Common Situations That Require a Fast Small Business Loan
Every business owner comes across unanticipated expenses while running their company. That's life. The key is to be prepared to handle these situations in a timely manner with a working capital loan.
1. Opportunities for growth
A great opportunity to grow your business has bubbled up. What do you do now? You can either pass up on it due to lack of resources -- or you can capitalize on the opportunity by raising a round of funding. Our network of lenders love to help small business owners achieve their growth goals by providing the financing they need.
Apply for Growth Opportunity Loan
2. Equipment repairs and upgrades
Every piece of equipment has a limited lifespan. When a crucial part of your business breaks down or ages, repairs and upgrades become a necessity. An equipment loan from Clarify can make these purchases affordable for every business owner.
Apply for Equipment Financing
3. Material purchases to fulfill a large order
You just got a large order that needs to be fulfilled. The cost to purchase materials for a large client can sometimes be above your current cash reverses. A term loan or business line of credit can provide the money to make it possible.
Apply for Material Purchase Loan
4. Manage seasonal gaps in cash flow
Industries like retail, manufacturing, and transportation have seasonal trends that can hamper cash flow in some months. You can either scale down your team and expenses, which is not realistic to do each year, or you can bridge the gap with a quick business loan. A short term loan gets your company back on track to succeed when the seasonal downtrend passes.
Apply for Working Capital Loan
5. Hiring more skilled employees to keep up with demand
As the demand for your products and services grow, scaling your team with more skilled workers is crucial. Hiring and training employees come with added overhead to your bottom line. Use the capital raised from a quick business loan to hire top-notch employees.
Apply for Short-Term Loan
6. Increasing advertising and marketing spend
Word of mouth and referrals are great to get a business started, but real growth comes from advertising and marketing. Invest in trying out different marketing channels to find ones that are ROI positive. Advertising in the right places is what sets high growth rate businesses apart from small operations.
Apply for Line of Credit
Frequently Asked Questions by Owners Looking for Quick Financing
Depending on your specific business needs, credit rating, and time in business, a short term loan or line of credit are often the easiest types of loans to qualify for. Our primary goal is always to bring clarity to complex financial decisions. So when you apply with Clarify
, your dedicated lending concierge will help guide you through the various options.
You can speed up the approval process by having the following three things handy in advance: last 3 months of bank statements, know when you started the business, know your approximate credit score. When you apply for a fast loan
with Clarify, your credit score is not affected at all since we only do a soft credit pull. Within 24-48 hours, we provide you the best offers from our marketplace of over 75+ lenders.
Personal credit scores range between 300 and 850. The minimum credit score you need to get approved with Clarify is 500. The better your credit score, the better interest rates and loan terms you will receive from our vetted lenders. On occasion, some business owners can be approved with a credit rating as low as 450.
Zero. There is no downpayment needed to secure financing with Clarify. Our core goal is to give business owners full transparency into the lending process so they can make better financial decisions.
Yes, the interest paid on a business term loan is indeed tax deductible. The principal amount, however, is not. Tax deductions on a loan term loan allow businesses to lower their overall cost of financing.
No, we only do a soft credit pull. A soft credit pull does not affect your credit rating in any way. When you apply to get pre-approved for funding or get an interest rate quote, Clarify only does a soft credit inquiry.
The amount of working capital you are qualified for depends on several different factors like time in business, monthly revenue, and credit rating. But it's safe to assume that you can get 100% of your monthly gross sales at the bare minimum.
No, there is no collateral needed for term loans or business lines of credit through Clarify. We provide unsecured financing, which means you don't need to put up any assets as collateral for approval!