Short Term Business Loans

Qualify for a fast, short term business loan.

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Overview of Short Term Business Loans

Short term business loans come in handy when you need to borrow a relatively small amount of money (under $500K) and a fast and easy application process. We can help you get a low-rate short term business loan that you pay back in 1 month to 5 years.

See If You Qualify For A Short Term Business Loan

free-guideFree Guide To
Small Business Financing

How Short Term Business Loans Work

Sometimes, you need a relatively small amount of financing for your business and can’t afford to spends weeks or months applying for a loan at a bank. Short term loans quickly get you the money you need without the hassle of a lot of paperwork, and you pay it back within a few months or years. Typically, you can borrow up to $500,000.

In general, you must pay back a short-term loan within 3 months to 5 years. Since the payback period is shorter than a traditional commercial loan, the interest rate and monthly payments will be higher. It's typical for borrowers to pay between 20-80 % APR, but you may get lower rates if you have excellent personal credit. On the plus side, you can get your money faster and get out of debt more quickly than you could with a traditional loan. There’s also usually no down payment or collateral required.

Short term business loans have a fast and easy electronic application process. In most cases, you can apply online and find out right away if you pre-qualify for the loan. You can normally get funding in less than 2 weeks.

Will I Qualify for a Short Term Business Loan?

The criteria for short term business loans vary, but here’s what you generally need to qualify:

small business loansCredit score above 550 (check your credit for free here)

small business loansMore than $2,500 in monthly business revenues

small business loansBe in business for at least 1 year

In addition to the above criteria, you should also have a relatively clean financial history (e.g. no bankruptcies) and be prepared to show some basic business documentation (e.g. recent tax returns and/or bank statements).

Cost of Short Term Business Loans

The cost of a short term business loan depends on your personal credit score and your business’ financial history. Rates between 20-80 % are typical, but you may get a lower or higher rate. A business owner with an excellent credit score (680+) and highly profitable business revenues could get a short term loan with an APR as low as 6 % or 7 %. On the other end, a borrower with poor credit or a low-revenue business may have to pay a significantly higher rate.

The Details:


max-loan-amountMaximum Loan Amount
$500,000


loan-termLoan Term
3 months - 5 years.


interest-ratesInterest Rates
20-80 % on average


speedSpeed
As fast as 1 business day.


line-of-creditDown Payment
Not required.


line-of-creditCollateral
Not required, but a lien may be placed on your business assets.


line-of-creditPersonal Guarantee?
Yes.

Have a question?

Pros


small business loansGet out of debt quickly by paying back within 3 months to 5 years.

small business loans

Fast application and approval process.

small business loans

Bad credit ok in some cases.

small business loans

No collateral or down payment needed.

Cons


small business loansHigher interest rates than a traditional loan.

small business loans

Can only borrow up to $500,000 with short term business loans.

 

 

How to Apply

how-to-apply1Answer Simple Questions
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Additional Resources

Want a fast approval loan? We offer those too!

Need a startup loan? Go Here.

Learn who are the best short term loan providers. Click here!

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