Quick business loans

Every business has periods when they need more cash than cashflow will allow – it could be to make an emergency repair, meet a sudden tax demand, or perhaps to grab an opportunity that’s too good to miss.

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Whatever the reason, when your business cannot spare the cash to meet unplanned obligations, financial problems can quickly multiply, or the golden goose you were chasing may go to your competitor.  

Fortunately, quick business loans can solve these kinds of issues – giving Canadian SMEs the funds they need  immediately and with the minimum of fuss. Not sure what quick business loans are, or how fast business finance works? Read on to find out all you need to know about getting extra cash in your account in no time at all.

What is the difference between an instant approval business loan, and a typical loan?

The clue is in the word ‘instant’. Quick business loans are for organisations that need money in a hurry.  Applications are usually approved in seconds and completed in the shortest possible time, often placing funds into the borrower’s account in 24 hours or less. Loans of up to $10,000 may be available.

In comparison, securing a traditional business loan begins by completing a formal application and providing documents to the lender. This stack of data is then reviewed by an underwriter, a process that can take days, or sometimes weeks. Once the loan is approved, contracts must be signed and exchanged, and only then will funds be transferred to the borrower’s account. From time of application to release of funds, typical business loans will take 3 to 4 weeks to process – although the sums available may be higher than with instant approval loans – allowing businesses to borrow up to $10,000.

How do quick business loans work?

Instant approval business loans use sophisticated software to analyse the borrower’s application, relying on credit scores, and readily available business information to determine risk. Initial approval may be provided in less than a minute, at which point the application is passed through for second stage review. After final approval, funds are provided by electronic transfer and can be in the borrower’s account the following day.

Why might you need a quick business loan?

As all SMEs are aware, financial surprises can come out of nowhere, and all sorts of reasons can drive a sudden need for cash. Quick business loans can soften the financial impact of unexpected events by providing funds at very short notice, and for almost any type of purpose:

  • Cover dips in cash flow
  • Seize a new business opportunity
  • Replace or repair business equipment
  • Expand marketing activities
  • Pay for inventory
  • Cover wages or pay bonuses
  • Pay for staff training
  • Fund emergency repairs to premises
  • Pay a sudden tax demand

How do I get an instant approval business loan?

Firstly, you need to meet the minimum application criteria:

  • Do you have a trading history of more than 3 months?
  • Is your business turnover at least $5,000 per month?

If you can answer yes to the questions above, applying for a quick business loan is simple: Click on the button below to apply. Receive your initial approval in seconds.

How long does it take to get funded with an instant loan?

Quick business loans can place funds into your business bank account in a few days, often within 24 hours of approval.

What documents do I need for fast business finance?

Applying for a quick business loan is typically straightforward. Most lenders will require the following information:

  • Cashflow forecast.
  • Profit and Loss Statement and recent Balance Sheet, (if available). 
  • Details of any other debt.

Top Tip: Some lenders may ask for a personal guarantee by the business owners or directors to secure the loan. If they do, they will check their personal credit scores. Don’t get caught out by an error on your credit report, always check your business and personal credit scores before you apply.

Quick business loan calculator

How much does a quick business loan cost? Use our handy calculator to discover monthly interest and repayment amounts, plus total interest and cost.

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This calculator is intended for illustration purposes only and exact payment terms should be agreed with a lender before taking out a loan.

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How do I find the best instant business loan?

SMEs seeking fast business finance may find themselves forever searching and making applications to lender after lender. The delays this may create could cause problems for your business. Instead, working with Swoop, who can access quick business loans from a wide range of lenders is a better way to go.  Even if you have bad credit, or have been turned down elsewhere, it may still be possible to secure the fast business loan you need. 

Get started with Swoop

If your business needs money in a hurry, register with Swoop to find the best rates, the best terms and the best quick business loans.

Written by

Chris Godfrey

Chris is a freelance copywriter and content creator. He has been active in the marketing, advertising, and publishing industries for more than twenty-five years. Writing for Barclays Bank, Metro Bank, Wells Fargo, ABN Amro, Quidco, Legal and General, Inshur Zego, AIG, Met Life, State Farm, Direct Line, insurers and pension funds, his words have appeared online and in print to inform, entertain and explain the complex world of consumer and business finance and insurance.

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At Swoop we want to make it easy for SMEs to understand the sometimes overwhelming world of business finance and insurance. Our goal is simple – to distill complex topics, unravel jargon, offer transparent and impartial information, and empower businesses to make smart financial decisions with confidence.

Find out more about Swoop’s editorial principles by reading our editorial policy.

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