Do you know what to do when your company needs cash fast? Would you start searching for an emergency business loan, a fast business loan or same day business loans? If you think your options are limited when it comes to getting small business loans in under 24 hours, we have some good news for you.
There are plenty of options! Fast business loans from trusted lenders are now available in a matter of hours. These are perfect for you whether you need a cash infusion to assist with seasonal trade fluctuations or you have a business opportunity that you must act upon immediately.
These lenders work much differently than traditional ones and give you the chance to get instant approval. So if you need cash fast, don’t be too concerned as there are plenty of alternatives. Let’s take look at some of these alternatives when you need cash fast.
How to Get a Quick Business Loan
Here are 6 ways to get funding in 24 hours and bring your business back to life!
1. Stock Opportunities
Are you in a position where you could seize valuable stock? You know that you need cash to do this and you want to do this before the price goes up. If you do not have cash ready and you have a high stock turnover, you could be faced with crippling problems.
One solution is to get a same-day loan. You want a same-day loan that offers you the chance to obtain the cash you need right away with a short repayment plan. This will let you maximise the profit on your stock. This is the type of finance used mostly by SMEs and companies with short trade histories.
The financing is attached to your stock. Stock finance is a solution that is based on stock with a line of credit attached to it. You can obtain a drawdown in under a day. These credit lines are usually only offered by alternative lenders who will analyse the businesses in your supply chain. If their capacity for producing looks alright, the line of credit will be approved.
Benefits of stock finance include having the security attached to whatever stock you are buying. This allows you to buy stock on larger scales. Doing this allows you to develop ties and partnerships with bigger businesses. If not for this finance option, you may never have been able to do trade with some of these businesses.
2. Asset finance
Murphy’s Law strikes most businesses at some point in time and often times with disturbing regularity. You know it right? What can go wrong will go wrong? What would happen if a structural problem in your building halts production and puts your company on hold for a time? Or how about a major machine fails? You need to be prepared for when this happens. You want to protect your business against these types of risk.
With a method of funding already put into place, your company does not have to suffer if these things happen. Being able to access money when and where you need it is a fantastic way to keep any big risks from causing damage to your company.
Do you have a good deal of capital tied up in your equipment, vehicles, machinery or other assets? Asset finance can get you the capital you need, quickly.
Asset finance provides financing with the value of your major assets as security. This lets the loan proceeds get to you much faster than any other finance products. With the right conditions, these forms of financing can be arranged in under 24 hours.
3. Invoice Finance
We have all heard the saying “the cheque is in the mail”. Yes, of course it is. But what happens when you are in need of that cheque, and no matter how hard you chase after it, there are still delays in receiving it. When your customer tells you they are waiting on an invoice, you know it will be a long while before you get paid.
What would help you? How about a friendly bank manager with access to an overdraft facility? This is a person you would normally reach out to, yet have you noticed that bank managers are not so friendly anymore?
What is more, because the bank closed your branch you do not even get passed through to your manager. The days of bank managers are gone. Usually your call goes to a business centre where you speak to some agent who does not know you or your business at all.
And guess what? Your invoices still sit, unpaid, and so do your staff.
The answer lies in invoice financing. There are many different types of this financing. One is to sell your invoice to the lender. You get to use the money to pay your staff and invoices.
Once you set up an agreement, the invoice financing facility lets you draw down a percentage of your invoices right away. Your late payments are curtailed and you can keep up with trading.
4. Small Business Loan
Debts may pile up for a number of reasons. Emergency repairs, the loss of a major client, a huge tax bill – these situations can cause your business to take on more debt than necessary.
The solution is through a small business loan. A loan like this restructures your existing debt liabilities. You can continue to trade and you can get a handle on your debts. All this with one convenient payment.
Apply to an alternative lender and get this money within a week or less.
5. Cash Advance
Is your company subject to seasonal trading? Seasonal trading and cash flow issues are not limited to Christmas. They can occur any time of the year and for any business. The problem with seasonal trades is that they are largely out of your control.
The solution is a cash advance. Get things back under control with a short-term solution and long-term benefits. In essence, a cash advance is a quick business loan that infuses your business with cash to get it through difficult times.
A portion of the money that is raised from each sale goes back to the lender but having cash lets a retailer buy into stock and manage overhead. With this power, your business can take advantage of seasonal sales opportunities all without waiting for customers to buy.
6. Bridging Loan
Are you still waiting on completion of a building or waiting for another type of loan to be approved? Are you concerned that this will not happen fast enough for your business? You may need a temporary form of financing that lets you get by.
The answer to this situation could be a bridging loan. A loan like this is used when a property is purchased for example. It works to bridge the gap between the purchase and the completion of the building. It can also be used to resolve emergency financial situations. These loans are quick to arrange because they are only needed for short periods of time.
They are also the cheapest option to use for raising funds. You can obtain one without extensive credit checks. One caveat to be aware of – they are secured against your property.
What is needed for a same day loan for your business?
There are some things to consider seriously before you approach a lender. If you are applying for a same day business loan, here is a list of what you will need so that you can have the best chance of being approved.
1. Tell us about your business – have a statement ready which details your business, its stakeholders, and history.
2. Previous investments – what previous investments has your business had? How has it made a difference?
3. Reason for finance – why do you need the money? What will you use it for?
4. Repayment and security – demonstrate you will repay the loan and describe what security you can offer.
5. Balance sheets and cash flow – give the latest accounting figures. Show all profit and loss statements and turnover.
With the help of LoanOne, you can get a quick loan. We take a look at your credit history, the amount of money you require, and the character of the industry and your business. LoanOne is one of the fastest growing financial companies in Australia.
We offer both personal and business loans with competitive rates across a broad array of industries. Our loans are fast, flexible and can be tailored to both your personal or business needs. We can have your loan approved with 24 hours so you can continue to focus on your business. Click here to apply online now!