Small businesses are where the American dream comes alive. They take a chance, make a product or provide a service, and hope for success. But sometimes, even the most hardworking business owner needs help from their community to take that next step in growing their company. That’s why same day business loans exist! This article will explore what same day business loans entail and how they can be an asset to your small business.
A same day business loan is a short-term and unsecured solution for small businesses to provide capital during their crucial startup or expansion stages. Online lenders that partner with local banks usually offer these loans because the process takes entirely over the Internet. The application, approval, funding, and transfer typically take just one business day to complete! Now you can get back to focusing on what’s important: growing your company so it can succeed in today’s economy.
There are two main types of same-day business loans available: working capital financing and merchant cash advance financing.
Working Capital Financing:
This type of same-day business loan provides flexible repayment schedules for up to six years, making paying it back easy. What’s more is that same day business loans usually have lower interest rates than personal or traditional small business loans, which saves you money in the long run!
Merchant Cash Advance Financing:
This type of same-day business loan provides lump-sum funding to help your company grow. This financing option turns future credit card sales into capital today. For example, suppose a merchant cash advance lender offers your same-day business loan based on an expected $50,000 in monthly credit card transactions over the next year. In that case, they will send you a check for up to 50% of those projected transactions when approved! The only catch is that repayment must begin within 30 days and it involves paying back each transaction as soon as it happens, so it’s important to factor this into your cash flow planning.
Conclusion:
Both of these same day business loan options can be extremely helpful in getting your small business the funds it requires quickly and easily. If you’re looking for a short-term, unsecured solution to help fund your small businesses grow, then same day business loans may be perfect for you! These loans are especially beneficial if you don’t have the time to wait weeks or months for a personal or traditional small business loan to go through the approval process. What’s more, same-day business loans come with lower interest rates than some other financing solutions, making them an affordable option for many small businesses. Explore this outstanding opportunity today!