Are you one of the small business owners who struggle with business financing? Do you want to invest in your equipment or employees, but you don’t have the necessary funds for it? Or your equipment failed, and you need to replace it, but your budget doesn’t cover it? If so, easy business loans can come in handy to cover all your business finance difficulties.
Now you are probably shaking your head and thinking about the endless visits to the bank, loads of documents and that exhausting process to get a loan.
But wait! An easy business loan is a completely different thing.
Leave your skepticism behind and keep on reading this article because you’ll discover what an easy business loan is, in plain English and without economic language that nobody understands. Also, you will directly and honestly learn the pros and cons of this type of business loan. In addition, you’ll grasp the types of easy business loans and which one fits your business best. Finally, you will get an economical solution to access necessary funds and grow your business.
Ready? Let’s begin!
Easy business loans explained in plain English
Easy business loans represent a quick and more obtainable type of business borrowing. In other words, a swift and easy loan process which results in higher chances to be qualified for a business loan.
Unlike the loan process at traditional lenders, it requires less paperwork. The application process is pretty straightforward and with detailed instructions. Everything can be done online with just a couple of clicks. This usual loan application includes a questionnaire about the desired loan, your personal details, and business information. So, it’s not like you need a finance expert and tons of documents – you can do everything by yourself in no time and without a hitch.
The next step is approval. Once a business lender receives the application, it will be approved in a couple of days if you are qualified to get an easy business loan. The approval period is very short, but it will give you enough time to plan your activities based on new working capital.
The final step is funding. After your loan application is received and approved, it’s time to obtain your easy business loan. It usually takes 1-3 days to receive your funds.
It seems really easy and accessible, right? No wonder it got the name “easy business loans”.
If you are considering getting a small business loan, it would be good to get familiar with some terms you’ll encounter. That way, you’ll be more prepared and the whole process will go smoothly.
|Loan amount||The amount of money the borrower is obliged to repay to the lender.|
|Time to repay||A period of time necessary to pay back the whole loan.|
|Payment frequency||The rate at which you repay a certain amount of the loan over a particular period of time. It is usually daily, weekly or monthly.|
|Interest rates||The cost of borrowing money from lender expressed in a percentage of the principal loan amount. It varies from lender to lender.|
|Requirements||Qualifications you need to have in order to obtain a business loan. They are based on your personal credit score, how long your business operates and monthly or annual revenue.|
|Time to get funded||The period of time needed to receive funds after signing the small business loan agreement.|
Advantages of easy business loans
- Flexible criteria for obtaining small business loans. Minimum requirements, such as minimum credit score, minimum business revenue, and business history, without a specific type of collateral. Therefore, you can easily get qualified to access capital.
- Smooth and straightforward loan application process. Easy online application with a few clicks and feedback within 24 hours. No more loads of paperwork and waiting for months to get a reply.
- Fast funding in just a couple of days. No more worrying whether you’ll receive payment soon.
Disadvantages of easy business loans
- High-interest rates. That’s why choose wisely your business lender because not everyone offers the same interest rates.
- There can be some prepayment penalties or hidden fees.
Types of easy business loans
Also, it would be good to know what types of easy business loans exist so that you can explore all the options and choose the best possible solution that fits your needs.
Merchant cash advance loan is a quick way of short-term financing for small business owners.
Qualification: personal credit score above 400, at least 5 months of business history, and at least $75,000 in annual revenue.
It is convenient for business with a lot of credit card transactions (retail, restaurant and service companies).
A short-term loan is another swift way to ensure necessary business capital.
Qualification: a personal credit score of 550 or above, at least 1 year of business history, and at least $100,000 in revenue.
Payment frequency: on a daily or weekly basis.
AR financing implies selling business AR (account receivable) and receiving a short-term business loan in return.
Qualification: $25,000 or more monthly revenue.
It is convenient for companies with net payment terms.
Invoice funding is a convenient way to handle overdue invoice payment and get funds in a form of a percentage of the invoice.
Qualification: at least 3 months of business history and at least $50,000 in annual revenue
Don’t get intimidated with all these options. The right business lender who cares about your business will carefully consider all your possibilities and find the solution that suits you best.
The best deal on easy business loans
Speaking of the right business lender, Small Business Servicing offers the best available rates and terms when it comes to easy business loans. There’s even more:
- Reasonable interest rates make Small Business Servicing the most affordable solution in the market for this category.
- Monthly payments instead of daily or weekly payments.
- Longer time to repay your business loan. From 24 to 60 months.
- Builds your business credit and ensures a seamless graduation to long-term and less expensive capital because we care about your success and we want to grow together.
- Free benefits, like business consultations, workshops, and discount on business products and services
Hence, spend your time and effort building a relationship with a reputable lender like Small Business Servicing which offers you all the advantages and the convenience of easy business loans.
Apply for a business loan online and make the path for your business growth.