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Key takeaways
- You will need to provide both personal and business documents to be considered for a fast business loan
- Providing accurate and complete documents helps avoid delays
- New businesses may need to submit a business plan
If your company needs quick cash, you’ll want to apply for a fast business loan. These loans offer same-day approvals and funding within one to three days. They tend to come from online lenders or other specialized business lenders.
To keep things moving quickly, fast business lenders typically have shorter applications and require limited documentation. However, you’ll still need some paperwork to complete your application.
If you have these fast business loan documents ready before you start the application, you can help the process go smoothly.
Information about yourself
Most fast business lenders will need you to provide basic details about yourself. Many also require a personal guarantee for your loan, so they’ll ask some questions about your financial situation.
Some documents you should have ready include:
- A government-issued photo ID
- Proof of address, such as a utility bill, pay stub or postmarked mail
You’ll also have to provide some other information, including:
- Your date of birth
- Social Security number
- Phone number
- How much of the business you own
Documents about your business
When you apply, you’ll have to provide documents for your fast business loan that show that you have a legitimate business and that offer insight into your company’s finances. Fast business lenders only ask for the most basic documents that they need to assess your company’s finances.
Though fast business loan required documents can vary by lender, you will most likely need:
- Employer identification number: You can apply for a free EIN, also called a business tax ID, from the Internal Revenue Service online, by mail or by fax.
- Recent bank statements: These show your company’s recent income and expenses, letting the lender get a sense of the company’s revenue and ability to repay the loan. Most lenders will want to see the last few months worth of bank statements from your business bank account.
- Outstanding debt information: If you already have credit card, loan or other business debt, the lender will want to see your payment history, loan balance and repayment terms to ensure you can afford to repay an additional fast business loan.
- Business formation documents: These can be articles of incorporation or other documents from the government showing that you’ve officially formed the business. Nearly every lender will ask for this info.
- Tax returns: This lets the lender review your company’s financial history over the past years. Many fast business lenders won’t require this until you’re on the cusp of qualifying.
You may also be asked to provide:
- Balance sheet: This shows all your company’s assets, shareholder equity and liabilities. While traditional business lenders typically want to see this, many fast business lenders skip it.
- Profit and loss statement: A P&L or income state summarizes your small business’ expenses and revenues, showing whether the company incurred a loss or profit over a specific time period. Some fast business lenders may want to see a recent P&L statement.
- Business plan: Most fast lenders won’t ask for a business plan, but if you’re running a very new company it could help.
- Financial forecasts: Fast business lenders generally won’t ask for forecasts, but there could be cases where well-reasoned projections of your future success could persuade a lender to approve you.
- Proof of collateral. If you’re getting a secured loan, you may need to provide this. However, many fast business loans are unsecured, meaning you won’t need collateral at all.
Bankrate insight
Fast business lenders will often require minimal documentation when you first apply or prequalify for a loan. But you may need to submit additional documents before receiving a finalized loan agreement once an underwriter reviews your documentation and application.
Bottom line
One of the benefits of fast business loans is that they don’t require many documents. Many lenders tout that their applications take just a few minutes to complete. Even though getting approved within 24 hours or less is possible, it’s still wise to take a beat and review your options. Compare types of loans, rates, terms, and requirements before you decide to submit an application.
Once you’ve applied, wait for approval and the funds to arrive in your account. You’ll want to keep an eye out for messages from the lender stating either that the loan is approved or that the lender needs additional documents. If faster small business loan documents are required, prioritize getting it to the lender as quickly as possible to avoid slowing down the funding process. If all goes well, you should get the loan funds in just a day or two.
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