Fast Business Loans: How to Find the Best Lending Partner

Small Business Loans - 3 Min Read

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Small business owners frequently have need of immediate cash to take advantage of an opportunity, expand, make repairs or to increase their cash flow. However, depending on the lender you work with, getting fast business loans for growing your business isn’t always an option. Banks can sometimes take weeks, or even months, to approve you for a business loan; especially if an SBA program is involved. Finding the best lending partner to meet your needs quickly can alleviate a lot of frustration, long delays and lost revenue. Fast business loans aren’t impossible to find, you just can’t find them at traditional banks.

Here are some tips to help you find the best lending partner for your business.

Check the lending partner’s reputation

Make sure the company has existed for several years and has a solid reputation. Look for online reviews of the company. Check here for Mulligan Funding Reviews. The stability and reputation of a lending company can give you justifiable confidence when applying for fast business loans. These funding providers can typically offer fast business funding to small businesses and offer a variety of terms to help with your specific business needs.

Look for industry specialties

Some lending partners specialize in providing fast business funding for certain industries or different sized companies. It’s particularly important for small business owners to look for a funding provider who works with small to medium-sized businesses primarily. These partners know and understand the importance of fast business loans for small businesses, so you won’t have to jump through hoops to get your loan or business cash advance when you need it.

Do you want unrestricted use of funds?

One thing many small business owners tend to overlook is that many lending partners have restrictions on how the proceeds of their business loans can be used. Believe it or not, some won’t allow business owners to use their business cash advance on certain aspects of the business. This “fine print” can easily lead to problems down the road. Additionally, many lending partners will require collateral to be assigned against the loan.

As a small business owner, you may need fast business loans to pay for inventory, take advantage of a marketing opportunity, meet payroll deadlines, pay unexpected expenses and much more. Being able to use your business cash advance or loan as you see fit will give you the peace of mind to know that you have enough working capital to satisfy your needs whatever they may be.

Does the lending partner understand the immediate needs of small businesses?

The best lending partner for your business will understand the specific fast business funding needs of your business. It doesn’t do a small business owner any good to get a fast business loan if they take more than they can use effectively to grow or strengthen their business. Accessing more capital than you need can actually put you in a worse position financially. The whole point of fast business funding is to survive unexpected expenses and to meet immediate needs while paying back the money in a short amount of time. Big lenders sometimes won’t allow you to pay off the loan for a certain period of time without a prepayment penalty, just so they can profit more from the loan they give you.

When looking for quick business funding it’s important to choose the right lending partner for your business. At Mulligan Funding, we work closely with our small business owners to help meet their specific needs. We’ve been providing access to fast business funding since 2008. We’ve helped over 50,000 business owners. If you’re looking for a lending partner you can rely on in any situation when you have a financial need, call Mulligan Funding at 855-326-3564 to discuss your financing options today!

The information shared is intended to be used for informational purposes only and you should independently research and verify.

Note: Prior to January 23, 2020, Mulligan Funding operated solely as a direct lender, originating all of its own loans and Merchant Cash Advance contracts. From that date onwards, the majority of funding offered by Mulligan Funding will be by Loans originated by FinWise Bank, a Utah-chartered Bank, pursuant to a Loan Program conducted jointly by Mulligan Funding and FinWise Bank.