1. Easy to Qualify
Compared to traditional loan options, same day business loans have higher approval rates. Even if you don’t have an extensive business history or strong credit, there’s a great chance that you’ll still qualify for same day funding. In addition, we’ll most likely review your personal and business credit but the qualifications won’t be as stringent as traditional financial institutions.
2. Secure Extra Cash During an Emergency
Setbacks and emergencies can happen any time. Even though you can’t prevent them from happening, you need to be as prepared as possible. Knowing you have access to same day funding, you can prevent any emergency from putting a dent on your working capital.
3. Receive Working Capital in as Little as 24 Hours
As the name suggests, same day business loans allow you to access funds within 24 hours after closing! The funds will be deposited directly into your business bank account and you can use them immediately. However, keep in mind that bank transfer delays may happen, depending on the bank you’re working with. Be sure to check in with your local bank before applying for same day funding.
4. Inject Cash into Your Business
If you’re running low on funds, same day business loans can inject cash into your business. You’ll be able to keep your customers happy and keep your company running despite financial constraints.
Criteria and Eligibility for Same Day Business Loans
Since there are different types of same day business loans, the qualifications and the requirements will depend on several factors, like:
- The Use of Funds
- Trade History
- Personal and Business Credit Scores
For more information on qualifications and requirements, be sure to call us and speak with one of our lending experts at SMB Compass. Just dial our toll-free number at (888) 853-8922! Our team of professionals is eager to help you out, from your initial inquiry to closing!