For startups or small business owners facing ongoing expenses that can hardly wait can be inconvenient and burdensome. On the other hand, APR (Annual Percentage Rate) for any bank is usually 6-7%, the APR for an online business loan can climb above 30%.
It’s just a simple fact that the faster you need a business loan, the more you’re gonna have to pay for it. However, it doesn’t necessarily mean that you’re going to regret it. If it grows your business and keeps you out of debt at crucial phase of development, and helps you move forward, the cost is totally worth it.
So, let’s take a closer look at the affordable financing options you have for your business loans. While these options aren’t as fast as going with some online lender, but the extra effort can be worth in your long run.
The credit cards don’t always look like a good choice for people who need fast business loans, but if it is used correctly, they can be a fast and convenient source of business capital. And, if you have good credit score, then you should consider applying for a business credit card and if you do not have a credit score required for a business credit card, then consider for a personal credit card to be used only for business expenses. The right way to use credit cards is to pay full amount at the end of the month. This way, you’ll build a good credit score.
The average APR for credit cards is 16%, which is still better than the fast business loans bad credit by online loan service providers. Another benefit of credit cards is that you can get introductory 0% interest rates in addition to rewards like frequent flier miles, cash back with purchases, hotel stays, etc.
If you’ve a type of business that involves irregular flow of cash because you wait for your customers to pay you for your products or services, then invoice financing may be the best option for you. The reason is, the invoice financing allows you to get paid immediately so you won’t have to wait for your customers to pay you.
SBA 7(a) Express Loans:
If your credit is topnotch, and if you can wait for 7-10 days for a business loan, then consider applying for a SBA express loan. It is only applicable loans under the amount of 150K. But, the nice thing about SBA express loans is that it provides lowest interest rates for which your business can qualify.
Family or Friends:
I know nobody likes doing this. It’s tough and bit embarrassing, with fear of injuring relationships while going down this road. However, if you have someone close to you, whom you can particularly trust fully and someone who has complete faith in you and your business idea, then getting a business capital is not a bad option.
Bottom line is, if you need capital for your business loan fast, first thing you should do is take your time and examine all the options available in front of you to make the best decision for your current circumstances.
- Garry Pompee
- Publisher: Prestige Elite Group
- Edition no. 0 (10/24/2018)
- Allan Dib
- Publisher: Page Two
- Paperback: 228 pages
- Herman Dolce Jr.
- Publisher: Independently published
- Paperback: 174 pages
Last update on 2020-03-19 / Affiliate links / Images from Amazon Product Advertising API
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