Want fast money hassle-free; the same day or the next? It’s possible; just have your paperwork ready to go. If you don’t want to bother with financial statements, tax returns, etc. and need cash almost instantly then we have two options for you. Sometimes an opportunity requires fast action otherwise it will disappear; you simply have to know how to pull that trigger. Here are two fast cash choices.
1) SHORT TERM CAPITAL LOAN or a MERCHANT CAPITAL ADVANCE – Paperwork requirements include a credit application and 6 months business bank statements and if you take credit card transactions then 6 months of your merchant statements. Some people think you have to process credit cards to qualify for this loan but you don’t; only bank statements are required. In general, term can be 3-24 months and rates from 8-25% depending on credit report and amount borrowed. Funding can happen the same day or the next.
2) ASSET BASED LOAN aka SALE LEASEBACK – If you own heavy equipment, trucks, trailers, machine shop equipment, forklifts or real estate then you can borrow against those assets for a period of up to 36 months. The equipment doesn’t have to be new and usually within 5 years old will work. In general, you can borrow 50% of the liquidation market value and all you need to qualify is a credit application, proof of ownership of the asset like a title or paid invoice. Funding can happen within 3 days and rates will vary from 12-22%.
Newer businesses can build up their credit scores by taking out small short term loans as opposed to using your credit card. Of course, your bank credit line will offer the lowest rate but you should keep a reserve for emergencies since that line will have a maximum cap.