Short-Term Loans and How They Work
Short-Term loans are utilized as a way to fill immediate, short-term needs or cash flow issues. This type of loan doesn’t require a lot of paperwork, funds quickly, and can be used for almost any business purpose. Short-term loans are perfect for purchasing inventory, filling gaps between accounts payable and receivable, as well as any emergency repair or maintenance expenses that may pop up. While this type of financing does have it’s pros, having a shorter term also means having higher cost involved than traditional secured financing in a shorter term, generally collected via daily or weekly ACH payments. A traditional term loan is one where you borrow money and pay it back within a fixed term at a set interest rate. This type of loan allows you to build your credit and you will have fixed monthly payments. The drawback is that they come with less flexible terms and rates and may charge a penalty if you pay your loan off early.
What’s Needed To Qualify for a Short-Term Loan?
Repayment terms of 3-24 months
- Completed Merchant Application – Click Here To Download The RCM APPLICATION or Click Here To Fill Form
- Last 4 Months Bank statements
- Minimum 6 Months In Business
- Minimum of $5,000 Consistent Monthly Business Bank Deposits
- Copy of DL and VC
- No minimum FICO but NO open Bankruptcy or Tax Leins
- Decision Logic Required [If You are Looking for Monthly Payback Terms Only]
[If you have a FICO of Above 680, Please follow Instructions in Medium Term loans section]