Let’s face it -- managing cash flow is a top priority for business owners and at some point, every business faces a cash crunch. 

Whether you are trying to expand and grow your business, pay suppliers or meet a payroll deadline, there comes a time when you realize that you are in a serious cash crunch. You need additional funds for your business and you need cash now -- or yesterday!

Before you begin searching for fast business loans, ask yourself the following questions:

• How fast do I need cash?

• How strong is my personal credit?

• Do I need long-term or short-term financing?

How fast do you need cash?

Depending on your situation, you may need cash within 24 to 48 hours, or you may have a week or more to obtain financing. If you are experiencing a serious cash crunch, you probably fall into the category of needing cash within 24 to 48 hours. The options in this time frame become substantially more limited and you need to be creative in your attempt to get a fast business loan.  

How strong is your personal credit?

If you have strong personal credit, this opens up additional financing options and reduces your overall costs. However, if you have poor personal credit, you still have viable financing options, but may incur higher costs.

Do you need long-term or short-term financing?

As you look at your cash flow situation, you need to determine if you require long-term or short-term financing as this impacts the type of loan you need to improve your cash flow situation.  

Types of Fast Business Loans

The most common types of fast business loans are merchant cash advances and payday loans. Merchant cash advances require your customers to pay with credit cards, making this not only expensive, but also very restrictive. Payday loans are unsecured and can be obtained regardless of personal credit quality. However, beware of potential scammers and high interest rates and fees associated with payday loans.

Using Online Factoring to Improve Your Cash Flow

Factoring companies purchase accounts receivables from a business in exchange for an advanced funding amount for each invoice. By factoring your accounts receivables, you get the benefit of fast business loans by receiving the cash you need quickly, without the negatives associated with unsecured business loans.  

Fast A/R Funding offers a transparent, streamlined process for our clients, to provide financing that is designed to help your business meet its goals. Download our informative “Factoring 101” guide, or call 888.833.2286 to speak with one of our small business finance consultants.