Short Term Business Loans
Get Immediate Financing to Meet Short Term Capital Needs
SHORT TERM BUSINESS LOAN OVERVIEW
|Estimated Business Loan Term||6 to 24 Months|
|Rates||9% to 45%*|
|Time in Business Required||1 Year|
|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||$1,000,000|
|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 solution can be a very good option to deal with the daily expenses of operating your business. It 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, it is 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 our short term 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 the loan is a good fit for your business.
What Do I Need to Qualify?
Below is a list of the general requirements needed to get approved. Although in some cases there are many additional factors that may be considered, meeting these three requirements gives you a very high chance of having your application approved.
- At Least 1 Year in Business
- 650+ 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) 882-6117
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 loan depends on your factor rate and length of time you have the loan. Let’s say you take a short term loan 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. Below is a calculator that can give you example total cost scenarios for borrowing as well as the payment amounts you can expect to make on a daily, weekly, or monthly basis.
Short Term Business Loan Calculator
What Documents are Needed to Apply?
Documents Required for Less Than $100,000
- Drivers License
- Bank Statements
- Proof of Ownership
- Property Lease Agreement
- Business Licenses
- Voided Check
Additional Documents for Loans More Than $100,000
- Personal Tax Returns
- Business Tax Returns
- Profit & Loss Statement
- Balance Sheet
- Business Debt Schedule (possible)
- Potential for Others
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How Do Short Term Business Loans Work?
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 will 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 the funding 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 bad credit business 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 vs. Disadvantages
- The Lowest Rate Option
- Great When Quick Payback Desired
- Closest to Traditional Financing
- Less Documentation Than Bank Loans
- Funding As Fast As Same Day
- Not Ideal For Long Term Obligations
- Higher Payments
- More Expensive Than Traditional Financing
- Higher Credit Requirements
- 2 Year in Business Minimum
Typical Uses for Short Term Business Loans
Wondering how clients are utilizing short term business loans. Although there are countless ways you can use short term funding to grow your business, below you will find some of the ways a small business owner can use this type of financing to build their company.
Short Term Business Loan FAQ’s
What Real Customers are Saying
Here are some recent testimonials describing the experience real clients have had with our company.
I needed immediate funding to take advantage of a great opportunity. One of my biggest competitors was having short term operating issues and there was a chance I could increase my market share. I received funding in the same day that I applied to Shield Funding. It was amazing. I was able to take advantage of an opportunity that would have been out of reach if I had to go through a lengthy funding process.
Gregory M. Restaurant Owner
My small business was growing but I could not get over this hump because I needed employees to handle some of my work so I could do more things to build my company. My credit was pretty good but still not adequate for traditional bank loans. I went to Shield Funding and was able to secure funding in the same week that I applied at a rate that worked for my business model. I can’t thank them enough.
Sarah V. Ecommerce Co.
Short Term Business Loan Review
- Quick Funding Turnaround
- Fair Credit Required
- Daily or Weekly Payment Options
- Closest Option to Traditional Loan
- Great for Short Term Obligations
- Meet Unexpected Debt Requirements
- Great for Quick Turnover Opportunities