Get the Short Term Loan Your Business Needs
Here at AdvancePoint Capital, we offer various short term small business loans and other funding alternatives you can take advantage of today. To keep operations running smoothly, sometimes small business loans are needed to cover the cash flow gaps. Whether it’s money for working capital, cash flow, opportunities, emergencies, or other needs, we provide business owners like you with a wide range of short term loan options.
While your credit score, time in business, and financials may hold you back from approval through traditional loan institutions or lenders like banks, you still have options. We offer alternative short term financing and business funding to help you get started or continue down the road to success.
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AdvancePoint Capital makes the loan application process a simple, straightforward experience.
What Is a Short Term Business Loan?
The term “short term business loan” refers to a lump sum of money provided to a company that then uses the capital for a business opportunity purpose. Such purposes may include working capital needs, equipment purchases, expansion or renovation, and an abundance of other expenses. A short term business loan is typically easier to obtain than alternatives like long term business loans, which may require a higher credit score or longer time in business.
How Long Are the Terms for a Short Term Loan?
The use of “short term” means that the short term loan consists of a fixed length of time in which the borrower must repay the loan. With a short term loan like this, the repayment period ranges from 18 months or less.
Short term loans can have fixed costs built into the loan monthly repayment plan, or they can be based on an interest rate with principal and interest. When small business owners need access to funding fast, this short term loan product is the perfect match. Most lenders or funders can fund a short term loan in 24 hours or less after approval with your cooperation.
Who Can Qualify for a Short Term Loan?
Anyone who currently owns a company with revenue can potentially qualify for short term loans. Qualifications such as credit score requirements, sales volume, annual revenue, and time in business vary depending on the funding product you are applying for.
Short term loans allow owners who have some challenges with more traditional short term loan products an opportunity to still get the funding they need for their company. The benefits of a short term loan allow for one or more of the following qualification issues:
- Substandard, midprime, to subprime credit
- Low monthly or annual revenue
- No financial statements, such as tax returns, balance sheets, profit & loss, etc.
- Business bank statement issues such as low daily balances, overdrafts, or NSFs
- Less than 3 years in business
- The need for speed; faster funding than the traditional process allows
Most Common Reasons to Acquire a Short Term Loan
Here are just some of the business needs that might require you to use a short term loan:
- Emergency Capital
- Working Capital
- Cash Flow shortages
- Advertising/Marketing/Customer Acquisition
- Small Equipment Purchases
- Business Opportunity
The 6 Best Short Term Business Loan Options
Short-Term Business Loan
Business Line of Credit
Business Cash Advance
Merchant Cash Advance
Invoice Financing or Factoring
Business Credit Cards
The fast, convenient, and straightforward way to get the money you need for your small business – now!
Get your quote today by filling out our simple form.
What Are the Pros and Cons of
Short Term Business Loans?
- Access to capital when other traditional options are not available
- Fast processing time, usually same day to a couple of days
- No upfront fees for services rendered
- Rates can be higher than traditional lending
- Smaller loan amounts due to the shorter term
- Some products don’t have benefits to pay off the loan early
- Monthly payments are rare
How to Apply for Short Term Business Loans
How to Apply for
Short Term Business Loans
There are a variety of short term loan products to pick through. A good rule of thumb when looking at a short term loan is the better the costs, rates, and terms, the more information (paperwork), requirements, and length of time it will take to get an answer.
What you will find with most lenders and funders is that an application for business loans will have to be filled out either offline or online that will include many of the following pieces of information for lender approval;
- Owner’s personal information, including full name, home address, company email, social security number, date of birth, ownership shareholder percentages, etc.
- Legal name and DBA if applicable, company address, company number, website, etc.
- Time in business
- Business bank statements
- Description of the company and its activities
- Business expenses
Frequently Asked Questions
Advice, Tips, and Benefits of Short Term Business Loans
With short term loans, it’s essential to ask questions and research what products are available. With so many business loans out there, it can be challenging to choose the right short term business loan.
Take the Next Steps to Get a Short Term Loan
When considering a short-term loan, you need to consider several factors – your offers, the agreement terms and conditions, the interest rate and factor rate, closing and funding fees, term duration, guarantees, and payment and collateral requirements.
So, where do you start when beginning your short-term loan search? With the tough questions.
- Why do you need the loan?
- What’s the actual dollar cost?
- How will you use the loan?
- Have you checked out all of your options in the marketplace?
- Am I receiving competitive rates, costs, and terms for my loan inquiry?
- Does this loan require collateral?
And, if you want to be extra thorough, consider conducting a cost-benefit analysis.
Using AdvancePoint Capital’s Funding Marketplace
Applying for a short term loan with AdvancePoint Capital is as simple as a 1, 2, 3, 4 process. Start with this online form, then fill out the short application page, wait a few hours for your approval, and then get your cash flow to move your business forward.