, if you opt for an online lender such as Love Finance, you could get the business loan you need in as little as four hours. Regardless of which option you choose, being prepared can help you secure the business loan in a timely manner.

Contact us here, and see how your business could benefit from fast funding.