Small business owners know that the proper financing is critical to the survival of their business. Sometimes, there are unexpected events in business, whether it is a delayed payment or bad inventory stock, and cash flow gets tight. Traditional small business loans take a much longer time to apply and get approved. Furthermore, small business bank loans are not easily attained depending on your industry.
Use Your Network
The most simple way to take small business loans quickly is through your network. Many small business owners already have friends and family who they can turn to when times are tough. At first thought, you might think it is a lot of money. But, after going through your network, you should be able to identify at least 3-5 possible lenders who can help you out. The best part about getting a small business loan from friends and family is that they will often charge you lower interest rates (if at all) and your relationship stands a collateral for a secured loan. If you really have run out of options from friends, family or even other business owners in your network, then it is time to go to a lending company.
Easy small business loans can be applied for online. These are easy, fast and secure loans that can offer approval in minutes. These types of small business loans are approved quickly because they are based heavily on your business credit reports or personal credit scores. While these loans are quite easy to secure, they do come with a higher price of interest. For a short term business loan, this could be a potential solution for you.
Use Your Assets
Next, easy small businesses may use the owner’s assets to secure loans. There are known as secure loans. A small business owner can go to a local dealer for Car Title Loans in Glendale CA to get a loan against the value of his or her vehicle. Clearly, these types of loans can help a small business get through a rough patch. There are similar options for secured loans that business owners can use to get an easy approval quickly by going to local small business lenders.
Pay Day Loans
Another option, though it may not be the best choice out of the quick loans mentioned above, is to apply for a pay day loan. These easy loans are called that because that are so easy to come by. Anyone, no matter their credit score, can secure a payday loan. These loans usually offer quick repayment periods however, so you will probably be required to pay them back within a month or so. All you need to get one of these quick, easy loans is a job. Take a single pay stub to the payday lender, and you will walk out with money in your pocket. However, it is important to not that these loans are illegal in some states. Obviously they should not be your first choice. But if you are desperate, a pay day loan is a way to get quick, easy funding. Just be sure to pay it back in a timely fashion, or suffer the consequences.
Finally, small business loans can be secured by specialized business funding companies. They provide unique solutions for small businesses like factoring, cash advance or equity investment. Depending on your needs for capital and time frame, the capital could come at an increased cost. But, the quicker you can relieve your debt, the better off you and the business will be. Remember, only take a small business loan that is equal to a sum that you will be able to pay off in the agreed time to avoid debt, late payments or high interest rates.