Beginning a new endeavor such as entrepreneurship is an exciting part of life. It’s also a challenge with unforeseen circumstances to face. Engineers are often among first time entrepreneurs. Part of that is due to their ability tendency to invent products that improve upon existing inventions or they may just create something new entirely. Inventions however, require patents, and patents can be expensive. Lending institutions such as Fast and Easy Funds are very keen on providing easy cash advances for engineers. No one else offers easy business loans at the rates that we do, or approvals in just minutes.
How to Apply for Easy Cash Advances for Engineers and Easy Business Loans
Before applying for any of our easy business loans, it is advised to have everything and anything in place that will help your business or product seem clear. For example, if you are seeking a business loan to market a mobile application that you’ve developed, then it’s important for you to show and explain why the application is important. One of the more important questions to ask yourself when launching a new business or product is whether your idea solves a problem. If so, then you must determine how to best explain this to your lender when it comes time to acquire funding.
Engineers have a knack for figuring things out, which bodes well in the eyes of a bank/lender, but it doesn’t necessarily equate to strong business acumen. With Fast and Easy Funds for example, we offer easy cash advances, but nothing is just given away. Fund are approved only when the application seems well thought out.
South Florida Business owners, like all others, are no strangers to financial hardship. Every now and then, sales reports see a slight dip in numbers and business owners turn to Fast and Easy Funds for easy cash advances to cover expenses. Business loans for seasonal businesses are especially prevalent during the summer.
Why do Small Business Owners Seek Easy Cash Advances During Seasons of Slow Sales?
Everywhere you look, small business owners are utilizing easy cash advances to sustain themselves. Part of the reason is because traditional bank loans with their high rejection rates and long application processes, have become less attractive to small businesses. This is a driving force in the demand for cash advances and often an easier alternative for entrepreneurs who want loans for seasonal businesses.
Differences Between Cash Advances
Of course, cash advances vary from lender to lender. Some may come in the form of a line of credit rather than a traditional loan. Consequently, not all cash advances are equal. Depending on the lender, you may have a good experience or bad experience. It’s important that wherever you go to acquire your short-term loan, that you go to a lender that’s reputable.
There are some cash advances that you can access simply by going to the ATM and using your credit card, applying online, or talking to your lender. These are typically easier, but charge a significantly higher interest rate. Another is a payday loan, in which an entrepreneur can take an advance on anticipated revenue.
For more information about cash advances and which is best for you, contact a rep at Fast and Easy Funds today.
Related: The Best Collateral to Use in Loan Applications
It is seldom that a growing business finds itself in a position where it doesn’t need to obtain capital from a bank, investor, or lending institution to meet certain business needs. There comes a time when a company needs to expand its line of products and services or build new stores in new territories. No matter the venture, companies are going to be the tasked with acquiring funding and to do so, business credit plays a large factor in the business loan approval process.
About 6 in 10 startup businesses use personal credit or savings as their primary means of funding for business purchases. Although it may seem like a great idea initially to use your own capital for launching your business, it can put entrepreneurs at a disadvantage. Building business credit gives a company financial leverage and flexibility in the future. Companies that have established strong relationships with banks and lending institutions are able to secure lines of credit, lease equipment, finance company vehicles and most importantly, obtain business loans and credit cards without putting their personal credit at risk.
Owners of startups are encouraged to take advantage of business loans from online lenders like Fast & Easy Funds early on when their business is in its critical stage of growth. Doing so then allows for them to have more negotiating power later when they truly need additional capital to finance business endeavors. Additionally, a business with an established banking history may potentially be valued much higher in the event that the owner is looking to sell the company or acquire investors.
Business don’t have the luxury of sitting on the fence for as long as the rest of us. With that in mind, Fast and Easy Funds has another 4 reasons why entrepreneurs should apply for an online cash advance right now.
Restaurants, seasonal outdoor adventures, retailers in tourist locations. No matter your business, there’s always a busy season. When your “season” is approaching and funds are tied up, what are your options? Online cash advances are a means to keep you afloat through the season.
Unlike a traditional business loan, online cash advances are renewable, meaning once you pay half, you can continuously renew the loan. It works the same way as a line of credit. There’s no need to panic, even if you have already received a business loan through a bank. No matter what the financial situation of your business, you might want to consider an online cash advance from Fast and Easy Funds.
Once you apply for a cash advance online, the approval process is fast. You could receive up to $500,000 in 2-3 days. If you have a poor credit score, you can still be approved. Past bankruptcies don’t automatically disqualify you from the online cash advance either, so long as they were discharged.
Receive an online cash advance from $25,000 and up to $500,000. This is a great way to be able to make moves to expand your business when funds are tight. Even if your business isn’t currently profitable, you can still get a Fast and Easy Cash Advance and work your way out of negative income. There’s no cost or obligation when you submit your information.
Your free quote will be on its way and you can decide whether or not it works for you. It’s “fast and easy” and you can rest easy knowing you explored your loan options.
Business owners will turn to the internet when looking for an online cash advance. They will research which online business lender is best suited, who has the best reviews, what customers are saying about the lender, and what is the required credit score for approval. However, do they realize that online lenders are doing the same to them?
For years, online lenders have used Facebook and Yelp to assist in their decision to lend to clients. It is part of the system that has allowed companies and lenders like Fast and Easy Funds to provide loans with a quick turnaround.
A recent article in the Boston Globe explains how the more established banks are entering the online business loan industry and using a business’s online reputation as part of the decision making process. Major banks like J.P. Morgan Chase are looking at the social media and customer reviews of potential clients. When you ask for an online cash advance, you are stalked briefly and your business is scrutinized from the customer’s side in order for a bank to make the decision of whether or not you are ‘worthy’ of a loan. Sure, this is definitely not the only thing that’s checked, but a business and a business owner’s online reputation is now officially relevant.
Now that business owners know that their next online cash advance may be dependent on their business’s Yelp reviews or their own personal Facebook accounts, how will this change social media and the accuracy of true reviews? Will business owners make sure that they have some friends write great reviews? The vetting process for this practice being accurate is tricky, but only represents a facet of the online business loan approval process.
The question that is perplexing loan regulators and business owners as of late is: are online lenders banks? More importantly, are they shadow banks? Are they considered to be institutions that have the same power as a bank but without the same responsibilities?
The difference between a bank and an online lender is simple: online lenders are not tethered by certain restrictions and they are also not covered in case of emergency (think bail outs and tax exemptions).
Another difference between traditional banks and online lenders is how they evaluate risk. There are far more requirements for small businesses to even be considered for a loan through a bank, whereas online lenders cut down on costs and can factor in more risk when awarding loans to business owners.
The Online Lenders Alliance has began using its clout to bring together alternative lenders to agree on a certain set of rules for online lenders. As the federal government begins taking online lenders more seriously, lenders like Fast and Easy Funds know that it is up to them to show their good faith so that they are not weeded out with the bad lenders surfacing online.
Fast And Easy Funds is committed to being the best online lender for small businesses, offering the best cash advances, easy term loans, and asset based lending structures available.
Alternative lenders have been able to provide American businesses with loans precisely because they are not banks. Traditional lenders have become a bureaucracy that created online lenders in order to bring the small business owner back to the forefront of American industry, and recreate the American Dream.
The online lending scene has had a year of ups, downs, and a few twists and turns. For one, more regulation and government oversight has been a hot topic in the financial sector recently. Additionally, competition from big banks granting small business loans has shaken up the industry. The average online lender services like asset based lending and cash advances is experiencing some growing pains.
As a sense of legitimacy enters the world of online lending, the industry itself is shifting to take on new responsibilities and adapting to the new market. As a proprietor of cash advances and other business lending practices, Fast and Easy Funds understands the importance of maintaining pace with the ever-changing financial market.
The financial market has always been a difficult sea to navigate. It would seem that more proof of the existence of Adam Smith’s invisible hand guiding the market can be found in the decision made by big banks to reconsider how they award business loans in 2016. The decision for JP Morgan and Wells Fargo to follow in the footsteps of online small business loan lenders is also prove that it is working.
What’s next for the online lending industry, small business loans and cash advances? Exponential growth is expected, as well as big banks creating some competition, but there is skepticism that big banks will be able to be successful in lending small business loans in the same fashion as smaller online lenders like Fast and Easy Funds.
If you have been keeping up with the latest news regarding business loans in the first quarter of 2016, you are aware that a lot is happening. Loan approval rates are on the rise and major banks are loosening up restrictions. Of all the loans available to companies in the United States, a recent report shows that most businesses are turning to “cash advances”, also known as “merchant cash advances”.
A study conducted by the Federal Reserve Bank suggests that entrepreneurs want loans that act as lines of credit, which is why most are choosing cash advances. The Fast and Easy Funds cash advance works like a line of credit and can be renewed as many times as needed, as long as 50 percent of the original loan has been paid off. The Federal Reserve Bank further reports that 57 percent of entrepreneurs are choosing cash advances over any other loan.
Everyone knows that loans are always paired with penalties and interest rates, but cash advances work a little differently. Cash advances are awarded and calculated using an estimate of future sales and the businesses repays the loan out of a percent of the sales made on a weekly or biweekly basis. The business enjoys the benefits of using the loan as a line of credit, and monies can be acquired easily by drawing directly from the fund. Although seasonal businesses are often the most apt to choose a cash advance over any other loan, many other businesses are choosing this form of credit over other loans.
If you are new to the landscape of business loans, it may be a bit jarring at first; all the technical banks terms, acronyms and complex terms and conditions can leave your heads spinning. A common misconception is that a cash advance and a line of credit for a small business are similar and it’s easy to see why entrepreneurs don’t know the difference at first.
Cash Advance – This is an advance; so the cash that is received is contingent on future sales. Often called a merchant cash advance, this is where business owners will agree to pay back an up-front loan with future sales and pay a portion of the credit card sales directly back to the lender. It’s a way for a business owner to rely on future sales to cover current costs. A lot of business will find themselves opting for a business cash advance as a means to stay afloat in slow times or if opportunity strikes.
Business Credit – When you apply for a line of credit, it works in a similar fashion for businesses as it does for personal credit. You are allotted a certain credit amount and you can chose how much you take from there. Then interest is applied and you are to pay back the loan in a certain time frame or a certain amount per month. A line of credit can seem appealing at first but the same pit falls apply.
At the end of the day, there are pros and cons to both and knowing the difference is the first step to making an informed decision. Check out the Fast and Easy Funds blog to learn more about small business loans.
Almost every business that has ever existed has taken a loan out at some point. Tesla, Microsoft, even Apple computers, no business is immune to fluctuating markets or business opportunities that require quick cash. If your business has experienced a loss in sales or has defaulted on previous loans, the issue then becomes how you can get a loan with bad credit? The solution for your growing business may be asset based lending.
Asset Based Lending
Standard business loans from banks come with aggressive interest rates and any asset based lending usually requires 40% to 50% inventory in advance. This strategy works for big banks but often leaves small to medium sized business owners with tight restrictions and a cash flow that can be more trouble than its worth. Asset based lending is a solution offered by the financial professionals at Fast and Easy Funds.
Business loans are meant to providing breathing room and potential for growth to the companies that receive them. The Asset based lending structure at Fast and Easy Funds is a method of taking advantage of what you already have. Using your assets as collateral, loans are paid to your business that will provide the freedom they already need.
These loans are especially well suited for companies with a lot of assets. Typically, asset based lending is utilized by companies in the manufacturing, service or distribution industries because of the vast and high quality assets they possess. But if your business does not fall into any of those categories do not count yourself out. Loans can be awarded for vehicles and real estate.
Visit Fast and Easy Funds to find out more and take your freedom back!