How Fast Loans Work For Business

Getting a business loan with major financial institutions such as banks can take weeks, or even months. Simply Funds has this problem by providing fast loans for business. The combination of flexible lending criteria and a simple application process allow our lending specialists to create tailor-made loans for business owners. They will identify the loan type required, establish a suitable loan term, and determine the optimal repayment structure.

What is a fast business loan?

As suggested by its name, the main feature of fast business loans is that they can be approved and funded in less than 48 hours. We have designed a streamline application process that can be completed in minutes. Applications are often processed on the same business day allowing business owners to access the funds they require in a timely manner.

What are fast business loans used for?

There is no limit or boundary when it comes to the use of fast business loans. Stable cash flow is one of the keys to longevity with respect to small business and additional funding can be the catalyst for long term success. The financial needs of a business are constantly changing, and a business loan can help in numerous ways including the following:

  • Financial Distress:Business loans can provide the cash flow required to pay any outstanding debts including unpaid suppliers, other loan commitments, or tax obligations.
  • Business Operations: An injection of capital can be used to increase business operations through the purchase of new equipment or additional inventory.
  • New Opportunities: Funding can help businesses capitalise on new opportunities. This may include business expansion, the introduction of new products, implementation of a high-impact marketing strategy, or the hiring of more employees.

Types of fast business loans?

Simply Funds offer a wide range of fast business loans that cater for the various needs of small businesses. Our lending products include:

Small Business Loans:Funds obtained from a loan can help improve the prospects of success for any small business. A large portion of small businesses fail in the first 12-24 months due to an unwillingness to make difficult decisions – one of which is taking out a loan which would provide the cash flow required to effectively execute a business plan.

Caveat Loans:If you have a proprietary limited (Pty Ltd) company and a property that can be used as security, a caveat loan could be the best option. They allow you to access the equity in your property to borrow funds that can be used for business purposes. Loan terms range from 1 month to 36 months and no formal property valuations are required.

Second Mortgages:Comparable to caveat loans as borrowers can use equity in personal property with an existing mortgage. The main difference is that unlike a caveat, a mortgage gives the lender the right to sell the property in the event of a default.

Bad Credit Business Loans:Major financial institutions such as banks see bad credit scores and are quick to turn their backs on applicants. Our flexible lending criteria provide us with the ability to service clients with previous defaults or bad credit scores.

Property Development Loans:Financing options available for both residential and commercial projects. Key features include interest capitalisation and staged payments.

Start-Up Business Loans: Specifically designed to assist businesses in their infancy who are finding it difficult to obtain the finance required to turn their dreams into a reality. Limited cash flow or a lack of financial statements may not prevent you from getting the funds needed to kickstart your business.

Am I eligible for a fast business loan?

During our time as a premier lending institution, we have found that people are unaware of their eligibility when it comes to borrowing funds. A major contributing factor to this is a reluctance to apply for a loan due to a fear that it will have an adverse impact on credit scores.

As a result, we have designed a transparent application process where applicants can find out if they are eligible for a loan within minutes. Furthermore, Simply Funds can provide applicants with a pre-approval without having any impact on your credit history. Once your application is received, a lending specialist will contact you and ask some basic questions regarding your assets and liabilities.

The use of desktop valuations rather than formal property valuations means that we can prepare loan documents in a timely manner before settling the loan and making the funds available to you. Learn more about how it works.

How much can I borrow?

The amount which you will be able to borrow depends on several factors including the type of loan and your financial situation. Consider the following three categories and how they may apply to your needs.

Secured Loans: Refer to lending products where a form of collateral is used to secure funding. Borrowers can leverage existing assets such as a residential home or commercial property. The amount that can be borrowed ranges from $50k to $5 million. The value of the real estate being used as security, its location, and the equity available are all considered when determining the amount that can be borrowed. A loan to value ratio (LVR) of up to 70% is available but this may be limited for real estate located in rural areas or vacant land.

Unsecured Business Loans: The flexible lending criteria of alternating funding institutions allows them to provide finance to borrowers who do not have an asset that can be used as security. Unsecured business loan amounts range from $5k to $50k and may require additional financial information depending on the amount being borrowed. Business owners with a history of success and consistent cash flow will find it easier to access unsecured business loans.

Development Loans: Simply Funds can provide financing up to $50 million across both residential and commercial projects. Projects with 5 or more dwellings will be classified as commercial and require a minimum loan amount of $1 million. Our lending specialists will consider factors such as reputation and prior success when determining the maximum amount that can be borrowed.

What are the loan terms and repayment structure?

Flexibility is a key characteristic of all Simply Funds business loans. Our lending specialists will take into account the nature of your business, financial situation, and cash flow to design a repayment plan that suits you. The most common loan terms range from 1 month to 12 months with the availability of long-term extensions.

Depending on your cash flow, you can set periodic repayments, elect to make a lump sum payment, or a combination of the two. Specific loan products such as our property developments loans also offer interest capitalisation and staged payments.

For a fast business loan that offers flexibility and funding within a 48-hour period, complete an online application form today.

Many mortgage brokers and accountants are not aware of second mortgage loans as short term solutions to offer business customers, especially for significant amounts of money. When borrowers have a clear business plan and exit strategy, second mortgage loans can be an excellent way to grow a business.

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A Bizcap provides both Unsecured and Secured loans to Small Business Owners. When assessing a loan application Bizcap generally doesn't take into consideration if a prospective customer has specific assets to provide as security. However:
(a) if the loan amount is above $30,000 (or any other figure which Bizcap determines from time to time), Bizcap will, under the loan agreement take a charge. For a corporate borrower and any corporate guarantor, the charge is over all of that entity's present and after-acquired property (that is. the security is not over specific assets but any and all assets which the entity may have). For a sole trader borrower and any individual guarantor, the charge is over its current and future real property; and
(b) in certain instances, for example, where the loan relative to the cash flow of the borrower is of a size that warrants the provision of security over specific assets. Bizcap may require specific security to be granted over those assets. Bizcop may register its security interest(s) under relevant legislation, including the Personal Properties Securities Register and the register held under the Real Property Act 1900 (NSW) or Its equivalent.
I n addition. Bizcap may take personal guarantees from directors of corporate borrowers, directors of corporate guarantors and certain individuals. No registrations are made in respect of guarantees.