When starting a business, capital is, with few exceptions, required. A business needs capital to purchase equipment and supplies. It also needs working capital to bridge the gap between when it needs to pay its bills and when customers pay their invoices.
So to meet these two common requirements for capital, businesses often utilize loans. These loans can be short term, such as to meet an extraordinary need to working capital for a few months, or they could be long term such as to finance a delivery vehicle purchase.
One type of loan that can be used to meet short term capital requirements is the instant decision loan. Sole proprietors, partnerships and individuals are most likely to employ this type of find more info on this complete page
. The concept is that the lender informs the applicant very quickly as to whether or not they are approved for the loan.
Now the definition of ‘instant’ may differ between lenders. For example, one lender might utilize an immediate credit check and base their approval decision on the results. Another lender might wish to see additional documentation, such as evidence of assets and income that will or could be used in repayment of the loan.