Business Loans for Lawyers
It’s no question that a profession in law is a smart path since there’s always going to be a need for attorney representation. The Bureau of Labor Statistics reports that the number of jobs available for lawyers can expect a projected growth rate of 8% between 2016 and 2026, so it shouldn’t come as a surprise to see more law offices popping up all over the country.
A legal professional can decide to start up a practice for many different reasons. Sometimes, a partner in a long-established law firm decides that they are ready to run the show, and other times, a graduate fresh out of law school might be pursuing their childhood dream of starting their very own business. But, no matter what the case may be, small law firm owners all have one very crucial thing in common – and that’s that they need a reliable source of law office funding to help them get started. And, that’s where business loans for lawyers come in.
If you have just opened your practice and haven’t had the need to think about law office loans just yet, it’s not a bad idea to start considering your options for the future. Running your own firm requires a healthy reserve of working capital for paying employees, leasing office space, and financing law practice equipment – in addition to covering any surprise expenses that may pop up along the way.
Unfortunately, it can be difficult to consistently generate enough revenue to keep your law office afloat when first starting out since your firm’s primary source of income mainly depends on when your cases settle. However, if you find yourself in a financial bind, there are many business loans for attorneys available to help when it comes to financing law practice establishments.
The most challenging part of getting started with funding will probably be exploring all of the law office loans out there and determining which is best suited for your needs. It’s important to know that no two business loans for lawyers are the same and that each option has its advantages and disadvantages. You will also have to decide how you will utilize the cash flow once it’s in your hands. Plan on financing law practice equipment that you’ve had your eyes on, or bringing more attorneys onto your team? The possibilities are endless.
Law Office Funding When You Need It
When considering where to go for business loans for lawyers, you might first look into options with traditional banking institutions, which is understandable. However, law office loans through banks aren’t always the best choice.
Why? Well, for one, business loans for attorneys through banks often require some form of collateral from the applicant. This can be problematic since small law practice owners may not have many assets tied to their business just yet. Another reason that traditional banking law office loans may not be the best option for you is that a good credit history is typically required to qualify. And, when you need law office funding fast, you may not have enough time to build up your score before applying.
Speaking of time – did you know that it can take 90 days or more just to find out if you have been approved for a bank loan? So, if you were planning on using that law office funding to pay off some immediate expenses around the firm, you can just forget that idea.
Luckily, law office loans through big banks aren’t the only solution you can turn to for financing law practice office needs. Fast Capital 360 provides alternatives to business loans for attorneys that don’t take months to grant approval. In fact, some applicants know the amount that they’ve been approved for as soon as 60 minutes after submitting their online application.
That’s right, all you have to do to find out if you qualify for law office funding is simply fill out a short application online. The process is so fast that it usually only takes about ten minutes for an applicant to complete the form and go on their way. This is a huge breath of fresh air for those who have heard horror stories of bank law office loans requiring piles of paperwork to complete before receiving an approval.
One of the advantages of applying with Fast Capital 360 for an alternative to a business loan for lawyers is that the entire process usually doesn’t take more than just a few days to complete from start to finish. Not only can you expect a decision within just hours, but applicants sometimes have access to their funds as soon as by the end of the next business day. A faster application process on your law office funding means more time to spend speaking with clients and winning cases in court, instead of stressing about the expenses that have started to pile up.
And, if your credit history is less than perfect, you don’t have to worry. Fast Capital 360 doesn’t turn down applicants automatically due to a bad credit score. Our business advisors can create alternative funding options to business loans for attorneys for applicants even with poor-to-fair credit ratings. We know that people make mistakes, and will work hard to find a law office funding program that fits your needs.
Let Fast Capital 360 Help You With Alternatives to Law Office Loans
Financing law practice expenses doesn’t have to be an aggravating and time-consuming process. That’s why our experienced business advisors are here to help explain the different alternatives to business loans for lawyers that are available and determine which law office funding program is right for you.
To learn more about our alternatives to business loans for attorneys, call Fast Capital 360 at 1-800-735-6107 to speak with one of our dedicated business advisors or contact us online today.