Short-term loans are designed to meet short-term financing needs. They can be a flexible financial tool to better manage cash flow, deal with unexpected needs for extra cash, or take advantage of an unforeseen business opportunity.
Most small businesses can qualify for a short-term loan—so long as those business owners can deal with higher APRs and daily payment structures.
Short-term loans are based on last 4 months of cash flow.
But you should also know that the interest rate you’ll pay and the amount you can borrow will depend on your annual revenue, business history, and personal credit rating.
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Anyone who runs a small business knows: it takes money to make money. That makes access to working capital essential—whether you’re just starting out or have big plans to expand your existing business. In fact, just about every business needs extra working capital from time to time.
What if you have the opportunity to fill a massive order for a customer who can pay you in 60 days, but your supplier needs to be paid in a week? Without access to cash, you might have to pass up that golden opportunity. But with a short-term loan, you could get the funding you need to fill that order—and then pay your loan back when your customer pays you. Or maybe you have a seasonal small business that needs an influx of capital just before the holiday season.
Getting a short-term loan would give you the funding to cover promotional expenses and build your inventory well before the holidays—even though you might be short on cash right now.
Other businesses find that a short-term loan is a great way to fund business expansion, refinance other short-term debts at more favorable terms, pay upcoming taxes, put extra cash into their business to take advantage of new opportunities, or meet pretty much any short-term financing need.
The big point?
Fast financing gives you the flexibility to spend how you need