Quick business loans: fast and efficient funding solutions for your business needs
With funds hitting your bank account in hours, fast business loans can help you cover any unexpected costs and avoid short-term cash flow problems. Read on to find out how they work and how they differ from regular business loans.
- Borrow from 1 day to 2 years
- From £1,000 to £500,000
- 24 hours to get a decision
- No fees for repaying early
Loved by over 90,000+ small businesses since 2012
What is a quick business loan?
A quick business loan, also known as an online or instant business loan, is one of the quickest and easiest ways to get funding for your small business. By our definition, fast business loans allow you to receive money within 24 hours (subject to approval).Depending on what kind of financing you need, there are several different types of loans available to you, including unsecured personal lines of credit, invoice factoring and merchant cash advance.Here at iwoca we designed our business loans for small businesses: they're fast and hassle-free.
With a quick business loan, you can get the money you need in no time at all. The entire process is easy and straightforward. You simply apply for a business loan online and can receive a decision within minutes; if approved, the funds should be available right away, and drawable after completing any funding steps.
Small businesses will likely need to give some basic information about their company and the loan they’re seeking. This may include the amount of the loan, what it will be used for, and the business's credit history. The application process should be straightforward and you can complete it in minutes.
Quick business loans are a great option for small businesses that need quick and easy access to financing. They can also be suitable for start-ups or businesses that have been turned down by traditional lenders.
Quick loans are often suitable for short-term business funding, as they’re designed to be paid out quickly. This makes them a great option for businesses that need to finance a one-time purchase or improve cash flow management, especially when longer credit terms are offered to customers.
How to apply for a quick business loan?
Apply in minutes
Submitting a business loan application is fast, it takes just five minutes. All we need is some basic information about you and your company.
Your funds on your terms
We'll assess you based on your business performance, amongst other factors. If approved, you can choose how much you need, complete some final steps and then draw the money down into your account (our record is 2 minutes and 37 seconds).
Repay your way
Interest is only charged for the time you have the funds. So if you decide to repay the loan early then you won’t be charged extra. However, a fee may be applicable for longer term loans.
What are the benefits of quick business loans?
- A quick and easy business loan application process: it often takes just a few minutes to apply for these loans and the lender will make quicker decisions
- Quick business loans are different from other types of business financing because they usually don't require collateral.
- You can receive money in 24 hours, compared with traditional loans which often take weeks or months
- You can use these loans for any business purpose, like new investments or cash flow consolidation
Quick business loans are great if you only need money for a short while, such as to pay suppliers or expand your inventory before your revenue comes in, or for unexpected or emergency costs like broken machinery.
Drawbacks of quick business loans
This type of funding can come with higher interest rates and fees than traditional bank loans due to the quick turnaround.
Some fast business loans have short repayment periods, which means you’ll need to make larger upfront repayments and they may have a high interest rate. Not all small businesses will qualify for a fast business loan, so it’s important to do your research before applying.
Is a quick business loan right for you?
A fast unsecured business loan could be right for your business if you need quick and easy access to financing. These loans can be used for any purpose, are great for short-term needs, and have short repayment terms.
They are also suitable for start-ups or businesses that have been turned down by traditional lenders. So, if you’re looking for a fast and easy way to get the money your business needs, a fast unsecured business loan may be the right option for you.
What are the eligibility requirements for a quick business loan?
When applying for a quick business loan in the UK, various eligibility requirements need to be met by the business and its owner. These may include:
- Age of business: the business should typically be at least 12 months old, although some lenders might offer loans to younger businesses if they show strong potential
- Business revenue: lenders will look at your business's annual revenue to evaluate its ability to repay the loan. The required minimum will vary by lender
- Credit score: both the business and the owner's personal credit scores may be assessed. A good credit score can increase the chances of loan approval and potentially secure better rates
- Collateral: if applying for a secured business loan, the business must own assets of value that can be used as collateral
- Legal and financial documents: businesses may need to provide various documents, such as bank statements, company accounts, VAT returns, and potentially a business plan
- Industry: some lenders may have restrictions on the types of industries they will lend to, based on risk assessments.
Remember, eligibility requirements may vary drastically between different lenders. Always ensure to check the specific loan eligibility criteria of a lender before applying.
To apply for a quick business loan with iwoca you must have a UK-based business and operate as a limited company or a partnership.
Fund your future with a quick business loan
No early repayment fees
If you want to repay early that’s great. We’ll never charge a fee for that. In fact, more than 20% of our customers repay ahead of schedule in their first six months.
We’ve designed our application process to be as slick as possible: link your bank account and get going in minutes.
No hanging around
Once you’re approved, we’ll ping the money straight to your account. And if you need more later, you can apply for a top-up.
Read our in-depth guides about the world of business finance, designed to help you achieve more.
The iwoca story
Over the past eleven years iwoca has grown from an ambitious fintech start-up to one of the fastest-growing and biggest business lenders in Europe. Now we're a team of around 400 in London, Leeds and Frankfurt working towards the goal of funding one million small businesses.
Questions? We're here to help
Call us at 020 3397 3375 from Monday to Friday (9am - 6pm). We can take your business loan application over the phone, or answer your questions about applying online.
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