Except for business insiders, it is unfathomable that carefully managed buinesses will be cashstrapped to an extent that their best alternative for funding becomes same day business loans, this was supposed to be a venture for careless business managers. Sometimes your business may not be able to afford the luxury of waiting for funding, especially when urgent situations come up, immediate access to cash could make or break your business.
Is it really possible to same day loans ?
Yes, it is feasible that your loan application get approved the same day and the money hits your account too. For majority of the loan outfits, your application gets approved on the same day and the money reaches your account the next day. This may come off as a fable because of the length of time it takes banks to approve loans. There may be no need for a physical interface, an online application and phonecall can get your loan approved depending on the loan outfit. To be able to get your application approved on the same working day, it will be on the safe side if you start your application early in the morning around 9am.
What are the requirements?
It’s out of place to think that every applied ant will get the funding at the end, same day business loan outfits want to be sure that whoever they are lending to is creditworthy. The average cap of amount offered by these outfits is within the range of$65,000- $100,000. Same day loans of up to $1 million exist too, only that their paperwork will be bigger and regulations, more stringent. However, the highest amount any business can access is determined by the credit score, revenue base and cashflow, verifiable from the bank statements.
After the approval, the loan outfit will send a contract acroos to the borrower, enabling them to sell future receivables. Additional documents may vary with different same day loan outfits.
Where to source for same day loans
* Short term loans: Designed to meet short-term financing needs, short-term loan operates like a traditional loan, but you pay back the money, plus interest, with daily or weekly payments over 3 to 18 months. To qualify, you’ll need at least 6 months in business, a 500+ credit score, and over $100,000 in annual revenue.
* Merchant Cash Advances: This is a lump sum of capital you repay using a portion of your daily credit card transactions. These advances are often provided via online financing companies and repayment is automatically deducted each day through your merchant account. Qualification requires that you possess about 5 months in business with at least 400 credit score and above $75,000 in annual revenue.
* Invoice financing: This provides an avenue to use your unpaid invoices to obtain immediate financing. The same day loan company will forward you up to 85% of the invoice value, charge you a borrower’s fee and then pay the remaining amount of the invoice once the 3rd party has paid the invoice.
Same day business loans have revolutionized that lending market, allowing borrowers get access to cash in no time yet following due process. This have being a big boost to businesses, looking for ways to wriggle out of unexpected cash dip.