How Fast Can I Acquire a Business Loan?

August 3, 2019

Unlike most loans, a business loan can require a long approval process. There are multiple reasons why a business loan takes longer than most other types of loans. But mainly, it boils down to how long it takes you to create a business plan. As well as how long it takes your potential lender to review that plan.

Due to these factors and others, a business loan can take anywhere from 60 to 90 days before it can be approved. We know that’s a long time to wait to get the money you need. That’s why we’ve come up with some ways to speed up the business loan process.

The Inquiry Process for a Business Loan

Applying for a business loan from a bank requires that you go through a lengthy approval process. You will be asked to come up with a business plan that outlines exactly what your company does, how much money your company is looking to get with a loan, and how your company plans to earn enough revenue to repay the loan.

Though there may be other questions that you need to answer, like:

  • What do you need the money for?
  • How long has your company been in business?
  • What is your credit?
  • Does your company have any outstanding loans?
  • How financially secure is your company?
  • What/How much collateral, if any, do you have to put up?

The exact time it takes to evaluate a loan varies from case to case.

If you find this article helpful, why not try reading some other informational articles we’ve written. We post articles regularly, covering a wide range of financial topics. If you’re looking to refinance, consolidate, or simply want to know more about other types of loans, then Max Cash has the answers you seek.

Alternative Ways to Get a Business Loan Faster

Traditionally, when companies get a business loan they use banks as a means of securing funds. The downside to using a bank is that getting funds can take upwards of 90 days. But there are other methods that are available if a company needs to get funds in a shorter amount of time.

These methods include:

  • Getting an SBA Loan: If you don’t have the time to wait for a bank’s approval process, then you can always try getting a loan from the SBA (Small Business Association). By taking this route, you can get approved within a matter of minutes and get funded in as little as a week. However, the downside to using an SBA loan is that they typically require more paperwork and charge more in fees than a bank will.
  • Using Peer-to-Peer Lending: By using a peer-to-peer lender, you can have the application and approval process completed in about 4 to 5 days. Though the cost of having the process done so quickly can mean high interest rates.
  • Getting a Personal Loan: If you need a low valued loan and you have good credit, then taking out a personal loan can be one way to get capital fast.
  • Use Credit Cards: While this is an option, it can get you into trouble pretty fast. Many companies have used personal credit cards early on in a business’s life to get by. But the problem comes when people realize that even if a company fails, the owner is still stuck paying off those credit cards.

The Benefits of Using Max Cash

Whether you’re looking for a business loan, home loan, or student loan, Max Cash has the expertise to help you handle any financial situation. But don’t think that’s all we do. As we can also help connect you to a lending company, acquire terms that fit your financial needs, and answer any questions you may have.

And the icing on the cake? Our services are provided free of charge. That’s right, we give our clients 100% free service. We are able to do this because we have a vast network of lending companies whom we are partnered with.

But don’t worry, because although we are paid by the lending companies, we only match you with ones that are compatible and flexible for your needs. Know that we work with only the best because we vet every lender in our network.

If you would to try out our free services for yourself, then please give us a call at (833) 207-9052 or send an email to info@maxcash.com.

DISCLAIMER:
The MaxCash website does not offer or provide loans, but rather, it offers a service. It should not be construed as a lending agent or broker. The site does not endorse any lenders and does not charge visitors any fees. The website owners do not evaluate potential lenders’ applications, nor do they approve or deny credit. The MaxCash website does gather applicants’ personal information and transmits it to lenders that are part of the site’s lending network. No one is required to make use of this website, nor are they under any obligation to begin contact with site operators or to attempt to secure a loan with any of the site’s lending partners. Transmission of your financial and personal information on the website in no way obligates lenders to offer you a loan or any other kind of credit product. Be aware that cash transfer times can vary, depending on the lender and the bank you use. It may be necessary to fax information under certain circumstances. All questions about loans, and any concerns you may have should be directed to your lender. These loans are intended as short-term financial solution to satisfy borrowers’ needs for immediate monetary relief. This is not intended to be part of a long-term financial plan for individuals. These services are not offered in all states. Potential borrows may undergo credit check if lenders choose to use any of the major credit reporting bureaus, including Equifax, Trans Union and Experian. They may also use other alternative sources to check credit ratings. Your request for a loan constitutes your agreement and acknowledgement that (A) your personal data may be shared with lenders and perhaps other third-party partners, and (B) lenders can acquire credit bureau reports that detail your credit history. Reports from major credit bureaus, such as Equifax, Experian and TransUnion may be obtained and used to evaluate your reliability as a borrower.

1Loan amounts by the lenders vary based on qualifications.

2Since we do not lend money directly we cannot offer you a solicitation for a loan. In all serviced states we WILL match you with a lender based on the information you provide on this website. We will not charge you for this service and our service is not available in all states. States that are serviced by this Web Site may change from time to time and without notice. Personal Unsecured Loans are not available in all states and all areas.

3Loans such as, Auto Title Loan companies typically do not have pre-payment penalties, but we cannot guarantee that every lender meets this standard. Small Business Loans typically do have pre-payment penalties and occasionally will use your car as collateral to secure the loan. Other types of loans may have pre-payment penalties as well.

4All lenders are responsible for their own interest rates and payment terms. Max Cash has no control over these rates or payments. Use of the work competitive or reasonable does not mean affordable and borrowers should use their own discretion when working directly with the lender.

5The amount of people who applied for a loan and we helped and those who received a loan is not the same. We cannot guarantee we will find a lender who will fund you. Just because you give us information on this web site, in no way do we guarantee you will be approved for a car title loan or any other type of loan. Not all lenders can provide loan amounts you may see on this web site because loan amounts are limited by state law and/or the lender. Some lenders may require you to use a GPS locator device on your car, active all the time, in the circumstance for an auto title loan. They may or may not pay for this or charge you for this. This is up to the lender and we have no control over this policy of the lender. Typically, larger loans or higher risk loans use a GPS.

In some circumstances faxing may be required. Use of your cell phone to receive updates is optional. Please review our privacy policy.

Loans such as Car Title Loans are expensive and you may have other ways to get funding that is less expensive. These types of loans are meant to provide you with short term financing to solve immediate cash needs and should not be considered a long-term solution. Residents of some states may not be eligible for a loan. Rejections for loans are not disclosed to our firm and you may want to contact the lender directly.

Signature and personal loans are only available in Georgia and Florida. Loan amounts differ at locations. Account approval requires satisfaction of all loan eligibility requirements, including a credit inquiry, and, if applicable, motor vehicle appraisal.

Car Title Loan lenders are usually licensed by the State in which you reside. You should consult directly with these regulatory agencies to make sure your lender is licensed and in compliance. These agencies are there to protect you and we advise making sure any lender you receive money from is fully licensed.

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