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5 Methods to Help You Secure a Quick Business Loan

Are you a UK-based entrepreneur looking for ways to expedite your business loan application?

Harnessing funds swiftly can be crucial for business operations, developmental projects, or tackling unexpected circumstances.

Whether you require cash for scaling up or handling cash-flow crunches, getting a business loan quickly can be a game-changer.

In this blog, from the team at Smart Funding Solutions, we share five valuable methods to help your business secure a fast loan.

Let’s take a look.

businessman checking watch

Plan Ahead and Prepare

As the saying goes, “Failing to plan is planning to fail.”

This certainly applies when you’re planning to apply for a quick business loan. Start by determining how much funding you need and the purpose behind it. Is it for investing in new equipment, expanding your team, marketing, or cushioning your working capital?

Once you’ve clarified the amount required and the purpose, you’ll be better equipped to choose between a short-term loan, long-term loan, lines of credit, or other financial solutions.

Having a robust business plan also plays a vital role. It should give a comprehensive picture of your business operations, market, unique selling proposition, competitor analysis, financial background, and projections. A well-structured business plan can be highly persuasive to your lender.

Maintain a Healthy Credit History

A robust credit history makes a significant difference when seeking a business loan. Good credit demonstrates to lenders that you manage your finances responsibly. There are two types of credit scores that lenders look at – business credit score and personal credit score.

Companies such as Experian, Equifax, and TransUnion calculate credit scores in the UK. Your score depends on factors such as late payments, length of credit history, credit utilisation, and types of credit used.

If you find your credit score isn’t particularly strong, consider taking initial steps to improve it. This might mean making sure all bills and repayments are made on time, or possibly consolidating your debt.

Want to know your credit score today? Fill in our form and receive a comprehensive report.

Gather All Necessary Documentation

Accurate and thorough documentation expedites the loan approval process. Lenders require these documents to verify everything about your business and financial condition. Failing to provide needed documentation can delay your loan approval and disbursement.

Commonly required documents include financial accounts (profit and loss account and balance sheet), tax returns, bank statements, and personal identification. Depending on your business type and the lender, you may also require proof of ownership, legal agreements, business licenses, and permits.

man applying for loan on computer

Choose the Right Lender

There’s a plethora of lenders ready to provide loans, each with its unique set of procedures and requirements. Traditional banks generally have stringent lending criteria and slower approval processes, but they may offer lower interest rates.

On the other hand, alternative lenders usually have a quicker and simpler application process, making them a suitable choice if the speed of approval is critical. However, be mindful that expedited service might incur higher rates or fees.

Consider using intermediaries or financial brokers like Smart Funding Solutions. These agencies have extensive networks of trusted lenders and in-depth knowledge in matching businesses with suitable financing solutions.

With access to over 300 lenders, we’re rarely short of options for our clients and our broad range of knowledge and expertise allows us to recommend what products might work for your specific business. Who knows, you might even be eligible for something you didn’t even know existed.

Apply Online

The digital era has revolutionised the loan application process, making online applications a faster alternative to traditional, paper-based applications. Applying for loans online eliminates the need for physical meetings or extensive paperwork.

Moreover, online lenders usually leverage cutting-edge technology to automate the loan processing strategy. Therefore, they can make quicker decisions and you could potentially receive your funds in a matter of days (or in some cases, hours) rather than weeks.

Achieving a quick loan approval requires some preparation, but the time invested is worth it when you can secure the funds your business needs, precisely when you need them. Be informed about the options available, seek professional assistance when required, and be prepared to invest some time in constructing a comprehensive loan application package. Implementing these methods ensures a more efficient loan process, leaving you with more money for your business and less time spent on applications.

At Smart Funding Solutions, we’re set to empower entrepreneurs with practical financial knowledge and connections to the best lenders. Contact us today for personalised advice on business loans longing to meet your business needs – big or small, complex or simple.

Make use of our online portal, whereby you can answer a few straightforward questions, and upload some basic financial information and one of our expert advisors will come back to you within 24 hours with your indicative terms. This allows you to get an indication of what loan products might be available to you, without the hassle of submitting several applications.

Apply today by clicking here.

two business owners talking

Conclusion

Fast-paced business environments often necessitate quick access to funds. Regardless of whether it’s to invest in an exciting opportunity or to manage unforeseen expenses, securing a swift business loan is often critical. To meet this need, UK-based entrepreneurs can leverage various strategies.

Initial planning, including a well-articulated use of funds plan, is a fundamental step, providing a clear vision of your financial needs. Simultaneously, maintaining a healthy credit history gives lenders confidence in your reliability.

Having the required documentation ready accelerates the loan process, reducing any potential lags due to missing paperwork. Choosing the right lender, be it a traditional bank or an online provider, aligns with the urgency of your need and can significantly impact the speed of fund disbursement. Lastly, taking advantage of online loan applications can significantly quicken the process, thanks to advanced technologies and streamlined procedures.

In an increasingly competitive business landscape, securing a timely business loan can be the key to maintaining a positive cash flow and achieving business success. By following these guidelines and seeking professional advice when needed, the journey to quick business financing can be notably more manageable and efficient. Smart Funding Solutions are always on hand to offer personalised advice, making the process of securing the right business loan simpler and faster.

Want to know more? Then contact our team today.

 

 

 

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