Payroll Loan

Payroll Loans for Your Small Business

Find the Best Payroll Loans for You

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Payroll Loans for Your Small Business

Find the Best Payroll Loans for You

Why Choose SMB Compass for Payroll Loans?

SMB Compass is a professional business financing company focused on providing financing and education to small businesses across the United States. We are home to some of the country's most trusted industry experts to assist you with more than one solution to your financing needs.

Our team's expertise goes beyond lending; we offer you well-calculated advice on equipment financing, asset-based loans, invoice factoring, and inventory financing, so you have peace of mind in terms of growth.

We'll help you unlock your potential by adding value to your assets, so the only thing you’ll need to do is to focus on what matters.

Is it hard to get approved for a payroll loan?

Not at all! Qualifying for a payroll loan through SMB Compass is simple and convenient, and you can complete it within a few minutes. Here’s how it works:

a) Fill out our online application form and enter your business information, contact details, and other necessary information.
b) After submitting your application and meeting the minimum requirements, you’ll receive several offers. Our lending expert will walk you through this process and help you decide which one works best for your business.
c) Receive the funds within 24 to 48 hours.

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What is a Payroll Loan and How Does It Help Your Business?

A payroll loan is an umbrella term referring to short-term loans that businesses use to cover payroll expenses. There are many forms of payroll loans, including short-term loans, lines of credit, invoice financing, and merchant cash advances.

Most Common Payroll Loans for Small Businesses

Short-Term Loan

Short-term loans are the best fix for dealing with unforeseen cash flow gaps and they have a shorter repayment period – usually less than a year or 18 months for some.

Short-term loans are generally easier to qualify for. The approval time can be as quick as 24 hours after application. Once approved, the lenders can wire the funds within the next business day.

Invoice Financing

Invoice financing allows you to leverage your customer’s unpaid invoices in exchange for upfront cash. You won’t have to wait for 30 to 90 days for your invoices to be paid since you’ll be able to advance anywhere between 80% to 95% of the total invoice value.

Once approved, you’ll receive the money within 24 hours and use it for almost any business purpose.

Business Lines of Credit (LOC)

Business lines of credit are revolving credit that features a credit line with a pre-established credit limit. Business owners can tap into the pool of funds on an as-needed basis. Unlike a typical business term loan, you won’t have to max out your credit limit. Instead, you can draw the amount you need and pay the same amount back with interest.

As you draw capital from the credit line, your maximum credit limit will decrease and go back up as you repay what you’ve drawn. You can keep drawing and repaying the cash as long as the credit line stays open.

Ready to Secure an Affordable Payroll Loan Rates?

The SMB Compass team has the experience and industry insight to guide you and your business to the best possible outcome. Get in touch with our team today for your free consultation!

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