Short-term business loans offer financing with a quick payment turnaround – typically three to 18 months. If you’re seeking fast financing and can repay it quickly, short-term loans may be the right choice. We’ve compiled a list of lenders to help https://installmentloansgroup.com/installment-loans-id/ you secure the best short-term loans for your background and qualifications.
Best short-term business loans
Whether you need a short-term loan to expand your business or buy a piece of equipment, choosing the right lender is key. To be included on our list of best short-term business loans, lenders needed to meet the following criteria:
- Loans available from $5,000 to $500,000.
- No more than two years in business required.
- Minimum repayment terms between three months and one year.
Offering loans from $5,000 to $250,000, OnDeck may be a good option for business owners with small or medium financing needs. Terms can range from 3 to 24 months with APRs starting at 35% (% is the average rate). OnDeck charges an origination fee of up to 5% of the loan amount.
- One year in business
- $50,000 in annual revenue
- 600 minimum credit score
Depending on your state, you e day after approval for loans up to $100,000. The loan would need to be repaid in either daily or weekly installments. Business owners that qualify for the Prepayment Benefit option do not incur any fees or penalties for paying off their loans early. OnDeck does not extend financing to borrowers within Nevada, North Dakota or South Dakota.
For credit scores as low as 500: Credibly
Credibly working capital loans are available in amounts of $5,000 to $400,000 with terms from 6 to 18 months. With a 500 minimum credit score requirement, Credibly can be suitable for low-credit applicants. Credibly charges a factor rate instead of an interest rate – the cost is calculated by multiplying the factor rate by your total loan amount. Continue reading Commonly available through online lenders, short-term loans are ideal for cash flow gaps, emergency expenses, working capital and more