How Fast Can You Get A Business Loan?
At Clarify, we strive to keep things simple, convenient, and transparent. That’s why our online application is quick and easy. It takes just two minutes to fill out the online application form!
You can even get same-day funding if you meet the qualifications for the type of loan you’re applying for. Once your application is approved, you’ll receive funding in your bank account in one to two business days.
How Much Business Financing Can You Get With Clarify Capital?
Lenders base the loan amount you can get approved for on different factors, such as your credit rating, time in business, and annual revenue. The amount you can borrow depends on the loan you’re applying for.
For instance, you can borrow up to 100% of the equipment you want to buy with equipment financing. Invoice factoring also gives you cash upfront for a percentage of your unpaid invoices.
With Clarify, you can receive funding between $10,000 to $750,000. We’ll help you choose the best loan depending on your business needs. Then, we’ll connect you to loan providers with the best factor rates.
When Does It Make Sense To Get a Fast Small Business Loan?
Veteran entrepreneurs say the best time to apply for a loan is when you don’t need it. It’s great advice, but not everyone has that foresight, and it’s not always feasible for new business owners.
Sometimes, quick business loans are the best financing solution, just like the examples below.
1. Take Advantage of Profitable Opportunities
In running your business, there are times when you have to make quick decisions and actions to make a profit or achieve your goals. Say you have a boutique that runs out of inventory in the middle of the peak season.
You don’t want to close your shop or tell customers you don’t have the items they want. In this case, it’d make sense to take out a loan so you can buy more inventory. A fast loan is just what you need to buy the products, sell them, make money, and pay off your debts.
Apply for Growth Opportunity Loan
2. Make Equipment Repairs and Upgrades
Every piece of equipment has a limited life span. When a crucial part of your business breaks down or becomes obsolete, repairs and upgrades are necessary to keep your operations going.
Repairs and equipment can be expensive, but you can use quick loans to afford the cost of repairs or new equipment. This way, you aren’t taking out capital from your business and compromising your cash flow.
3. Purchase Materials to Fill a Large Order
You work hard to bring in more sales to your business. But what happens if you need to fill a large order and don’t have enough materials or manpower?
You’ll need to purchase materials or bring in extra workers. It can make sense to get funding through working capital loans like a business line of credit or short-term loans.
Apply for Material Purchase Loan
4. Manage Seasonal Gaps in Cash Flow
Industries like retail, manufacturing, and transportation have seasonal trends where sales slow down. Some companies can cut back on expenses during these times, but it’s not always possible.
If you’re experiencing a downturn, you can bridge the gap with a quick business loan. A short-term loan helps you stay afloat and get your company back on track to success when peak season starts.
Apply for Working Capital Loan
5. Hire Employees to Keep Up With Demand
Employees make the products and deliver services that create value for your business. But hiring and training employees come with an added expense that you may not have the budget for.
The capital you receive from a small business loan can provide the funds you need to hire new people. With more people, you can increase the number of products you make or customers you serve, meaning greater profits.
6. Advertise and Promote Your Business
Some businesses can grow from word of mouth and referrals as a way of advertising. In fact, these methods are great for getting a business started. But advertising and marketing your business is a necessary investment.
You can’t just have amazing products and expect people to find you on their own. You need to let customers know you exist and your products are the solutions to their problems.
FAQs about Fast Business Loans
Getting access to capital fast might be the best news for your business, and you want to know more. Here are the answers to common questions about fast business loans from entrepreneurs like yourself.
The eligibility criteria vary for every lender and each type of loan. But quick loans are fairly easy to qualify for as long as you work with online lenders since traditional lenders typically have stricter requirements.
First, identify your goals and needs. Then, find the right business funding and lender for you. Depending on the criteria you meet, you can get approved for short-term loans, lines of credit, invoice financing, or equipment loans.
The minimum credit score we recommend is 550. However, the better your credit score, the better interest rates and loan terms you’ll get.
However, at Clarify Capital, we strive to provide you with funding whether you have excellent or poor credit. If you have questions about your credit history, contact us and talk to an adviser to explore your options.
Yes, the interest paid on a business term loan is tax-deductible. It helps businesses lower the overall cost of borrowing. However, you can’t use the principal amount as a deductible.
If you paid for office rent, purchased equipment, bought inventory, or had any other operating costs, you can claim the expenses against your profits. Speak to a tax professional or accountant for more information about business expenses.
The amount of working capital you qualify for depends on several factors, such as your time in business, annual revenue, and credit rating. Lenders use your credit score and time in business to assess your creditworthiness.
Additionally, they use your monthly revenue to determine your loan amount. So, you might be able to get a loan amount equal to your monthly revenue.
