Is there such a thing as an instant business loan?

Join the Esme team as we look into what an instant business loan really means, as well as our top tips on how you can speed up your application process while avoiding the risk of borrowing from dodgy dealers.

An instant business loan may seem highly attractive. After all, if you need additional capital to grow your business or prepare for seasonal demand, then surely the quicker it’ll arrive, the better?

Unfortunately, a legitimate lender will almost never offer an instant loan. Applications need to be reviewed and checked through, and ‘instant’ mostly refers to aspects of the application, rather than the transfer of funds.


What is an instant business loan?

In most cases, an instant loan is simply one where the funds are lent to the borrower instantly upon the approval of their application. This doesn’t mean that the funds arrive as soon as the application is received. Rather, it happens soon as the application has been accepted, and how long that takes varies on a lender-by-lender basis.

Alternatively, lenders may classify a loan as instant if they’re able to provide an instant business loan quote. This is when they show the borrower the provisional interest rate over their chosen time period, before applying for their loan. Again, no funds are transferred there and then.


Can I trust a lender that offers an instant business loan?

‘Instant’ business loans are offered by many legal lenders. However, they will almost always be referring to loans like the above, where only part of the process will be instant – but not its approval.

To the contrary, guarantees of genuinely instant loans (or guaranteed approval loans) are a common ploy by unlawful and fraudulent lenders. They offer a speedy return of funds to lure prospective borrowers into acting recklessly.

It’s crucial to vet any lender before you apply – and if you’re applying for an instant loan, to clearly understand what about it will take place instantly.

You can read more about how to select a legitimate lender in our article about the safety of online business loans.


Tips on how to get your loan quickly

While loans may not be with you instantly, that’s not to say they can’t be quick!

Here’re our top tips for making your application process as speedy as possible.


1. Check the lender’s eligibility requirements thoroughly

Depending on the lender, a range of eligibility requirements must be met in order to qualify for an online business loan.

Checking that you meet these requirements before applying ensures the process goes smoothly, and avoids any hold-ups further down the line.


2. Have your business’ details to hand

Most lenders will specify in advance the documents they need to see.

Round all these up before beginning the application process to avoid any frustrating back-and-forth.


3. Return your documents quickly

Upon approval, lenders will often send you documents to approve and sign.

The quicker you send them back to the lender, the quicker you receive the cash!


4. Read up on borrower feedback

It’s always worth looking at reviews of lenders, to see whether other borrowers have had any frustrating experiences with them. It’ll help you avoid any lenders that might be notoriously slow.


Esme’s ‘Final Thought’

Although not instant, online business loans offer SMEs the quickest possible source of online finance. At Esme, we’ve put our customers’ experience at the heart of our process, and created an application that takes just ten minutes to complete.

For more information about us, or to find out how much a loan could cost using our business loan calculator.

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David borrowed over £37,500 to keep his online marketing going during cash flow squeezes.

“I remember it being unbelievably simple and once I’d accepted the offer the funds were in the account within a couple of hours. The reason I went with Esme was the simplicity of arranging the loan.”

Joanna Hunter - MD of Piglets Pantry

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Joanna borrowed £25,000 to buy more equipment and grow her business.

“The process couldn’t have been simpler really, from the initial recommendation to conclusion of having the money available to spend, it all happened within 48 hours, which is quite incredible.”

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