There is a vast business loan providers awaiting you call ready to help you if you need urgent business financing. Thus, the providers can provide credit whether you unexpectedly short of funds or need to grab a triggering opportunity.
In fact, “fast and easy” or “same-day loans” is the catch-phrase of many alternative lenders. Thus, making it overwhelming for you as a borrower to find out which ones are best for what you need.
For starters, most fast business loan providers do not usually look into your credit history as such may take time. However, these types often offer higher than average interest rates. It is because of the lack of security considering that lenders, primarily focuses on delivering the loan to you as soon as possible. They will take only a few minutes to verify the information you provide them.
Instant business loans also usually offer short-term repayment arrangements, the maximum usually running up to five years.
However, if speed is your ultimate criteria, here are the top lenders in the United Kingdom. These lenders can transfer your funds fast as longs as you fill out the application form and comply with a few requirements for submissions.
Application: six to eight minutes
Transfer of funds: minutes
Ultimate Finance is claiming of their ability to complete a fund-transfer in just 11 minutes and 16 seconds.
Perfect for small and medium entrepreneurs, Ultimate Finance’s cash advance can cover up to £25,000.
A business cash advance is a borrowed- cash according to to your future credit and expected debit card sales. With cash advances, you don’t have to repay every month. Instead, your payment, a pre-agreed portion of your earnings, is automatically deducted once your credit card receives payment for sales.
The borrowers pay is a fixed-rate within an agreed 30, 60 or 90-day period.
Average overall processing time (from the application to the transfer of funds): within two days
Funding Options is not one of the direct business loan providers. The British Business Bank Funding Options to scour the market to link you to a lender that suits you best. Whether that be a high-street banker or a finance specialist for small entrepreneurs.
Nevertheless, despite being a middleman, the fund delivery is the fastest as it even claims to have a record 1 and a half hours of processing a loan. This is from initial enquiry to transferring the funds into the business’ bank account. Meanwhile, its record approval, covering enquiry, only took seven minutes.
Lenders have different sets of security-related criteria against which your capability to repay will fit. These criteria may include your asset value, personal credit and your business’ revenues. Evaluating how much you can pay will determine the loan size that lenders will be willing to give out.
The lenders that Funding Options work with usually lend as much as 30 per cent of your annual turnover.
Application: less than five minutes
Transfer of funds: within 24 hours
To apply for a fast business loan at Love Finance, your business be operational for at least three months minimum. You have a valid business debit card; a director/owner/partner of the company; your business has a minimum annual turnover of £35k; is UK-based business; a personal guarantee may be a requirement.
At Love Finance, it takes less than five minutes to complete your application. After which it may seek for additional documents it deems necessary.
Once approved, they will send you an E-Doc which you can sign digitally. Money will be sent to your account within 24 hours.
Love Finance can offer between £1,000 to £500,000. Annual interest rates start at 2 per cent while the payment period is made flexible within a five-year term.
Transfer of funds: within the same day of the application’s approval which takes just hours
Trading for at least six months is the lone eligibility requirement for an InFund loan.
InFund allows you to access £3,000 to £150,000 with an interest rate starting at 1 per cent per month for a maximum of 12 months. InFund loans are unsecured- loans.
You can apply for credit top ups after one month. Thus you only pay interest for each day you have the funds. You can also repay early to relay less.
Getting a quote: two minutes
Application: less than 10 minutes
Transfer of funds: within five working days
Selina is a secured- loan that accepts only residential properties for collateral. The determination of equity in your home is subtracting the total outstanding mortgages on your home from its current market value. Meaning, Selina can only offer you a business loan if you have one or more outstanding mortgages on your property.
Selina can fund up $25,000 to $200,000 per property. The loan is perfect for a borrower with more than residential asset for a multiple loan. It also fits for borrowers that intend to borrow beyond the cap.
Selina offers a five-year repayment term. It has a fixed interest rate in the first three months while the remaining months throughout your loan period will observe base rates as published by the Bank of England.
The base rate will be re-assessed quarterly. You will receive a notice informing you in detail the changes in your monthly payment not less than seven days before the new interest rate takes effect.
Should the Bank of England base rate be discontinued or unavailable at any point of recalculation, Selina will use its discretion to select an equivalent benchmark rate.
Aside from account registration and maintenance fees, Selina doesn’t impose any other charges.
Getting a quote: in a minute
Application: less than five minutes
Delivery of decision: within the day of application
Transfer of funds: in a few days rather than weeks in traditional banks
Liberis’ Business Cash Advance offers £2,500 to £300,000 with a fixed cost at a minimum of 9 per cent. An added benefit with cash advances is that it does not affect your credit score.
Some 70% of Liberis’ applicants recieve their approval. Since 2007, Liberis give loans of over £100 million to small businesses in the UK. The business are in need of short-term loans amid harsh economic conditions.
The sets of time for the processes of each business loan providers completes is the information you can obtain from their respective websites. Meaning these may be just estimates on their part on the average time they complete the entire loan process.
Some of these estimates are also on the assumption that borrowers are ready with the required documents. Most lenders emphasize that the speed of the process partly hinges on how quick the borrower can respond to lenders whenever the latter seeks extra information or documents.
While lenders’ requirements may vary, it may be better to get ready with your complete audited financial statements, your business plan, business registration number, the exact date of incorporation and other materials and details related to your business which you don’t usually need to have in hand or remember every day but may, nevertheless, be required for a loan application.
Bottom line: the more prepared you are, the bigger the chances that the lender will immediately deliver the cash to your bank account.