How To Get a Fast Business Loan

Most fast funding products can be approved and funded in as little as 24 to 72 hours, depending on the type of loan. For some types of financing, such as merchant cash advances and invoice factoring, you could even get the funds in as little as 24 hours. Unlike traditional banks, our application and approval process is designed to get you quick access to funds. SBA loans will take longer since they are government-backed and could take as long as two to six weeks.

Eligibility requirements vary depending on the type of financing, but here are the general requirements:

• Six or more months in business (some products are available for new businesses)

• $120,000+ in annual revenue ($10,000+ in monthly revenue)

• Credit score of 500+

Creditworthiness is not the only factor in our application process, and we also consider monthly revenue and cash flow. Even if you don't meet these requirements, you should consider applying for funds since our application team may find a type of financing that works for you.

No, it will not affect your credit score when you check your rate using Clarify Capital. A hard credit inquiry will only occur when you decide to proceed with the lender and accept their terms and conditions.

Loan amounts range from $5,000 to $5,000,000, depending on the loan product, your business revenue, how long you've been in business, and your personal credit history. Business term loans, business lines of credit, merchant cash advances, and equipment financing can offer loans up to $5 million, and invoice factoring can offer funding in a percentage of the invoice amount.

You can use the business funding for virtually anything you need to grow and maintain your business, such as:

• Payroll and hiring

• Inventory and equipment purchases

• Marketing and advertising

• Expansion, renovations, and commercial real estate

• Cash flow gaps and business plans

• Debt consolidation

Some of the loans, like equipment financing, are geared toward a specific use, but the majority are flexible and can be used as needed.

The fastest way to get a business loan is to apply through a marketplace like Clarify Capital, as one application will get you access to 75+ lenders at once. Merchant cash advances and business lines of credit are the fastest loans to receive, with funding available the same day as the application. The fastest way to get a business loan is to apply today, and have your bank statements and business information available to begin the process.

Your EIN (Employer Identification Number) is part of the application process, but it is not the only requirement to get a business loan. In addition to the EIN number, the bank will also want to see your personal credit score, business revenue, and how long you've been in business. However, having an EIN number, a registered business entity, and a business bank account are all required to get a business loan, as they show the bank that you are in business and have an established entity.

Yes. In fact, many of our partners work with businesses that have credit scores as low as 500. Additionally, merchant cash advances and revenue-based financing focus more on cash flow than credit score. Our experts will work with you to determine which option is best for you.

Yes. While some of our financing options require one or more years in business (such as SBA loans), we have partners that will fund businesses that are as young as six months old. Revenue-based financing and merchant cash advances are often best for startups. Additionally, we at Clarify Capital require only six months of business experience.

Invoice financing is often considered one of the easiest business loans for which you can qualify, especially if you have unpaid invoices from customers. Your accounts receivable will be used more in determining whether you qualify for this type of financing than your credit score or how long you have been in business.

Interest rates depend on the product, your credit profile, annual revenue, and time in business. Here's a general range:

• Term loans. 6% – 7% APR

• Lines of credit. 16–14% APR

• Invoice factoring. 0.5% – 3% per 30 days

• Merchant cash advances. 1.08–1.45 factor rate

• Equipment financing. 4% – 45% APR

Our advisors have access to over 75 lenders to offer the best rates for your unique situation.

The payment terms vary according to the product. Here is a broad idea of payment terms to be expected:

• Term loans. Monthly payments.

• Lines of credit. Weekly or monthly.

• Merchant cash advances. Payments are daily or weekly, based on credit card revenue.

You will be informed about all the terms and conditions before you receive any offer.

To apply for a loan, you would need to provide:

• 3–6 months of bank statements

• Government-issued ID

• Basic business info (EIN, legal name, time in business)

Yes. Most lenders don't have any prepayment penalties. In fact, some lenders offer a discount on the balance if you pay off early.

The amount of your monthly payments on your $50,000 business loan can vary depending on your interest rate and your repayment term. For example, if you have a two-year term loan with an interest rate of 15% APR, your payments will be about $2,420 per month. If you have an SBA loan with an interest rate of 10% APR over five years, your payments will be about $1,060 per month. Your Clarify advisor can show you exactly what your payments will be for each offer you receive.

The way payments are collected varies depending on the type of product. However, payments can be collected from your business checking account via an ACH debit on a daily, weekly, or monthly basis. All of the terms of your repayment, as well as any fees that you might incur, are clearly disclosed to you before you sign an agreement. Our financial partners are FDIC-insured institutions, and Clarify Capital is committed to transparency in all of its dealings.

Some of the lenders that Clarify Capital works with report to the credit bureaus, while others do not. If you need to establish business credit, you can let your advisor know, and they can ensure that you receive an offer from a lender that reports on-time payments to the credit bureaus.

While the majority of business loans do require that you sign a personal guarantee (PG), which essentially means that you are personally liable if your business defaults on the loan, some of the products that Clarify Capital offers do not require that you sign a PG. For example, equipment financing does not require that you sign a PG because the equipment is used as collateral on the loan.

A UCC filing is a public announcement to let everyone know the lender has a lien on the business assets. It is the standard business practice in the lending business and is automatically removed when the loan is satisfied. It will have no impact on your personal credit, and all business entities have a UCC filing at one time or another.

Absolutely not. Never will we at Clarify Capital charge you any fees to apply, get matched with a lender, and receive the funds you need. Our service is 100% free to you, and we are compensated by the lenders in our network. Be very suspicious of anyone who wants to charge you fees to receive funds from a lender.

We know banks are safe and solid, but they are also very slow, very rigid, and deny loans to the majority of small business owners. And, let's face it, business credit cards and one online lender may be the fastest and easiest solution, but it's certainly not the solution to all business owners' needs. With Clarify Capital, you can:

• Get access to 75+ lenders with one simple application

• Get the funds you need in a fraction of the time it would take at a bank

• Get a dedicated funding advisor who will shop the market to get the very best rate available to you

• Get more flexible terms to fit every business need and credit profile

• Get the service 100% free, as we are compensated by the lenders, not the borrower

• Get the funds deposited into your bank account in as little as one business day

Think of us as your personal funding concierge.