Fastest Way To Get A Business Loan
by Caitlyn Rose on August 25, 2016

Read in 1 minute

fastest-way-to-get-a-business-loan-lendgenius

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.

Get a Loan Fast: 3 Ways to Speed up the Process

Prepare your Documentation

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:

  • Recent Profit and Loss statements and other financial information
  • Detailed business plan
  • At least a year’s worth of cash projections (to show how you’ll pay for the loan)
  • Personal information about all stakeholders in the business

Apply Online

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.

Use a Lending Platform

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.

Top Articles

Infographic: The Rise of Marketplace Lenders

Caitlyn Rose / January 12, 2016
Featured Posts

Trump Pick Linda McMahon Has HUGE Plans for the SBA

by Eric Goldschein on February 17, 2017
Linda McMahon, Donald Trump’s pick to head the Small Business Administration, isn’t exactly synonymous with the word “small.” Along with… Read more

Business Owners: 5 Truths Your Banker Doesn’t Want You Knowing

by Jackie Lam on February 17, 2017
When looking for the best banks for small business loans, Bank of America and Wells Fargo may come to mind. However,… Read more

How to Follow Your Dreams When Your Family Doesn’t Support You

by Jackie Lam on February 15, 2017
Taking the plunge into entrepreneurship can be exhilarating... not to mention a little scary. Whether you’re an aspiring entrepreneur or you're… Read more

9 Unmistakable Signs Your Business Is Going To Make It

by Brenna Lemieux on February 13, 2017
Wouldn’t it be nice if there were a formula that calculated what makes a company successful over the long term?… Read more

10 Entrepreneurs & Inspiring Stories of Startup Success

by Dustin Clendenen on February 9, 2017
Successful startup founders are often hailed as superhuman, but the reality is they're regular people like you and I. Well,… Read more

A Complete Declassified List of Tax-Exempt Fringe Benefits

by Amy Fontinelle on January 30, 2017
With all the uncertainty surrounding Trump's tax plan, tax saving tips for small business owners are as important as ever. Finding… Read more

6 Bad Habits to Break for Gigantic Business Growth in 2017

by Lauren Ward on January 24, 2017
As an entrepreneur or small business owner, the New Year is the perfect time to take a step back and… Read more

Should You Refinance Your MCA?

by Caitlyn Rose on March 3, 2016
At some point during the lifetime of virtually all small businesses, an influx of cash will be needed. When the… Read more

5 Genius Tactics to Fund Your Business

by Ronis Gracie on October 7, 2015
Starting and maintaining a small business is a challenge that requires the confluence of many elements: An idea, a plan,… Read more

9 Cloud-Based Tools to Solve All Your Small Business Accounting Needs

by Caitlyn Rose on September 19, 2015
 As a hard-working entrepreneur, you should already know how important it is to keep a careful watch over every penny coming… Read more
Trending

SBA Loans: The Ultimate Guide to Government Lending

by Amy Fontinelle on February 7, 2017
Small business loans through the SBA fall under several categories and while they all have slightly different requirements, there's a few universal… Read more

An Epic Guide to Business Credit Cards, Charge Cards, & Lines of Credit

by Eric Goldschein on February 2, 2017
If you’re a small business owner, you know how important it is to always have extra capital on hand so you… Read more

The Trump Presidency & Your Small Business – What You Need To Know

by Eric Goldschein on January 19, 2017
As Donald Trump takes office, small business owners everywhere are wondering what to expect from the 45th president. While Trump’s small… Read more

5 Advertising Tools to Help Your Small Business Grow

by Ronis Gracie on September 11, 2016
If you would like your small business to flourish and grow, you need to offer unique products or services that… Read more
Learn More