provide small business owners a safe and easy solution to their financing needs. All Business need a steady cash flow to keep its operation in a healthy shape, that’s why we are helping many businesses with an instant funds through our smart solutions.
- A business with strong credit is provided with a long-term loan at our lowest rates
- Loan is paid off in monthly increments
- Rate range: 7.5% – 24.95%
- Loan is paid off up to 5 years
- No Collateral
- Application with business and merchant details
- Application with business and merchant details
- Loan application history
- Income tax returns (Business & Personal)
- Debt Schedule
Pros
Cons
- Funding for short-term business loans are typically quick, meaning you could have the cash within a few business days after applying.
- Online lenders offering short-term loans tend to have an easy application process.
- Repaying your loan on time or ahead of schedule could help boost your credit, but be sure to check that there are no prepayment penalty fees.
- Online lenders offering short-term business loans tend to have higher interest rates and fees.
- Short-term loans require quick repayment timelines with either daily or weekly payments. You’ll likely have to start making payments within the following day or week after taking on the loan.
Small businesses might consider a short-term loan if you are looking for an emergency business loan, short-term funding to cover an unexpected expense or to help expand your business. Short-term business loans can also be more lenient in qualification requirements, which could be good if you have with poor or limited credit.
Short-term business loans usually provide fast funding. The exact time frame to receive your funds will depend on the lender. Some will provide funding the same day you’re approved, while others send the funds within 72 hours upon approval.
You might be able to get a bad credit business loan. Some lenders don’t weigh credit that heavily and instead prefer to see strong cash flow. However, those with low credit scores are likely to receive higher interest rates than those with excellent credit. In addition, keep in mind that taking on more debt you can’t afford can negatively impact your credit score further.
Short-term business loans do indeed come with short repayment loans. The exact repayment term will ultimately depend on the lender, with Fundbox offering terms for as short as 12 to 24 weeks.
Generally, short-term lenders consider time in business, but that doesn’t mean brand new businesses won’t qualify for short-term loans. There are some lenders that offer short-term loans to startup businesses that have been operating for only a year or less. However, high-interest rates are likely to come with these loans, and the repayment terms aren’t always flexible.