7 Fast Ways to Get Quick Business Loans Within 24 Hours

You run a local bakery. You’ve had it for a year now, and things have been going pretty well. You’ve been trying to boost its revenue to a level where you would be able to set up a coffee shop.

This would, however, mean leasing larger premises in a more upscale part of town, getting more equipment, hiring more staff, purchasing furniture, getting the décor done, and so much more. For now, the numbers just don’t add up.

And, then it happens. A local celebrity walks into the store and orders a cupcake to go. She takes one bite of it on her way out and then stops dead in her tracks. She turns around and heads straight towards you. You tense up, wondering what could be wrong.

“This is by far the best-tasting cupcake I’ve ever had in my life!” she exclaims.

She then asks you for your Instagram handle and proceeds to tag your bakery in a post that’s seen by all 2 million of her followers.

Then, the orders start streaming in. One dozen, one hundred, one thousand… ten thousand orders come in, all to be delivered within the next 24 hours!

You need more staff to help you make them, more delivery services on call, more equipment, more supplies, more everything! From the looks of things, this is the moment that everything changes for you. There’s only one problem – you don’t have the cash to do it.

If you ever find yourself in a similar predicament, here are 7 fast ways to get quick business loans within 24 hours.

1. Merchant Cash Advance

If you’re talking about fast cash, then a merchant cash advance (MCA) is one of the most effective ways to get fast financing. An MCA involves selling a certain percentage of your business’ future receivables. The repayments can be structured in one of two ways.

In the first arrangement, you get a specific sum of cash up front, in exchange for a portion of your future credit and debit card sales. In the second arrangement, the repayments are made by remitting fixed daily, weekly, or monthly debits from your business bank account, independent of credit or debit card sales.

Features

• Interest rates: From 10%
• Minimum funding time: 4 hours
• Repayments: Daily or weekly

2. Business Line of Credit

This is a revolving line of credit that works much like a business credit card. A lender would approve your enterprise for a fixed amount of credit for a fixed period. So, you can withdraw any amount in a lump sum or incrementally if you like, provided that it doesn’t exceed the limit.

Once you use it up, it doesn’t become available again until you pay it off. Lines of credit are used for funding short term capital needs like boosting seasonal cash-flow demands, purchasing inventory, or repairing damaged equipment that’s critical to your business operations.

Features

• Interest rates: From 1%
• Minimum funding time: 24 hours
• Repayments: Weekly

3. Invoice Factoring

This is perhaps one of the best ways to get funding when cash-flow slows down. Factoring companies would purchase your unpaid invoices for a percentage of their face value (around 80 per cent) excluding the factoring fees.

The balance is paid once your customers settle the outstanding invoices. By signing-over your invoices to a third party, you are essentially getting an advance payment on them.

So, if you have slow-paying customers, and need urgent cash, invoice factoring is a great option – provided, of course, that you have unpaid invoices in hand.

Invoice financing, on the other hand, works in more or less, the same way as factoring, except that you assume the responsibility of ensuring that your customers settle the amounts they owe. In factoring, however, the lender takes it up themselves.

Features

• Interest rates: From 4.5%
• Minimum funding time: 3 hours
• Repayments: Weekly or monthly

4. Quick Business Loans With Equipment Financing

Whether you need a wheel alignment machine for your auto repair shop, new dough kneading machine for your bakery business, industrial signage machine for your printing business, or any other big-ticket piece of machinery, equipment financing will help you get it.

You don’t just have to be buying or leasing it to qualify for this type of loan either. If you need the funds to fix a piece of equipment, you’ll still be able to get funding and, in less than 24 hours. The best part about it is – you can qualify for a loan even with poor credit.

Features

• Interest rates: From 12%
• Minimum funding time: 24 hours
• Repayments: Daily, bi-weekly, or weekly

5. Unsecured Business Loan

If you need fast access to cash for your business, but don’t have an asset to provide as security, this could be the answer to your not-so-little cash-flow problem.

The best thing about this type of loan is that getting approved for it opens the door to qualify for other forms of business financing. Not to mention the fact that you can get funding in just 3 hours.

Features

• Interest rates: From 7.5%
• Minimum funding time: 3 hours
• Repayments: Daily or weekly

6. Personal Loan for Business

There are several reasons why a personal loan could be a great solution for your quick business loan needs. If you have a high personal credit score, and your company doesn’t have an adequate credit history to qualify for a loan, why wouldn’t you consider taking a personal loan for your business?

You can get it approved in as little as 24 hours. Plus, you can get pretty flexible terms based on your creditworthiness, the amount you’re borrowing, and the length of the loan.

Features

• Interest rates: From 7.5%
• Minimum funding time: 24 hours
• Repayments: Monthly

7. Business Credit Card

It’s always a great idea to prepare for any emergency business expenses by setting up multiple lines of credit ahead of time. In addition to a business line of credit, you can also get a business credit card to handle smaller funding requirements that can be covered by your credit limit.

It is, however, the most expensive way to bail you out if you need a cash advance, or if you let the balance accrue interest month after month.

Features

• Interest rates: From 0%
• Minimum funding time: Immediate
• Repayments: Weekly or monthly

Find Non-Bank Lenders for Fast Financing

If quick business loans are what you’re after, using traditional funding channels like banks isn’t the way to do it. The volume of paperwork alone coupled with all the bureaucratic hoops you have to jump through before you can get your loan approved, makes it one of the slowest methods to get fast funding.

Use our online business loan finder instead, to connect you with 70+ non-bank lenders to get the financing you need in 24 hours or less.