Best Invoice Factoring Business Loan
For a lot of companies, especially growing companies, cashflow can be an issue. Covering the costs of material, payroll, and other related expenses while waiting on payment from your customers can limit your ability to take on additional work, and grow your business. Having access to the best invoice factoring business loan can, can be a great resource.
What Is An Invoice Factoring Business Loan?
An invoice factoring business loan, allows you to take your accounts receivable (unpaid invoices), and turn them into quick capital for your business. Since this is money that is already owed to your business, there are Lenders that will use these unpaid invoices to secure the funding, and will lend your business money based on the invoice amount.
This can be a great option for any business that needs quick access to capital, or does not meet the underwriting criteria for traditional bank financing. Especially for Business Owners that have bad or challenged credit.
With a fast and easy funding process, these loans can typically be funded within 24 hours.
Benefits Of Invoice Factoring Business Loans
Fast Funding
Once you complete an easy online application and submit your unpaid invoices, it typically only takes a couple of hours to get approved.
Renewable Funding
As more unpaid invoices come in, you can continue to use those invoices to get additional funding to help grow your business.
Bad Credit OK
These loans are primarily based on the quality of the invoices that you are submitting, not the personal credit of the business owner.
Transparent Fees
All of the costs of borrowing are clear prior to borrowing. Typically a percentage of the invoice is lent, and a weekly or monthly rate is charged.
Get Approved For Invoice Factoring Business Loan
If you have any unpaid invoices, and have a need for additional funding, you just need to meet the following criteria in order to be eligible to apply.
- 3 Months Time In Business
- Minimum Of $10k In Monthly Revenue
- Business-to-Business Product
If you have at least 3 months time in business, and do at least $10k in monthly revenue, then your business may be eligible for multiple business loans.
You can use the form below to compare the Same Day Business Funding loan options and see which works best for your situation.
