When an emergency strikes, many business owners find themselves in need of fast cash. While there are plenty of small business loans to choose from, some business owners simply cannot wait the days (or weeks) it will take to receive their funds.
Thankfully, you can make use of the instant funding that a 24-hour online business loan provides. Keep reading to learn more about this one-day finance option, as well as the best options for a 24-hour loan.
How Can I Get Funding for My Business Fast?
The ideal type of small business loan will depend on your individual business needs, including how much money you need to borrow, how long you’ve been in operation, how much monthly turnover you have, and more. By familiarizing yourself with the following 24-hour options, you can determine which type of funding is right for you.
1. Business Term Loan
A business term loan is a type of funding that lets you borrow a lump sum of money and then repay that amount over a specific time period. Often, this type of business finance has a fixed or variable interest rate and can be obtained from a traditional (i.e a bank) or an online lender.
The key to getting a same-day business term loan, however, is to obtain it through an online lender. Because of their flexible nature and less-stringent requirements, online lenders often have the fastest loan application process and approval times, including within 24 hours.
2. Short Term Loan
A short term loan is similar in nature to a business term loan, however its main difference is that it must be repaid within a shorter time frame–usually 3 to 12 months. Zinch is an online lender that provides short term business loans with approvals within just 24 hours. This type of fast cash loan allows you to address your immediate cash flow needs without a long-term commitment.
A short term business loan’s fixed payments and pre-determined repayment period are highly beneficial for business owners, as it lets them create a simple repayment plan that works for their budget.
3. Merchant Cash Advance
A merchant cash advance (MCA) is another business loan with fast, 24-hour access–especially because it simply provides an advance on your future credit card sales. Not only does this make it the most suitable loan for businesses accepting a large percentage of credit card payments, but it also makes it a straightforward loan to qualify for.
An MCA doesn’t require fixed payment like most other types of loans. Instead, your repayments are based on a percentage of your credit card sales. If your credit card sales were to decrease, then your repayment amount would decrease too.
Zinch also offers an MCA, known as Zinch Flex, which is a superior choice for business owners who prefer simple, flexible payment terms based on the revenue their business generates.
4. Invoice Financing
Invoice financing is suitable for businesses who have a large number of unpaid invoices and require a 24-hour loan. It allows you to choose the amount of invoices you wish to use to secure the loan, and then a lender will provide you with 90% of the total amount upfront.
Customers will pay the lender directly, rather than you, when they pay their invoices. Once you’ve paid off all of your invoices, you’ll receive the remaining 10%, excluding any fees that accumulated during the term of the loan.
5. Equipment Financing
Equipment financing allows you to gain finance to replace or purchase a new piece of equipment. Because the new equipment is used as collateral, this type of fast cash is easy to apply for and obtain.
Typically, lenders will finance up to 100% of the equipment’s price upfront, while others require you to pay 10% to 20% of the total cost.
How Do You Qualify for a Small Business Loan?
To qualify for a 24-hour business loan from Zinch, business owners must have been in operation for at least 6 months and have over $10,000 in monthly sales.
How Long Does it Take for a Small Business Loan to Deposit?
You will receive an outcome on your Zinch business loan application within 24 hours. Approved funds are then deposited into your nominated bank account within just 48 hours.
Need a 24-Hour Small Business Loan?
Zinch provides business owners with fast, easy, and flexible finance to assist them with the instant cash infusion they need.
Contact us at (714) 500-6622 to learn more about your small business loan options with Zinch. You could qualify for up to $250,000 in just 24 hours.View OptionsExportSend to WordPress
