What are quick business loans?

How do quick business loans work and is it the right loan solution for your business?

While many lenders use a credit scoring system when lending money, quick business loans provide businesses with a fast and easy alternative to get the funding they need.

Ranging from as little as £5,000 all the way up to £200,000, this type of loan suits SMEs with previous bad or no credit history.

Unlike traditional business loans which can take days and weeks to be approved, quick business loans are processed much faster, often within 24 hours of application.

How do quick business loans work?

Quick business loans are available without hard credit checks and unlike traditional bank loans, come without fixed monthly costs, hidden APR or other hidden payments. When you take out a loan, you will agree to repay a percentage of sales that come from credit and debit cards to your lender, which means you pay back your loan when your customers pay you. This means you’ll pay off more of your quick business loan when sales are high, but don’t have to pay as much if your business sees a dip in sales.

Is a quick business loan right for my business?

If you need a quick business loan or you’ve struggled to get a loan from a bank, fast business loans could be a good option. Quick business loans provide much needed cash straight away without slow approval, often within 24 hours. SMEs can access these loans, even with bad or no credit history and there are no surprises - you agree a percentage of your sales to repay each month.

What are the advantages and disadvantages of quick business loans?

Advantages of quick business loans:

  • Available on flexible terms ranging from one to 12 months
  • Businesses can choose what they spend the money on
  • Applications have no impact on credit rating
  • Available to businesses with bad or little credit history
  • Quick business loans are fast and easy

Disadvantages of quick business loans:

  • Tend to be more expensive than traditional bank loans
  • They can create potential for significant debt​​

Have you thought about Invoice Finance as a cash flow solution for your business?

Invoice finance allows you to release cash quickly from your unpaid invoices.

As your lender, we can release up to 90% of your invoices within 24 hours. On payment of the invoice from your customers, we will then release the final amount minus any fees and charges. There are different types of invoice financing options available to businesses depending on the situation and the level of control they require in collecting unpaid invoices.

We are an invoice financing company who offer a solution whereby payments are collected on your behalf managed by our team of expert credit controllers so you can focus on running your business. Our Confidential Invoice Discounting solution is offered to businesses who want to maintain their own credit control processes, therefore this remains strictly confidential so your customers are unaware of our involvement.

Get in touch

Contact our friendly UK advisors on our freephone

0808 250 0859

8:45 - 17:15 - Monday to Thursday &
8:45 - 16:45 - Friday

The benefits of invoice finance companies such as Novuna Business cash flow

  • Boost your cash flow without having to wait up to 120 days for your customers to pay you

  • Release up to 90% of the invoice straight away, and the final 10% when the invoice is settled

  • Access funds within 24 hours from initial appointment with our revolutionary digital onboarding process

  • Benefit from our in-house credit control processes, allowing you to focus on running your business, instead of chasing clients for payment

  • 6 month trial period followed by a rolling contract

Want to understand more Cash Flow Finance terms?

Our Cash Flow Resource Hub has been set up to help SME's with cash flow finance advice, tips and resources to help with their cash flow position.

We explore ways you can begin improving your cash flow situation and start getting your business on track to positive cash flow.

Let's talk

Please complete this form and one of our friendly advisors will call you back.

If your customers are consumers, please contact our consumer finance division.

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