The term “short term business loan” refers to a lump sum of money given to a firm for the purpose of funding a business opportunity. Working capital, equipment acquisitions, expansion or remodeling, and a variety of other demands are examples of such uses. A short-term company loan is often easier to secure than long-term business loans, which may necessitate a lengthy application process.
The word “short term” refers to a term loan that has a set length and/or amount of time for the borrower to repay the loan. The repayment term for a short-term loan like this is normally set at 18 months or less. Fixed costs can be integrated into a short–term loan’s monthly repayment schedule, or they can be based on an interest rate with principal and interest.
Anyone who now owns a profitable business may be eligible. Credit score criteria, sales volume, annual revenue requirements, and time in business requirements vary based on the finance package you are asking for.
Owners who are having trouble getting traditional short-term loan products can still acquire the money they need for their business with short-term loans
Short Term Loan Info:
- Rates: Factor rates from 1.25% up to 1.50%
- Term: 6 to 24 months in duration.
- Fees: Origination fees from 1% to 3%
- Payments: Weekly, bi-weekly.
- Credit Scores: All credit types considered
- Paperwork: Six months bank statements, 1-page application
- Processing Time: 2 days to 3 days