Short Term Business Loans
SHORT TERM BUSINESS LOAN OVERVIEW
| Estimated Business Loan Term | 12 to 36 Months |
|---|---|
| Rates | 9% to 45%* |
| Time in Business Required | 2 Years |
| Min Credit Score Require | 650 |
| Min Monthly Deposits Required | 5 |
| Min Monthly Revenues | $10,000 |
| Min Business Loan Amount | $15,000 |
| Max Business Loan Amount | $750,000 |
| Max Number of Negative Days | 4 Within a Month |
| rates depend on duration of funding |
What are Short Term Business Loans?
Our short term business funding solutions can be very good options to deal with the daily expenses of operating your business. Our financing programs can help you meet payroll, pay off creditors that keep hounding you for payments, or even purchase business equipment that can help make your business run smoothly. In fact, our funding solutions can be a good option for any of the immediate financial issues that might have arisen while running your company when all you need is just a little bit of time to catch back up and get hold of your operating budget.
Although a short term business loan can be good for many business needs, there are some expenses that are not ideal for this type of financing. For instance, paying off less expensive debt would not make sense. However, there may be scenarios where this type of borrowing can be beneficial therefore we encourage you to speak with an accountant or financial advisor to determine if any of our short term business loans are a good fit for your business.
What Do I Need to Qualify?
Below is a list of the requirements to get approved for business funding with our most basic program. There may be additional factors that are considered, meeting these three requirements though gives you a very high chance of having your application approved.
At Least 3 Months in Business
530 Min. Credit Score
$10,000 Min. Monthly Revenue
How Do I Apply?
Applying has never been easier. You can either call our toll free number 24 hours 7 days a week at
(888) XXX-XXXX
OR
Submit your online application by clicking apply below and entering a few basic details about your business.
What Will Short Term Financing Cost You?
The cost of a short term business loan often depends on a factor rate and the length of time you have the funding. Let’s say you take a merchant cash advance of $100,000 for 12 months at a factor rate of 1.22. That would make the cost of borrowing in this scenario $22,000, so your total pay back amount on 100K would be $122,000. Your payments would vary depending on whether you have daily or weekly payments.
What Documents are Needed to Apply?
Documents Required for Less Than $100,000
- Drivers License
- Bank Statements
- Proof of Ownership
- Property Lease Agreement
- Credit Card Processing Statements
- Voided Check
Additional Documents for Advances More Than $100,000
- Personal Tax Returns
- Business Tax Returns
- Profit & Loss Statement
- Balance Sheet
- Business Debt Schedule (possible)
- Potential for Others
Get a Short Term Loan for your Business
How Do Short Term Business Loans Work?
Most of our short term business loans are an immediate funding solution where a business owner receives a set amount of money for a specified period of time at a set cost. The payback amount, which includes the amount borrowed and the factor fee, as well as any additional fees, will be paid back through daily or weekly debits from the business bank account. The duration of the loan can be between six months and thirty six months depending on the information provided in the application process.
Are Short Term Business Loans Right For You?
Our short term business loans can be a good fit if you require working capital for a relatively short period of time and you want some of the best rates and terms that we offer. This type of financing does however require a fair credit score so if you know your credit score is below 650 please see our business cash advance loans. Our short term program is a great solution if you do not meet the requirements for traditional financing but there are some important evaluations to make before you acquire this type of funding.
Can your business manage the payments of short term financing because the payments are larger when compared to a loan for the same amount over a longer period of time. You also have to consider what the total cost is for the financing and whether the loan will be a benefit or a burden for your business. These are just some of the questions you have to consider before applying.
Advantages & Disadvantages
Advantages
- Minimum Revenue Requirements
- Only 2 Months in Business Required
- Low Documentation Requirements
- No Credit Requirements
- Fast Funding Turnaround
Disadvantages
- More Expensive Than Traditional Loans
- Must Process Credit Cards
- Only Short Term Funding
- Only Daily Payment Option
- Some Caps on Funding Amount
Common Uses for Short Term Business Funding
Merchant cash advances allow small business owners access to immediate capital in a short amount of time regardless of their credit history. Below you will see some examples of how small business owners are utilizing merchant cash advances.
Acquire Inventory
Let’s say you own a clothing store and the holiday season is approaching. There are multiple benefits to having additional capital. First, if you buy more inventory you can significantly reduce your product costs by purchasing in bulk. Secondly, by having more inventory you will be able to satisfy holiday demand.
Expansion
In order for your business to really grow, whether it is a retail outlet, a restaurant, a small shop or similar brick and mortar operation, you need additional locations. Adding capital with a short term business loan allows you the option to find new ways to expand your company’s footprint.
Marketing
In today’s digital age there are so many ways to build your business through marketing. In fact, it is a necessity that many small business owners put off because they lack the capital required. Short term funding can have an immediate impact on your bottom line by allowing your business the opportunity to launch a social media marketing campaign, Adwords advertising, and many other online marketing techniques to increase your revenue stream.
Additional Labor
One way to help your business transitions from the startup or small business stage to a larger company is through the acquisition of labor. You can either make some part time employees full time, or you can add new employees. Having more working capital can give your business the opportunity to utilize additional labor to move your organization to the next level.
Merchant Cash Advance FAQ’s
This type of business funding has low document requirements so you can receive funding possibly in the same day you apply.
This type of alternative funding option very flexible credit history requirements so it will have very little impact on whether or not you receive funding.
There are no restrictions, you can use the money the loan how you see fit
It may be possible, it just depends on a few factors. Speak with your representative for more details.
This is also possible, it just depends on a few factors. Speak with your funding representative to see if it makes sense for your business.
This can depend on several details about the offer but it is definitely possible. Speak with your funding representative.
A minimum of two months in business is required.
Why Choose Working Capital Broker
- No Collateral Required on Merchant Cash Advances
- Very Competitive Rates & Terms
- Flexible Repayment Options
- No Hidden Costs
- Bad Credit Advance Options
- Funds Deposited In Your Bank Quickly
Very easy and Fast Process. Joseph was quick to reply to all my questions and very clear
Working Capital Loans Review
Short Term Business Loan Review
- Higher costs than Traditional Loans
- Flexible Credit History Requirements
- Flexible Payment Options
- Fast Funding Turnaround
- Low Minimum Time in Business
- Great for Assisting with Unexpected & Immediate Expenses
Still Need Advice?
We are here to answer any of your questions.
- Higher costs than Traditional Loans
- Flexible Credit History Requirements