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Short-Term Business Loans

Find the Best Short-Term Business Loan for You

What is a Short-Term Loan?

A short-term loan provides your company with working capital in a lump sum that is paid back in 18 months or less. This loan type can be used to fund renovations, seasonal preparations or fulfill large purchase orders.

Advantages

  • No long-term commitments
  • Limited paperwork
  • Fast approvals
  • Variety of uses

Disadvantages

  • Can be expensive
  • Shorter terms

Loan Amount

$3,000-$500,000

Estimated Repayment Term

3-18 months

Interest Rate

Starting at 10%

Speed of Funding

As fast as same day

How Do Short-Term Business Loans Work?

Faster payoff structure

The difference between traditional business term loans and short-term business loans is the length and size of the financing. Short-term loans offer a much quicker payoff structure than the multi-year agreement you would sign with a traditional term loan.

No long-term commitment

With short-term loans, your business avoids a long-term commitment that can consume your working capital for years after you’ve used the funds.. Instead, short-term loans are quickly repaid in daily or weekly increments. While your qualifications and plans for the funding will determine the size and length of the loan, the amount you borrow and the payment structure you’re comfortable with will also play a role.

Flexible funding solutions

Short-term loans can be used in a variety of ways to help your business grow or overcome a temporary dip in working capital. For example, your business could use short-term financing when you experience a delayed or canceled shipment for the upcoming week. A short-term business loan can be used to purchase additional inventory, providing your business more financial flexibility while things are sorted out with the original order.

Short-Term Loan Qualifications

  • Time In Business: 1+ Years


  • Annual Revenue: $75,000+


  • Credit Score: 540

How Do I Apply for Short-Term Funding?

When you apply for a short-term business loan, your lender will decide if your business meets their qualifications with the information you provide. Each application process is slightly different depending on the lender, but the goal is the same. You’ll fill out an online application asking basic information about your company and how much funding you’re looking for.

Documents you may need to include:

  • Recent Bank Statements

  • Driver's License

  • Voided Business Check

  • Proof of Ownership

  • Tax Returns

How Can My Business Use a Short-Term Loan?

It’s important to remember that almost every business needs additional working capital at one point or another. Here are some commons uses for short-loans:

Temporary Funding

Consider this scenario. You have a customer looking to place a sizeable order with your business, but they won’t be able to pay until the end of the month. This is when a short-term business loan makes sense, providing your business with the funds to pay your vendor and not miss out on a huge sale.

Holiday Inventory Financing

Another excellent use for short-term financing is seasonal funding. If your business operates primarily from the income it makes during the holiday season, a short-term loan can get your business the funds it needs to be adequately prepared.

Short-Term Cash Flow

Other businesses might use short-term financing to fund expansion, consolidate loans, pay their taxes or take advantage of new business opportunities. It can be expensive, but quick and easy funding like this is a fantastic financial tool.

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