Small businesses in need of immediate financing can receive fast funding through short-term loans.
*Qualification criteria, rates, and other funding terms will vary depending on the type and location of your business, and upon other factors. This is not a guarantee of funding, and it should not be relied upon as an accurate assessment of the availability or terms of the represented funding products.
Not sure what you need or what funding options are best for you? Use our simple calculator to get a rough idea of your options with no commitment, and apply when you’re ready.
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Find answers to some commonly asked questions about short-term business loans.
The term for these small business loans is right in the name: short-term. Short-term business loans typically have repayment terms of 18 months or less.
The interest rate for short-term business loans can vary depending on the lender, the borrower’s credit score, and the loan amount. Generally, interest rates for these loans tend to be higher than those of traditional long-term loans, due to their shorter term lengths.
Some short-term funding products will use a factor rate instead of an interest rate. Unlike interest rates which are expressed as a percentage of the principal loan amount, a factor rate is usually expressed as a decimal figure.
To calculate the total amount you will need to repay on a loan with a factor rate, you multiply the loan amount by the factor rate. For example, if you receive a $50,000 loan with a factor rate of 1.2, you would have to repay a total of $60,000 ($50,000 x 1.2).
If you’re in a bind and need a quick cash flow boost, some loans can provide you with cash in hand in as little as 24 hours after your application is approved. Having all of your application materials ready to go when applying can help speed the process along.
Yes, a startup business can potentially secure a short-term loan, although it can be more challenging than for established businesses due to the perceived risk. Lenders typically require a solid credit history, a detailed business plan, and sometimes personal collateral. Some lenders specialize in startup loans and may have more flexible criteria, but interest rates may be higher to offset the risk. It’s crucial for startups to carefully evaluate the terms of any loan and consider the impact on their business finances.
See what you can qualify for on the Lendio Marketplace.