Questions Every Business Owner Should Ask When Considering a Loan

If you own a business, you almost certainly wish you had some extra capital. Perhaps you would like to have more inventory on hand, hire sales reps, or expand your office. Whatever industry your business is in and however large (or small) your business is, having working capital on hand makes business run smoother. But the road to more funding can be confusing. There are several questions you will have to ask yourself before you acquire a business loan, but Fast and Easy Funds hopes to make this process a little easier.

  1. What kind of loan do you need? There are countless types of business loans that cater to a variety of needs. The type of loan you take will depend on your business’ goals. For instance, at Fast and Easy Funds, we offer several types of loans and lines of credit to help businesses expand.
    • Our cash advance is perfect for businesses looking to grow. You can receive $50,000 to $2,000,000. Our fast approval process is pretty painless. We just need a few documents, and we can have you funded in as little as two days. We also accept several types of businesses that banks have turned down; such as companies with prior bankruptcies and less-than-perfect credit scores.
    • Our easy term loans are three, four or five years, like a bank. There are no pre-payment penalties and no collateral is required. Our term loans are perfect for several industries looking to expand.
    • Our inventory and purchase order financing are perfect for companies that have a large purchase order or contract that cannot be fulfilled. We can offer $350,000 to $10,000,000 in financing. Fast and Easy Funds can approve your business in less than 24 hours.
    • Our accounts receivables lines of credit will help businesses with outstanding invoices that need to be paid faster. Fast and Easy Funds can help maximize your cash flow from $200,000 to $25,000,000.
    • Our asset based lending program is ideal for businesses looking to grow, as Fast and Easy Funds offers aggressive advanced rates. Receive from $500,000 to $35,000,000 in lending.
  1. From whom should you take a loan? Once you decide what loan makes most sense for you, you will have to decide who you are going to take it from. There are a lot of lenders out there, but they are not all the same.

First of all, you must decide if you want to work with a traditional lender, like a bank, or a different lender like Fast and Easy Funds. Banks tend to be much stricter in who they lend to. Fast and Easy Funds, on the other hand, works with businesses who have less-than-perfect credit or past bankruptcies. Banks also have a very lengthy application process and it can take months for approval. Fast and Easy Funds’ application is simple; it can be completed online with just a few documents. Depending on the loan you are seeking, we can have you approved in as little as 24 hours.

  1. At what rate and for how long? Rates will more than likely depend on the lender. Be sure to do your research and get a fair one. If you are interested in an asset based loan, ensure that you getting a fair rate in today’s tough lending environment. Banks, for instance, do not typically offer more than 40 to 50 percent. While Fast and Easy Funds has made plenty of asset based loans at 65 percent.