When your business needs funding, time is often of the essence. Whether you’re looking to cover a cash flow gap, invest in growth or capitalise on an unexpected opportunity, quick access to a business loan can be critical.
But how fast can you actually get a business loan in the UK? It all depends on a few key factors, including the type of loan, your preparation and the lender you choose.
In this article, we’ll explore the different ways you can speed up the process and get the funding you need as quickly as possible.
The type of loan you apply for
The speed of securing a business loan largely depends on the type of loan you’re applying for. Not sure which option is best for you?
Here is a breakdown of common loan types and their typical approval times:
- Traditional bank loans: High-street banks in the UK usually have longer processing times. You may need to wait anywhere from a few weeks to over a month for approval, due to their rigorous vetting processes. Banks require extensive documentation and may take their time reviewing your financial situation.
- Alternative lenders: If you’re in a hurry, alternative lenders can offer much quicker approval times. Lenders such as Funding Triangle specialise in fast business loans, where you can get approval in as little as 24 to 48 hours. Unlike traditional banks, alternative lenders are more flexible with eligibility criteria and repayment requirements. Plus, due to the process being fully digital, it takes far less time to apply too.
- Government-backed loans: Schemes such as start-up loans or the British Business Bank’s Growth Guarantee Scheme are designed to support UK businesses, but their processing times can vary. While they provide valuable support, they typically aren’t the fastest option available, especially if you’re looking for immediate funding.
Your preparation matters
How quickly you can get a business loan doesn’t just depend on the lender – it also depends on you. The more organised and prepared you are, the faster your application can be processed. Lenders often ask for detailed information, so having everything ready in advance can make a huge difference. Here are some essentials you’ll need:
- Up-to-date financial records: Lenders want to see a clear picture of your business’s financial health. Make sure your profit-and-loss statements, balance sheets, and bank statements are current and in good order.
- Business plan: Even for quick loans, lenders want to know why you need the money and how you plan to use it. A concise business plan with solid financial projections can speed things along.
- Credit history: Both your business and personal credit scores will likely come into play. It’s worth checking your credit report in advance to resolve any issues that might slow down the process.
Digital lenders vs traditional banks
One of the key factors that can affect how quickly you receive a business loan is whether you apply through a traditional bank or a digital lender. Traditional banks often require in-person meetings and manual document submission which slows things down. In contrast, Funding Triangle’s streamlined process offers much faster turnaround times.
With our simple application form, you can easily upload documents, complete your application and receive approval within hours or days. Once approved, funds will be transferred to your business account quickly – often even on the same day.
Loan amount and repayment terms
The amount you’re looking to borrow can also impact how fast you can get a loan. Larger loan amounts typically require more scrutiny from traditional lenders, which means the approval process takes far longer. On the other hand, smaller, short-term loans are often approved faster, especially if they fall within the lender’s standard limits.
Flexible repayment terms might also help speed things up. If you’re open to shorter repayment periods or adjusting your loan structure, lenders may be more willing to fast-track your application.
Get approved for your business loan today with Funding Triangle
So, how fast can you get a business loan? The answer depends on choosing the right lender, your level of preparedness, and the loan amount. With traditional banks taking weeks to process applications, Funding Triangle offers a much faster and more convenient solution.
Our streamlined application process allows you to access unsecured loans ranging from £10,000 to £500,000, with competitive interest rates starting from 4.8%. With access to over 120 lenders, you can get same-day approval and receive funds in your bank account within 24 to 48 hours.
Start your journey today by completing our quick application form and get the funds you need to take your business to the next level – fast and hassle-free. Or read our guide: How to Get a Small Business Loan Fast.
