Short Term Business Loans
- Get up to $750,000 within 24 to 48 hours
- 6 months to 2 years loan term
- No collateral requirement
- APR as low as 7%
What are Short-Term Business Loans?
Benefits of Short Term Loans
Every enterprise needs working capital and cash flow to grow and succeed. You can borrow it from family and friends, get a shareholder or apply for a small business loan. Each choice has its advantages and disadvantages. Here are the key benefits of getting a quick infusion of financing with a term loan:
The entire process of applying for a short-term loan to getting the money in your bank takes just 1-2 days. This speed allows you to focus on what you do best — running your company.
You keep total control
With a term loan, you maintain full ownership of your business. There are no collateral requirements which allow short-term loans to be a safe financing option.
High approval rate
Whether you have good or bad credit, you can qualify for short-term financing. Check your options with our quick business loan application. We’ll compare 75+ lenders to show you the best short-term loan for your specific needs.
Interest paid on a term loan is tax deductible at the end of the year. This further lowers the cost of securing capital to grow your business.
Term loans from Zoom Funding are simple, convenient, and transparent. Your dedicated advisor walks you through the terms and payment schedule. We’ve got your back.
How to Qualify for a Short-Term Business Loan
Being one of the fastest ways to get working capital, there are only three key things to keep in mind when applying:
Time in business
Your business should have been operational for at least 3-6 months. How long you’ve been in business is a risk assessment signal for lenders. The longer the duration, the lower the risk for lenders to provide you financing.
Average monthly revenue
Most lending companies require your business to generate at least $10K a month to qualify for short-term loans. Your current revenue numbers help lenders calculate the maximum loan amount your business qualifies for.
You can secure a term loan with both good or bad credit. Your credit score is one of the factors that determines your interest rate. The higher your credit score, the better APR you will receive. We recommend borrowers have a score of at least 550.
Popular Short-term Business Loan Uses
Choose how you allocate business funds, whatever your needs. Below are common ways business owners use traditional loans to achieve their goals.
Unplanned costs come up all the time. With the budget set and capital tied up elsewhere, you might not have the cash on hand to pay for an unanticipated expense. Financing can be used to cover urgent expenses when you’re in a bind.
Some business owners choose to allocate funds towards everyday costs. Working capital can help you cover essential expenses, like rent and payroll.
During a season slump, cash flow can turn negative, straining the business. A short-term loan can provide the capital you need to comfortably make it through your slowest months.
During the pandemic, businesses across the nation have faced financial hardships related to the novel coronavirus. If revenue has declined, or expenses have risen during COVID-19, we’re here to help.
Machinery and equipment allow you to get the job done. Term loans can be used to purchase the resources you need, when you need them.
Gaps in Cash Flow
An infusion of working capital can be used to bridge short-term cash flow gips, ensuring your bills get paid on time and in full. Whether you’re waiting on invoices to be paid, or have a pressing need, we have you covered.
Frequently Asked Questions about Short Term Financing
Start up businesses are a great fit. Funds can provide working capital to businesses in both early-stages and periods of growth.
You can choose from several different loan products, depending on your specific needs. Common financing options include: merchant cash advances, credit lines, invoice factoring, and installment loans.
A lender provides you with working capital to be used for business purposes. The funds are paid back over a preset length of time. The repayment window is shorter in duration than alternative, long-term business loan options.
The duration depends on loan type. Typically, the length of time ranges from 2 to 36 months.