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Instant Business Credit - Instant Business Credit: A Cautionary Tale - Where to Find Quick Credit, How to Get Approved for Instant Credit

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Whenever “instant” and “credit” appear in the same sentences, red flags should begin springing up in your mind. While yes, it is possible to access instant-approval credit cards and lines of credit for your business, that does not mean that it is always advisable. For one, the very fact that you are in need of instantaneous credit makes legitimate creditors think that you might not know your way around wise financing. It also makes you susceptible to scams and unscrupulous lenders that will take advantage of desperate clients.

But we know that bad things can happen to good businesses, and sometimes you are in need of some short-term capital in order to overcome a significant crisis. That is why we have put together this guide of tips and warnings to be considered when shopping for quick business credit.

Where to Find Quick Credit

A great place to find credit with competitive rates is your own local bank. If you already have a business or personal account set up, it can be easy to set up a line of credit because they already have most of your information on file. Get a quote from your service rep – usually you can get the results of your loan application as you wait.

If you do business with a national bank, they can be just as helpful in getting you set up with a business credit line. Major banks like Chase and Wells Fargo have online sub-sites devoted specifically to small business, which you can use to apply for credit any time of the day or night.

Both national chains and local banks/credit unions almost always post their credit rates online. Check their web sites to compare current rates before you go out and apply – doing this can save you some hefty interest costs.

For reasons that will be discussed below, avoid online credit card application sites that you have never heard of. Stick with someone local who you have already done business with, or a reputable national lender.

How to Get Approved for Instant Credit

This should not come as a big surprise, but the easiest way to get instantly approved for a credit line is to have good credit! If you have made wise financial decisions in the past, your lender can see this. He will know that you have a solid financial base, and are just in need of some temporary relief due to a business crisis. Because of modern technology, you should still be able to get a quick same-day response on your credit application – the lender can look up your entire credit history, verify all of your information, and put in a request for credit in a matter of minutes, and the response is especially speedy if you have a sound history.

If you do not have good credit, however, no matter how much you tell him that you need money to relieve a temporary business setback, he might not believe you! You could possibly still get approved for a loan, but you should expect higher interest rates and lower total funds available to you. There are few (if any) ways to get around this, aside from taking the time to rebuild your credit. No matter how bad the situation gets, however, you should not allow yourself to become desperate enough to fall for one of the credit scams below. These type of scams are rampant, and some are very skilled in taking advantage of credit-hungry buyers.

How to Avoid Credit Scams

False Companies
Some fly-by-night companies will set up a very professional-looking page detailing their instant credit services. They will lead you through their benefits statements, and everything will sound a little too good to be true. Finally you arrive at an application page. After you give all your information (whoops!), they will inform you that there is a small fee for filing your credit application, but they assure you that your credit will be instantly approved after this. If you give them your credit card information (double whoops!), then you will soon find yourself left high and dry, with a need to cancel your card.

To avoid this, only deal with reputable local lenders or national banks. Stay away from purely online services that you have never heard of, especially if they offer rates that are simply too good to be true. If you are still not sure about a site, check with the Better Business Bureau to see if they have a listing for the site. Also try a Google search such as “(site name) scam” to find any customer complaints or warnings about the site.

Phishing Scams
Phishing scams, on the other hand, take advantage of the trust in national brand names in order to get you to cough up sensitive information. They can take the form of an official-looking company email or even a carbon-copy of the company’s official web site. But these are usually easy to spot once you know the right things to look for.

If you get an email from a purported bank that you have never done business with, it is time to start getting suspicious.

Read the text carefully. Are there odd formatting or grammar inconsistencies? Red flag.

Look at the sender of the email. Is it coming from the actual bank’s web site? If not, that is another red flag.

Is the email or web site asking you to provide any sort of personal information that they should already have? Big red flag.

And if you’re looking at a site that looks real, but has a lot of broken links, a weird URL, or other oddities, it’s time to get out of there, quick!

That’s it for this introduction to Instant Business Credit loans. Like with any type of financing, caution is always the best policy. Use these tips to quickly find credit without selling the farm!

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