Information
What are Fast Capital 360 Loans?
Fast Capital 360 stands out as a comprehensive solution for small business owners seeking financial support. Specializing in business loans and financing options, Fast Capital 360 helps small business owners find the best loan options from the industry's top lenders. With a commitment to simplicity and efficiency, the platform employs cutting-edge technology to provide swift decisions, often within hours, ensuring that small business owners can quickly navigate the often critical process of securing funding for their ventures.
One notable feature of Fast Capital 360 is the presence of dedicated Business Advisors, guiding entrepreneurs through every step of the loan application and comparison process. This personalized assistance helps small business owners make informed decisions by evaluating various business loan options. The platform's commitment to transparency, speed, and tailored guidance positions it as a valuable resource for those in search of efficient and effective business financing solutions in the competitive landscape of small business loans.
Key Features
Speedy Fund Disbursement. Once approved, funds are swiftly transferred directly into the business's bank account, typically within 24 hours, facilitating quick access to working capital.
Multiple Financing Offers. Through its nationwide network of reputable lenders, Fast Capital 360 provides small business owners with multiple financing offers, allowing them to choose the most suitable option for their unique needs.
No Impact on Credit Score During Exploration. Small business owners can explore loan options without affecting their credit score. The credit score impact only occurs once a specific loan option is chosen and pursued.
Transparent Application Process. The platform facilitates an easy and transparent online application process, ensuring that entrepreneurs can quickly and conveniently provide the necessary information to initiate the loan approval process.
Pros and Cons
Pros
Diverse Financing Options. Fast Capital 360 offers a wide array of financing options, including short-term and medium-term loans, business lines of credit, equipment financing, SBA loans, and more, catering to the diverse needs of small businesses.
Swift Approval and Funding. Leveraging advanced technology, the platform provides rapid decisions on loan applications within hours, with funds typically transferred directly into the business's bank account within 24 hours of approval.
Dedicated Business Advisors. Small business owners benefit from personalized assistance through dedicated Business Advisors who guide them through the loan application process, helping them make informed decisions.
Cons
Limited Availability for Startups. While the platform supports businesses with a minimum of four months in operation, it does not currently offer specific loans for early-stage startups.
Potential for Daily or Weekly Payments. Short-term loans may require more frequent payments, potentially impacting cash flow, as they are often repaid daily or weekly instead of monthly.
Possible Fees for Credit Line Withdrawals. Business lines of credit may incur nominal fees for each withdrawal, potentially impacting the overall cost of using this flexible financing option.
Reliability
Fast Capital 360 demonstrates a high level of reliability as evidenced by its exceptional ratings across various platforms. With a stellar 4.9-star rating out of 827 total reviews on Trustpilot, the company garners praise for its commitment to customer satisfaction and transparent lending practices. Furthermore, despite not being accredited, Fast Capital 360 maintains an impressive A+ rating from the Better Business Bureau (BBB), a testament to its reliability and dedication to ethical business conduct. These accolades underscore the trust and confidence placed in Fast Capital 360 by its clients and highlight the company's reputation for reliability within the small business financing industry.
How to Apply for a Fast Capital 360 Loan?
Visit the Fast Capital 360 Website. Begin by visiting the Fast Capital 360 website to start the application process. The website offers an intuitive interface, making it easy to navigate through the application steps.
Complete the Online Application. Fill out the online application form, providing essential details about your business, such as its name, industry, monthly revenue, and time in operation. You'll also need to enter personal information, including your name, contact details, and Social Security number.
Connect Your Bank Account. Fast Capital 360 may require you to connect your business bank account securely. This step allows the platform to verify your revenue data, aiding in the loan approval process. Alternatively, you may upload bank statements directly if preferred.
Review Loan Options. Once you've submitted your application and provided the necessary information, Fast Capital 360's technology swiftly evaluates your eligibility and presents you with multiple loan options from its network of lenders. You can review these options to compare interest rates, repayment terms, and other relevant details.
Consult with a Dedicated Business Advisor. Take advantage of the dedicated Business Advisors available through Fast Capital 360. These experts can guide you through the loan options, answer any questions you may have, and provide personalized advice to help you make an informed decision.
Select Your Preferred Loan Option. After reviewing the multiple loan offers and consulting with your Business Advisor, choose the loan option that best suits your business's needs and financial circumstances.
Complete the Loan Agreement. Once you've selected a loan option, you'll need to complete the necessary paperwork to finalize the agreement. Ensure that you carefully review the terms and conditions of the loan before signing to understand the repayment obligations and any associated fees.
Receive Funding. Upon finalizing the loan agreement, Fast Capital 360 initiates the funding process. Funds are typically transferred directly into your business bank account within 24 hours of approval, providing you with prompt access to the capital you need.
Conditions and Requirements
Conditions
Loan Options. Fast Capital 360 offers a variety of loan options, including short-term loans, medium-term loans, business lines of credit, equipment financing, SBA loans, merchant cash advances, and invoice factoring.
Interest Rates. Interest rates vary depending on the chosen financing product and the borrower's qualifications. Rates typically start at competitive levels, with some products starting at 6% for eligible borrowers.
Repayment Terms. Fast Capital 360 provides flexible repayment terms tailored to the specific loan product and borrower's needs. Repayment terms can range from as short as three months for short-term loans to up to five years for medium-term loans.
No Impact on Credit Score During Exploration. Exploring loan options through Fast Capital 360's platform does not impact the borrower's credit score. The credit score impact only occurs once the borrower proceeds with a specific loan option.
Requirements
Time in Business. Borrowers must have been in business for at least four months. This demonstrates a level of stability and operational history.
Revenue Threshold. Fast Capital 360 typically requires a minimum monthly revenue of $10,000 or an annual revenue of $120,000. This criterion ensures that the business has a certain level of income to support loan repayment.
Minimum Credit Score. Borrowers need to have a FICO score of 500 or above. While this requirement is lower than traditional lenders, it still reflects a level of creditworthiness.
Ways to Receive the Money
Direct Deposit into Business Bank Account. Upon approval of the loan application, Fast Capital 360 typically transfers the approved funds directly into the borrower's business bank account. This method ensures quick access to the funds, with most borrowers receiving the money within 24 hours of approval.
ACH Transfer. Another common method used by Fast Capital 360 to disburse funds is through Automated Clearing House (ACH) transfers. With ACH transfers, the approved funds are electronically deposited into the borrower's designated bank account, providing a secure and efficient way to access the money.
Wire Transfer. In some cases, particularly for larger loan amounts or urgent funding needs, Fast Capital 360 may offer funds via wire transfer. Wire transfers allow for expedited processing and same-day access to the funds, making them suitable for time-sensitive financial requirements.
Products
Short-Term Loans (up to $500,000). Short-term loans offer small business owners access to a lump sum of capital, typically with repayment terms ranging from 3 to 18 months. These loans are suitable for addressing immediate financing needs or seizing growth opportunities.
Medium-Term Loans (up to $250,000). Medium-term loans provide borrowers with a lump sum of capital, repayable over a longer period, usually between 1 to 5 years. These loans offer flexibility in repayment and are ideal for funding larger investments or business expansion initiatives.
Business Lines of Credit (up to $250,000). Business lines of credit offer borrowers a revolving credit facility, allowing them to draw funds as needed up to a predetermined credit limit. Interest accrues only on the amount borrowed, making it a flexible financing option for managing cash flow fluctuations or covering unexpected expenses.
Equipment Financing (up to 100% of equipment value). Equipment financing enables businesses to purchase or lease essential equipment by using the equipment itself as collateral. Fast Capital 360 offers financing options covering up to 100% of the equipment's value, with repayment terms typically ranging from 1 to 5 years.
SBA Loans (up to $350,000). Small Business Administration (SBA) loans are partially guaranteed by the SBA and offer favorable terms and rates. Fast Capital 360 facilitates access to SBA loans, providing borrowers with funding for various business purposes, including working capital, equipment purchase, or expansion initiatives.
Merchant Cash Advances (up to $500,000). Merchant cash advances allow businesses to borrow against their future credit card sales. Fast Capital 360 offers merchant cash advances with flexible repayment terms and fast funding, making them suitable for businesses with fluctuating revenue streams.
Invoice Factoring (up to 80% of receivables). Invoice factoring enables businesses to convert unpaid invoices into immediate cash. Fast Capital 360 offers invoice factoring solutions, allowing businesses to access funds quickly to maintain cash flow and support ongoing operations.
Other Loans
Reasons for Getting Rejected for a Fast Capital 360 Loan
Insufficient Time in Business. Fast Capital 360 typically requires businesses to have been operating for a minimum period, usually at least four months. If the business is too new, it may not meet the eligibility criteria.
Low Monthly Revenue. Fast Capital 360 sets minimum revenue requirements for borrowers, typically around $10,000 per month or $120,000 annually. If the business's revenue falls below this threshold, it may not qualify for financing.
Inadequate Cash Flow. Lenders evaluate the business's cash flow to ensure its ability to repay the loan. If the cash flow is inconsistent or insufficient to cover loan payments, the application may be rejected.
Unstable Business Performance. Fast Capital 360 considers the stability and performance of the business when assessing loan applications. Fluctuating revenue, frequent losses, or other signs of instability may raise concerns and result in rejection.
Industry Risk. Some industries may be considered higher risk by lenders, making it more challenging to obtain financing. Businesses operating in these industries may face increased scrutiny and higher rejection rates.
How to Repay a Fast Capital 360 Loan?
Determine Repayment Terms. Understand the specific terms of your loan, including the repayment period, interest rates, and any associated fees. Different loan products may have varying repayment structures, ranging from daily or weekly payments to monthly installments.
Automatic Payments. Fast Capital 360 often sets up automatic payments to simplify the repayment process. This means that the agreed-upon loan amount, including interest and fees, is automatically debited from your business bank account on the scheduled repayment dates.
Review Repayment Schedule. Familiarize yourself with the repayment schedule provided by Fast Capital 360. This schedule outlines when payments are due and the amounts to be paid. It's crucial to adhere to this schedule to avoid any potential late fees or penalties.
Business Bank Account Balance. Ensure that your business bank account maintains a sufficient balance to cover the scheduled loan payments. Automatic debits will occur as per the agreed-upon repayment schedule, so having funds available is crucial to avoid overdrafts or payment failures.
Prepayment Option. Some Fast Capital 360 loans may allow for early repayment without additional fees or penalties. If your financial situation allows, consider making early payments to reduce the overall cost of the loan and potentially improve your credit standing.
Communication with Fast Capital 360. If you encounter any challenges or foresee difficulties in making a scheduled payment, it's crucial to communicate with Fast Capital 360 promptly. They may offer solutions or work with you to adjust the repayment plan, helping you avoid potential issues.
Monitor Your Business Finances. Regularly monitor your business finances to ensure that loan repayments align with your cash flow. This proactive approach can help you anticipate and address any potential financial challenges before they become significant issues.
Complete Repayment on Schedule. Strive to complete the repayment of the loan according to the agreed-upon schedule. Successfully repaying a Fast Capital 360 loan can positively impact your business's credit profile and may open doors to future financing opportunities.
Alternatives
eCapital specializes in invoice factoring, making it an ideal choice for businesses with significant amounts tied up in unpaid invoices. With eCapital, businesses can receive cash advances of up to 90% of their outstanding invoices, allowing them to maintain cash flow and focus on day-to-day operations while eCapital handles the collection process. The company offers non-recourse invoice factoring, ensuring that businesses keep the advance even if customers fail to pay, providing added financial security and flexibility.
Headway Capital stands out for its unsecured business loans, offering up to $50,000 in funding for various business expenses. Unlike traditional lenders that may require collateral, Headway Capital evaluates loan applications holistically, considering factors beyond just the credit score. This approach makes it accessible to businesses with diverse financial backgrounds. However, applicants must demonstrate an annual revenue of at least $50,000 to qualify for funding, ensuring a level of financial stability.
Fora Financial specializes in bad credit business loans, catering to borrowers with credit scores as low as 500. Without the need for collateral, businesses can access funding ranging from $5,000 to $1,500,000 within a short timeframe. This flexibility makes Fora Financial an attractive option for businesses facing financial challenges or seeking quick access to capital. With approval and funding turnaround times as fast as 24 to 72 hours, Fora Financial provides expedited solutions to address immediate financial needs.
Fundbox is renowned for its startup business loans, offering up to $150,000 through its business line of credit. New companies with at least six months of operation and $100,000 in annual revenue can qualify for funding, providing crucial financial support during the early stages of business development. Fundbox's innovative approach allows borrowers to withdraw funds as needed, with interest only charged on the amount used. Additionally, upgrading to Fundbox Plus unlocks additional benefits, including discounts on fees, further enhancing the value proposition for startup businesses.
Loans like Fast Capital 360
OnDeck
OnDeck stands out as an excellent choice for short-term business loans, offering the flexibility of borrowing substantial amounts, even for businesses with a minimum credit score. What makes OnDeck particularly attractive is its ability to provide funds swiftly, with same-day approval and disbursement for qualifying applicants. Moreover, OnDeck emphasizes the opportunity to build and strengthen business credit by consistently making on-time payments. The loan terms range from 18 to 24 months, with loan amounts spanning from $5,000 to $250,000. While the starting interest rate is 35.40% for a portion of customers, the accessibility and speed of funding make OnDeck a notable player in the short-term business loan landscape.
Funding Circle
Funding Circle distinguishes itself in the realm of long-term business loans by offering competitive rates, extended repayment terms, and a lack of prepayment penalties. This lending option caters to businesses seeking larger loan amounts, ranging from $25,000 to $500,000, with a reasonable starting interest rate of 11.29%. Beyond financial support, Funding Circle prioritizes efficiency, enabling businesses to access funds in as little as two business days. Notably, Funding Circle also showcases its commitment to diversity by providing funding options specifically tailored for women-owned businesses and minority entrepreneurs. The loan terms extend from 6 to 84 months, making Funding Circle a favorable choice for businesses with a more extended financial horizon.
Credibly
Credibly positions itself as a reliable source for working capital loans, particularly for businesses requiring quick funding to address immediate operational needs like payroll or inventory expenses. Notably, Credibly's working capital loans boast a rapid approval process, often providing funds in less than 24 hours. The lender exhibits flexibility by considering applicants with a minimum credit score of 500 and a willingness to look beyond a less-than-perfect credit history, provided there is a healthy annual revenue. Beyond working capital loans, Credibly collaborates with a network of lenders to offer a diverse range of financing options, including merchant cash advances, business lines of credit, equipment financing, SBA loans, and invoice factoring.
Fundbox
For startups in need of swift financing, Fundbox presents an appealing option with its business line of credit, offering up to $150,000. What sets Fundbox apart is its relatively lenient eligibility criteria, allowing new companies to qualify after just six months of operation and a minimum annual revenue of $100,000. The business line of credit provides the flexibility to withdraw funds as needed, and businesses only pay interest on the amount utilized. Additionally, Fundbox offers perks such as up to 20% off fees through its Fundbox Plus upgrade. With competitive starting interest rates ranging from 4.66% for 3-month terms to 8.99% for 6-month terms, Fundbox addresses the financial needs of emerging businesses seeking quick and accessible startup loans.
Editorial Opinion
Fast Capital 360 offers a comprehensive suite of financing options designed to meet the diverse needs of small business owners. With a streamlined application process, swift approval decisions, and access to dedicated Business Advisors, the platform aims to provide accessible funding solutions for businesses seeking to grow and thrive. While Fast Capital 360's range of loan products and flexible repayment terms may appeal to many entrepreneurs, prospective borrowers should carefully review the terms and conditions of each loan option to ensure alignment with their financial goals and circumstances.
Important
Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.
How to Choose a Lender
Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general.
Check if the lender is a member of a reputable association, such as the Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability.
Carefully review all the terms and conditions of your payday loan contract.
Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.
Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.
Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.
Methodology
At Finanso, we've carried out a comprehensive analysis of over 50 business lenders, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.
In each category, we carefully considered the most critical factors in selecting a lender. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.
At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.
Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.
