What is a Short-Term Business Loan?
A short-term loan is a form of business loan taken to finance your business when you need fast funding to handle financial needs or take advantage of a business opportunity. A short-term business loan can provide you with quick working capital to overcome a financial obstacle. Basically, short-term funding is a duration of 3 months, one year or more.
One of the easiest and effective ways for small business owners to quickly cover gaps in their cash flow is to obtain a short-term business loan. The only difference between a short-term business loan and other business financing is that borrowers are required to repay the loan in a short period of time.
At Globelend Capital, we offer amazing short-term loans to help small businesses get quick access to cash to cover urgent business expenses. Our short-term business loans can serve as an alternative funding option whenever your business is short of capital.
The Basics of Short-Term Business Loans: How they Work
Short-term business loans are designed to help small business owners infuse quick cash into their businesses to handle immediate business needs. Often times, businesses might need to purchase inventory either at a discounted price or to support rapid business growth. In such cases, business owners can acquire a quick loan to cater to the urgent expenses.
Globelend Capital offers short-term loans for small business owners ranging from $2,500 to $500,000. They’re available for terms between 3 to 18 months, with interest rates starting at 10%. Our short-term business loan is perfect for companies that need quick funding, as our loan processing time can be as fast as 24 hours.
Little paperwork and no rigorous processing. Borrowers only need to pay back their short-term loans and interest within the agreed-upon period of time.
Who Can Qualify for a Short-Term Business Loan?
Basically every small businesses that is more than 6 months old and doing well in terms of revenue generation and looking for quick financing can qualify for a short-term business loan.
Short term business loans have fewer qualification constraints compared to other business financing options. However, borrowers must have a good credit score and a solid history of loan paybacks to hasten their short-term loan approval process. A credit score of about 600 and annual business revenue of over $150,000 is a perfect benchmark to get your short-term loan approved.
Advantages of a Short-Term Business Loan
A short-term business loan can be the perfect tool to help your business achieve the growth you desire and build a stronger credit profile. There are numerous advantages to obtaining a Globelend Capital short-term business loan:
Limited documentation:Borrowers don’t have to provide tons of paperwork before their short-term business loan can be approved. However, we’ll need to see your credit score, bank statements and loan history before approving your loan.
Lower cost:Since the loan is designed to meet short-term needs, the total cost you’re required to pay back will be relatively less than that for other business loans. The total payback or cost of a short-term business loan can be as low as 1.5x the loan amount.
Quick and easy to access:A Short-term business loan from Globelend Capital is easy to access and quickly approved. Our short-term loan approval can be as fast as 1 day. It’s important to note that the approval depends on how well you meet our short-term loan requirements.
Suits a Variety of Business Purposes:Business owners can take advantage of a short-term business loan for almost any business purposes, ranging from urgent equipment purchases to inventory costs. A short-term loan can be used to handle them all.
Disadvantages of a Short-Term Business Loan
Despite being one of the most easily accessible business loans, a short-term loan has a few shortcomings:
Weekly payments may prove difficult:Short-term loan lenders might require borrowers to repay the loan weekly, and sometimes this is difficult.
High interest rate:Because of the shorter duration of loan term, larger amount short-term business loans come with a higher interest rates. This rate may be smaller fort loans with longer repayment terms.
How to Apply for a Short-Term Business Loan
Globelend Capital offers easily accessible and quick short-term loans for small business owners looking to secure urgent financing for business growth. At Globelend Capital, we know how important quick access to cash can be for small business development. This is why we make short-term loans easily accessible to small business owners who are looking to inject quick funds into their businesses.
For a quick and easy-to-approve short-term business loan, apply through our online platform now.
Here are the documents you’ll need to apply for a revenue-based business loan through us:
- Personal financial statement
- Credit score
- Driver’s license
- Business tax returns
- Personal tax returns
- Business certificate or license
- Loan application history
Apply for a Short-Term Business Loan from Globelend Capital
A lot of small business owners often wonder, “Is a short-term loan right for my business?” Truth be told, a short-term loan can be extremely beneficial for growing your business, especially if you foresee a major development in your business but need a quick cash to make your dream a reality.
At Globelend Capital, we offer funding that helps business owners acquire quick money to cover their business expenses. It’s available at very competitive rates and repayment terms.
Apply for a short-term business loan today and get approved in just few days. APPLY NOW!