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While normal approval for loans and credits take a long time, instant approval of credit amounts has a shorter processing time. Its benefits can be summarized as below:
1. The processing time for the credit amount is very short.
2. Fair and no credit score holders can also get instant approval.
3. The credit repayment ability of the applicant is not checked.
How to get instant approval for business credit cards
To get instant approval for business credit cards, some requirements are needed to be fulfilled. These criteria`s might vary from institutions to institutions. Different standards have been set by credit companies on the basis of which business credit cards get instant approval. Some of the basic steps that can help to get instant approval for business cards are as follows:
1. The applicant must make sure that his/her business is registered with an EIN number allotted towards the registration of the business. Most of the credit card companies ask for the EIN number, when allowing instant approval for business cards. The entire process of registration must be provided before the application for instant approval is made.
The applicant must also check that his/her business is listed in the list of registered businesses, published on the IRS website.
2. The applicant should have a bank account in the name of his/her business. The bank checking accounts are a valid proof showing the credibility of the existing business. Recognized accounts with good transaction activities will make it easy to get instant approvals for business credit cards.
3. To avail instant approval for business credit cards, applicants will have to prove that he/she has a good business rating history. This means that he/she has been able to fulfil all their business related financial transactions and obligations without any defaults. To make sure of the applicant`s credit repayment ability, credit firms will check for good standings in the applicant accounts. The larger the amount of the loan required the more scrutiny, review, and investigation will be given to the applicant`s application, before granting the loan.
4. Finally, to get instant approval for starting a new business, it would be better to bring a guarantor who will ascertain the business credibility of the applicant. The guarantor will have to co-sign the credit terms and conditions along with the applicant, and in case of any default on the applicant`s part the guarantor will be held liable. The guarantor himself must have an established credit history with a very good credit score.