How to apply for funding in 3 minutes (and what to have ready)

A funding application doesn't have to mean a fat folder of paperwork and a fortnight of waiting. Done right, it takes about three minutes, and the more prepared you are, the faster the answer comes back.

Here's exactly what to gather before you start, so you can sail through in one sitting.

What to have ready

None of this is hard to find, and you almost certainly have all of it already:

• Your ABN and the legal name of the business.
• Roughly how long you've been trading.
• Your average monthly turnover (a ballpark is fine to start).
• How much you're after, and what it's for.
• Recent business bank statements, usually the last six months.

What happens after you hit submit

Once the basics are in, the application is reviewed against how your business is trading, not just a credit number. A first answer often comes back the same day, and where it's a yes, funds can land within a couple of business days.

Checking your options is a soft enquiry. It does not affect your credit score.

A couple of small things that speed it up

Two habits make the whole process smoother:

• Be straight about your numbers and any past credit issues. Honesty up front saves back-and-forth later.
• Use the most recent statements you can. Older data raises questions a quick refresh would have answered.

The bottom line

Five minutes of prep turns a three-minute form into a same-day answer. When you've got your details together, you can start your application — it's quick, and it won't touch your credit score.