Businesses cannot go on with just a start-up Capital. At some point, a business owner will need additional working capital in order to grow or to solve a problem. There are several ways to add more capital to the business, the most common of which is to get a bank Loan. However, only 20% of business loans get approved by banks. Which means the majority 80% of merchants do not get funded. Luckily, WeCompete Lenders provides accessible working capital solutions for merchants to help them realize the full growth and potential of their business. Applying for a loan can make or break your business. Here are some factors to go over before applying for additional working capital. Is quick funding worth the high-interest rate? Some working capital solutions like MCAs take only a few minutes to process, with minimal document requirements. Approval and access to funds can occur 24-48 hours after the application comes in. MCAs also boost credit score so it is ideal for businesses building credit. However, these financial instruments cost more in terms of interest. Is the faster service worth the higher fees? Merchants should tackle this question before they commit to availing these advances and loans. If getting that loan will ease financial burden or propel growth, then it must be worth it. However, if the need for financing is not urgent, there are other working capital solutions you can get at lower costs. Have you weighed all your quick funding options? There are other quick funding options aside from advances. Each one has their own merit. Choose a loan base on your needs, your capacity to pay and your payment system. Short - term loans - This type of term loan is similar to traditional loans. The payback period for this type of loan is 3-12 months with payments made daily, weekly or monthly. Short-term loans are ideally used for payment of one-time needs such as restocking of inventory, increasing production or payroll.` Bridge loans - Bridge loans are quick funding solutions that connect the gap between today’s needs and long-term financing. For much larger loans, approval can come quite easily but merchants may need to wait a couple of weeks for the funding to come in. Bridge loans are recommended to these merchants to help tide their business over while waiting for bigger capital. Invoice Financing - Waiting for clients to pay for invoices can cause a dent on your cash flow, especially if these occur repeatedly. Invoice financing gives you working capital through unpaid invoices. This makes your cash flow more consistent and is a good way to raise fund quickly because of its relatively short processing time.   WeCompete Lenders can offer quick working capital solutions at 95% approval rate - 15% higher compared to other lenders. The pre-approval process takes less than a minute and funding can be provided within 24-48 hours. For any inquiries about our quick working capital solutions, call us at +1 844 516 0633 or email us at [email protected].