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Whether you want to start a new business, expand an existing one or need extra capital for supplies and equipment, a business loan can help. If you need to fast-track your loan, the way you apply matters – the old fashioned method of visiting a specific bank, working with a banker in person and waiting, waiting, waiting for an answer just won’t do. To get a business loan fast, you’ll need to properly prepare your documentation, apply online and use a system that allows you to apply with multiple lenders at the same time. This simultaneous submission process means you only have to go through the application once and that you get one or more approvals as quickly as possible.
Regardless of the lender you choose you will have to provide documentation about your business along with your application. Preparing this in advance can help you speed up the process – you won’t have to stop to look for a specific form or paper while you are actually completing the application. You’ll need to be able to showcase your assets, assure a lender that you’ll be able to pay them back and clearly explain what you’ll do with the money. Lenders vary, but according to the Small Business Administration you’ll need the following documents:
While you may not be able to speed up the actual approval process, applying online eliminates much of the paperwork and back-and-forth conversation required for traditional application methods. If you have to make an appointment and head to the actual bank or even schedule a lengthy intake phone call, you’ll spend days or even weeks getting your application completed and providing supplemental documentation. By applying online, you can scan any needed documents once, file them at your convenience and complete your application from the comfort of your home or office.
While traditional advice suggests you target one lender at a time, complete the application process and then wait around for approval (or worse, for the phone call asking for more paperwork), opting for an online lending platform allows you to apply with multiple lenders simultaneously. Submitting your application once and then connecting with multiple lenders gets you a prompt response and allows you to actually get a business loan fast.
When you need an answer in a hurry, we can help. Our goal is to take the work and wait out of applying for a loan – and to get you the answers you need, fast. Contact us to learn more about speedy lending – -or to get a quick loan today.