Getting quick access to funding is essential when you’re running a small business, whether you need money to grab new opportunities or cover urgent expenses.
In the UK, navigating the lending world can often be stressful – but it doesn’t have to be. By understanding the process involved and making smart decisions, you can speed up your loan application and get the money you need fast.
In this article, we’ll share some handy tips for securing a small business loan quickly. Read on to discover practical steps to streamline the application process and improve your chances of approval.
Understanding your loan options
Before starting with the application process, it’s important to know the type of loan that best suits your business’s unique needs. In the UK, you’ll typically come across several options:
Bank loans: Traditional bank loans may take longer due to stringent requirements, but they offer stability.
Alternative lenders: Online lenders offer a faster, more flexible alternative to banks. These lenders often have streamlined processes and cater to businesses that may not meet the strict criteria of high-street banks.
Government-backed loans: Schemes like the British Business Bank’s Start Up Loans or the Growth Guarantee Scheme (GGS) are aimed at helping small businesses access finance, but the process can be slower compared to alternative lenders.
Prepare your documentation in advance
To make your loan application as swift and stress-free as possible, make sure you have all your important documents to hand. Lenders typically ask for:
- Business plan: A clear outline of how you’ll use the loan and the expected return on investment.
- Financial records: This includes your profit and loss statements, balance sheets, cash flow statements, and tax returns.
- Bank statements: Most lenders will want at least three to six months of bank statements to check that your business is fiscally strong enough to repay the loan in full.
- Personal credit score: Your personal financial standing will often come under scrutiny, especially if you’re a recent start-up. Be sure to check your credit report in advance and resolve any potential issues.
Having these documents prepared before applying will significantly reduce the time you wait for approval.
Choose the right lender
Some lenders take a lot longer to approve loans than others. Therefore, it’s important to choose a credible lender with a fast turnaround.
Traditional high-street banks often have lengthier approval processes. If speed is your priority, alternative finance providers such as Funding Triangle are a better option. With us, you can receive same-day approval and funding within 24 hours of your application.
Our quicker application process and more flexible terms mean you can avoid the extensive paperwork banks typically require.
Choose a lender with streamlined digital processes
In today’s digital age, many lenders offer online platforms that allow you to apply for loans in minutes. These platforms let you submit documentation, undergo credit checks, and receive approvals digitally, much more quickly than some other methods.
At Funding Triangle, we specialise in quick and easy online applications tailored to small businesses. As a result, we can help you avoid the bureaucratic delays often associated with traditional banks.
Be realistic about the amount you’re borrowing
Lenders are more likely to approve loans quickly when the requested amount is reasonable, in line with your financial history and backed by solid cash flow. Being realistic about how much your business needs – and can afford to repay – can increase your chances of quick approval.
Consider a personal guarantee
In some cases, especially for small or newer businesses, lenders may require a personal guarantee to mitigate their risk. While this comes with the risk of you repaying the loan if your business isn’t able to, it can also lead to faster approvals.
Use a broker for faster results
If you’re unsure where to start or want to speed things up, a loan broker can be incredibly helpful. Brokers have access to a range of lenders and can help match you with the best loan options, streamlining the process. They know which lenders offer faster approvals, meaning you can avoid wasting time applying for something you won’t get approval for.
Get same-day loan approval from Funding Triangle
If you’re a small business looking to secure a loan quickly, finding the right lender is everything. But, with so many options available to you, this can often be a time-consuming and difficult process in itself.
At Funding Triangle, we make applying for business loans quick and easy. We provide unsecured loans ranging from £10,000 to £500,000 with interest from 4.8%. With access to over 120 lenders, you can get same-day approval and receive funding in your bank account within 24 to 48 hours.
Complete our simple application form today and get the funding you need to grow your business. Alternatively, read out article on: How Fast Can You Get a Business Loan?
