Documents you need to apply for fast business loans

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 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.

You will most likely need this documentation when applying:

• Employer identification number: You can apply for an 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 this.
• 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 and liabilities. While traditional business lenders typically want to see this, many fast business lenders skip it.
• 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.

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 more documentation is 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.