How to Qualify for a Loan With Minimal Effort

As a small business owner, you probably don’t have a lot of time to jump through hoops in order to qualify for a loan. You especially lack this time when you’re not certain that a finance company will even approve your application. Even if they do approve it, you aren’t always sure how long you will have to wait before you can gain access to the money or what interest rate and fees you will have to pay. If you run a new or small company, you need transparent fees, an application with few requirements for approval, and quick access to funds.

Loans With Minimal Requirements

If you believe you can help improve profits by borrowing money, you should probably consider it. If you need more cash than you can advance on your credit card and aren’t sure a bank is the right option, you might explore an online lender like Kabbage. This company tailors their business to small business owners in a way that most small business lenders can’t match.

You can apply for a line of credit online if you need money this week or just want to hold it in reserve as an option. This is one of several fast lending options for small business owners that can help you raise funds to expand your company or handle current bills.

Consider some advantages of applying for this kind of loan:

  • If you need the money fast, this lender offers speedy online applications and approvals. In addition, funding that usually can be accessed within about a day after your request to transfer it to your business account.
  • Your business is entirely free to use as much or as little of the maximum loan amount as you choose. You don’t have to pay any fees on money that you don’t take.
  • Even if you don’t need the money this week, you might find that having access to this kind of loan helps you relax more. You know that you will have access to funding when you do need it, so you can make repairs, pay bills, and take advantage of some chance to increase your profits.

What Requirements Does This Online Lender Have?

Kabbage doesn’t rely upon businesses credit scores, and this is a relief to many small business owners. Companies can thrive and still not have great credit scores in their company name. Of course, many newer businesses are mostly owner financed or have relied upon personal credit. These kinds of businesses may be very worthy of credit, but they have a hard time proving it in the way that regular business lenders require.

This presents a problem when the business owner decides to raise more funding for growth or to handle a sticky issue with cash flow. Traditional lenders tend to want a lot of documentation, and they also require a lot of time and effort before they will make decisions. At the same time, most small business owners have urgent financing needs, busy schedules, and little time to waste.

Rather than using business credit scores, Kabbage allows you to submit other kinds of information about your company’s activity. Some examples of this information include credit card processors, business bank accounts, and even accounts to certain eCommerce websites where you may make sales. This kind of information can all be submitted as part of the online application process and checked by sophisticated and secure algorithms. This gives owners the advantage of quick applications, approvals, and funding. In addition, Kabbage lays out fees in a very transparent way, so the company’s owner will know how much the loan costs before he or she ever decides to apply.

Why Consider an Online Loan?

When you need money to purchase inventory at a discount, repair machinery, or simply expand your marketing reach, you probably need it fast. You also need some assurance that you aren’t wasting time and effort by even applying for funding. Finally, you will want to know how much the loan will cost in other to make a good business decision. An online lender, like Kabbage, works with many small businesses and has adjusted their requirements and services to serve them better.

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Posted in: Credit and Debt

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