Many Cleveland businesses are currently struggling due to the COVID-19 pandemic. The pandemic’s economic impact has thrown many small businesses into disarray. Under these circumstances, fast business loans for Cleveland are a more popular choice. That’s why it’s important to compare the faster business loans available to you.
The Fastest Business Loans
The fastest loans you’ll find for your Cleveland business come from alternative lenders. Online alternative lenders are the fastest and most accessible lenders in the US. If you have bad credit or your revenues aren’t high, they will usually still consider your application.
Alternative lenders charge higher interest rates than traditional lenders. That’s particularly true if you have bad credit. But if you have average or better credit, you can expect reasonable rates and often won’t need to secure your loan.
Are There Faster Options?
You can get business financing faster from business payday loans. But payday loans, while fast, carry extremely high rates that can ruin your business. They also have absurdly short repayment rates when compared to even the shortest alternative business loans. It is better to stay far away from business payday loans.
How Fast Are Alternative Business Lenders?
Many alternative business lenders take just a few days to approve your loan and transfer you the funds. In some cases, business loan applications are processed in a matter of minutes. You can receive the business funding you need during the same business day with some lenders.
The advent of fintech lending has automated much of the business loan application process. That’s how some lenders can send you an offer in under an hour using the information you submit and AI.
The Fastest Business Loans For Cleveland Businesses
Finding and applying for a great business loan doesn’t need to be a hassle. Thanks to the best local brokerage firms, fast funding is a simple process.
Capital Source Group
Capital Source Group is based in Ohio City. The Business loan brokerage firm provides Cleveland businesses navigate the business loans market. They have access to a network of over 70 lenders that can ensure your financing needs are met.
To get started, you can contact a representative in the firm’s Ohio City office.
Individual Small Business Lenders
Kabbage is one of the fastest business lenders in the industry. The “six-minute lender” processes most of its applications in under an hour. You can typically access the funds in less than one full business day. Their application process is also faster than their competition, taking just 10 minutes.
Kabbage is well-known for its speed and transparency. They respond to applications and inquiries quickly. And while their payment scheme is confusing, it’s more transparent than most of their competition’s. You can find their entire payment plan and all its components on the company’s website.
Kabbage offers typical business installment loans and a line of credit. Their rates are higher than average, but they are faster and easier to work with than other lenders.
Many lenders can send you your funds in less than one full day. But not many make a commitment to such fast processing times. Sky Bridge is one of the lenders that does.
Sky Bridge has committed to 24-hour financing times. You can always expect extra-fast loans if you choose to apply with them.
Sky Bridge only offers one product: a merchant cash advance of $5,000 to $500,000. They are a lenient lender, but they only provide their larger loans to companies whose finances justify it. They don’t require a minimum credit score either. But their revenue requirements are relatively high at $15,000 per month. The only other requirement is you must have been in business for at least 6 months at the time you apply.
Fundbox is a fast business lender with a commitment to next-day funding. Applying for their line of credit takes a matter of minutes. As an added bonus, you don’t need to put up any collateral for their unique financing.
Fundbox’s lines of credit start at $1,000 and cap off at $100,000. APRs start at a reasonable 10% but can rise as high as 69% for uncreditworthy borrowers. Their lines are fairly short-term, lasting just 24 weeks. If you need to cover half a year of expenses, this is a convenient option that gives you more freedom to use your funding over time.
Pearl Capital offers a merchant cash advance, but it’s different from any other MCA you’ll find. They provide MCAs as a lump sum of cash which you pay back over time. But instead of automatic repayments, they create an automated payment cycle from your business bank account. It’s a simple repayment process that offers an alternative to the typical MCA.
While Pearl Capital provides fast funding, it comes at a higher cost. They charge you a factor rate of 1.21 to 1.49. These rates are quite high, as is typical of most MCAs. But you still don’t need to make the large installment payments that you do with business installment loans.
The Last Word On Fast Business Loans In Cleveland
The fastest business loans aren’t often the cheapest. But if you need fast business financing you still have many options. Even if you have bad credit, many lenders are still providing next-day or faster business loans.