Businesses falling short of funds, not able to survive due to financial crisis, aren’t the only emergencies your business can run into. A huge opportunity to expand or to grab an important deal can be a business emergency, too. Such emergencies should be appreciated as they are here to make your business big.
Do not lose out on such opportunities due to lack of funding. We are here to guide you through in such emergencies. Read on to find your funding in the form of emergency business loans.
What are Emergency Business Loans?
Business loans that can be approved and disbursed instantly or within 24 hours to help your business in emergencies are called emergency business loans. Such loans are not offered by traditional lenders as they have a lengthy process with a lot of paperwork.
Emergency business loans can be processed by trusted direct lenders. These lenders do not require you to present papers for loan approval. These lenders mostly offer digital or online business loans and hence can process them at a rapid pace. 24 hours is the TAT(turnaround time) for most direct lenders.
Emergency Small Business Loans for Bad Credit
Most traditional lenders do not offer business loans for bad credit. However, you can find a way out of it in the form of trusted direct lenders. These lenders do not solely rely on credit score to offer you a loan. Your credit score is checked, but then, they do not do a hard credit check.
Your loan repayment capability is checked through your business’s revenue and operating tenure. These things are considered while deciding on your loan application, along with a few required documents, which you will find out in the section below.
How to Get Emergency Business Funding?
Your business needs to fulfill the listed requirements to be eligible for emergency business funding:
- Your business needs to be at least 6 months active at the time of loan application
- It must generate a revenue of at least $5000 per month or more
- It shouldn’t have any open bankruptcies.
The following are the documents required to apply for emergency business funding, so try to keep them ready as you apply for the loan:
- 3 months’ bank statement
- 3 months’ statement of credit transaction processing
- Landlord’s contact details, lease agreement or proof of ownership of the business premise.
Apply for Emergency Business Loans
The application for an emergency business loan is simpler and can be processed quickly provided you meet all the requirements. Here is the process to apply:
- Fill out the application form available on the lender’s website with details such as your personal information, contact details, business information, etc.
- The team will analyze your application and will get back to you with a loan offer and loan agreement.
- Upon agreement, your loan amount will be deposited into your bank account within 24 hours.
Top Lenders for Urgent Business Loans
If you are in a hurry to take a business loan, then prefer trusted direct lenders as these lenders can offer instant loans. Go through BusinessAdvanceFunding to get instant approval and same day funding.
BusinessAdvanceFunding is a trusted direct lender. We at BusinessAdvanceFunding do not do a hard credit check, and our whole process is online. Hence, we can offer you quick business loans.