When your business needs a loan, for whatever purpose, time is always of the essence. As a business owner, you have more pressing things to do than negotiate reams of paperwork and wait an age for a decision on your loan application. How long it takes for you to secure a small business loan, however, will depend on a number of different factors.
- Choosing lenders who can fund your business quickly
- What can affect the processing time for small business loans?
- How long does a Capify small business loan take?
Choosing lenders who can fund your business quickly
There’s no “industry standard” when it comes to the amount of time it takes for your loan to be processed, approved, and for money to be paid into your account. Some lenders, such as Capify can get you pre-approved in under 60 seconds, and the money will appear in your account within a few working days. Other lenders can take weeks, and maybe even months, to approve your loan and make a payment.
It’s important for you to do a bit of digging to see how fast your proposed lender can approve your application and make a payment. Small business loans can at times be sought in times of financial difficulty, or in times of immense opportunity. Perhaps you need to act quickly to meet a surge in demand, so it’s essential that you get the money as soon as possible.
What can affect the processing time for small business loans?
There are a number of different factors which can contribute to the overall time it takes to process your application – first of which is the information that you provide. The speed with which you’re able to provide the necessary documentation, as well as the accuracy of the information within it, will be the biggest single determining factor in the time it takes for a successful application. Remember that all of the information you provide needs to be validated and cross-checked to establish its authenticity before it can count towards your application.
All lenders have a specific underwriting process, which may take more time depending on how thorough the lender is and how efficient their communication channels are. If a lender is used to processing high volumes of applications, you likely won’t have to wait very long. Consider also the lender’s current workload. Your application may be one of dozens that they are dealing with on any given day. It’s important to make sure that each application is checked as thoroughly as possible – it’s a process that can’t be rushed if you want the best decision.
The type of finance in question is also worth considering – some simpler loans may have a short application process, where loans for larger amounts of money over longer terms usually need more thorough vetting.
How long does a Capify small business loan take?
With Capify, pre-approval for your small business loan can be done in as little as a few minutes. The actual processing speed of your application depends on how quickly you can provide the necessary supporting documentation. Make sure you understand what business information you need to apply, and secure it before you make your application.
Full approval is generally a few working days at most. If your loan is approved before 11:30 am, you will have the money in your account the same day. For quick business loans, apply online with Capify today.
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