If you need cash immediately, Immediate Small Business Loans are a good option. There are several types of small business loans available, including SBA Express and merchant cash advances. If you are considering taking out an unsecured small business loan, Invoice factoring may be the way to go. The loan may come with a higher rate of interest, but is a good way to fund your business. You can search online for a smaller business loan and find a lender that matches your needs.
Invoice factoring is a good, fast small business loan
If you’re a small business owner and your credit is a problem, invoice factoring is a great option. You can get quick access to cash in as little as 24 hours. This money can be used to pay suppliers, make payroll, and even get through a seasonal slowdown. Your first transaction may take a week, but each subsequent one will go quicker. You’ll need a personal credit score of at least 530 to qualify for most factors.
SBA Express loans are government-guaranteed
SBA Express loans are government-guaranted small business loans that help new businesses start and grow. Before you can apply for a SBA Express loan, you need to have a good credit score. The government does not have a specific minimum credit score, but most lenders will require a score of at least 680. A financial projection of your business should also be submitted, as it will show that you are serious about starting and growing your business.
OnDeck is an unsecured business loan
OnDeck is a fast and easy way to get your small business up and running. You can apply online or over the phone for a loan. Their customer service is also one of their top-rated features. OnDeck has no collateral requirement and offers flexible terms to fit your business needs. They also accept businesses with less than two years of operation. If you’re considering an unsecured business loan, check out OnDeck today!
Merchant cash advances
When you are looking for an immediate small business loan, merchant cash advances are an excellent option. These loans provide funding for small businesses in a short amount of time. The funds are paid back with a percentage of your business’s earnings and credit card transactions. The amount of the loan varies based on your business’s financial status, but most lenders require that you meet certain credit requirements. Here are the pros and cons of merchant cash advances.
Working capital loans
A working capital loan is a type of debt financing that is ideal for a small business because they can be quickly and easily secured. A working capital loan doesn’t require a security deposit, and is typically easy to obtain, so it’s ideal for companies with a good credit score. The downside is that if you fail to repay the loan on time, your credit score will drop and your lender may take legal action against you.