Operating a business can sometimes be an up and down affair. You have times when you have lots of cash to spare and when all of your bills are paid before they are due and other times when you are looking under the sofa cushions for change and when you are begging bill collectors for more time. You definitely have a goal of getting yourself out of this feast or famine vacillating that is taking place, but in the meantime, you need to find some ways to get some quick cash because your business is currently going through one of those lean times. Here are some options for quick cash.
Quick loans these days amount to a variety of loans tied to assets you put up as collateral. If you take a check from your business or work and use that money to fund another business, or if you own a motor vehicle, you are in luck for a fast money loan.
Types of loans available
There are payday and short term loans, for which you need a job with a minimum acceptable income, to secure the loan. Your wages secure the amount you borrow. The amount you need to make from your wages varies by loan provider and so does the total amount they will lend. They also include logbook loans which are tied to your car title and money is lent against it.
How do you get these loans?
One of the reasons payday loans became so popular is that you can apply for and receive payday loans online. This carried over and is also the case with short term loans. So you can go through the entire process for your loan online and when approved the money can be placed into your bank account. Logbook loans require you to bring your car to the lender so it can be inspected.
General terms for payday and short term loans
To apply for any of these loans you must be older than 18 years. You must also have a monthly income exceeding £750. Additional criteria include an active checking account with a functioning debit card account. Along with this you need to have an active bank account with a valid debit card. These loans are great for those with bad or no credit because this is not considered when you apply for the loan. The loans typically each have high interest rates and high fees so they should be considered mainly as short term loans.
Another option – A Business Cash Advance
A business cash advance is a loan against your future credit card sales. For businesses that have credit card sales, this can be another option for fast cash. The lender will average out your credit card sales over a period and determine your average sales. The lender will then lend a percentage of that number and your business will turn over an agreed upon percentage of the credit card revenue to the lender until the loan and interest is paid off. The money is diverted from the credit card processor, so the business never sees the income. If your business is eligible for this type of loan, it is definitely one to consider for fast cash.
Running a business requires making tough decisions all the time. Don’t run out of cash when there are loan options you can access to get you through the tough times.