Short Term Loans For Small Businesses
Business Loans On
Your Terms
Every business is different. You can customize your short term loan to meet your needs.
For borrowers who require money for a specific business investment, such as beginning a new project, expanding, or making a sizable purchase that can’t be paid for using a credit card, short-term loans are a wonderful option. An Business Capital Resource short term loan, a sort of instalment loan, provides a one-time lump sum of money to employ for your business however you see fit. The day your loan is authorised, you’ll already have the money in your bank account, and you can repay it at your own pace to fit the schedule of your particular project.
About short term loans
One year or less is the typical repayment period for a short-term loan. Business Capital Resource, among other lenders, offers repayment arrangements of up to 36 months. Various business needs can be covered by short-term loans, with loan amounts varying amongst lenders.
Borrowers’ interest rates on short-term loans may change dramatically depending on a variety of variables, including credit ratings, annual income, and more. Business Capital Resource offers short-term loans with affordable interest rates and clear pricing, so you’ll always be aware of your upfront cost of capital.
Loan amount available up to $5 Million
Repayment terms up to 36 months
Automatic daily or weekly payments
Benefits to Your Business
Same Day Funding: Typical ACH bank transactions take three business days or longer to complete. However, if you used Business Capital Resource, you may have money in your bank account by 5:00 the same day.*
Benefits for being loyal: If you already have an Business Capital Resource small business loan, you will have the remaining interest eliminated. Additionally, we can minimise or even waive the origination charge on your subsequent loan.
Building business credit: By making timely payments, which we submit to bureaus, you can help your company establish credit.
Prepayment Benefits: If you are eligible for our 100% Prepayment Benefit option, you may pay off your loan early in full and receive a fee- and penalty-free waiver of all accrued interest.**
Fixed, predictable payments: Pay the same amount from the start of your repayment term until the conclusion so that you may manage your cash flow without unpleasant surprises or significant up-front charges.
Transparent pricing: To acquire a detailed analysis of your term loan’s cost, including all the critical terms you need to assess potential loan offers.
A short term loan can solve your specific business needs.
We comprehend that for borrowers, taking out a business loan can include a sizable financial commitment. Before making a choice if you believe you could profit from company finance, consider the following important factor: How precisely will I put this financing to use for my company?
You might determine a short-term loan is the best option for you based on your response. A loan can benefit your company in a variety of ways. Here are a few common explanations why entrepreneurs choose to seek for a short-term loan.
4 ways to use a short term loan
1. Reopening your business
2. Expanding to a new location
3. Investing in renovations
4. Financing marketing campaigns
Applying for a short term loan at Business Capital Resource is quick and simple
Step 1. Complete the application
All of your information is kept safe and we only ask for basic information about your business and 3 months of your most recent bank statements.
Step 2. Get a decision
Your dedicated loan advisor will review small business loan options with you to find the one that best suits your needs.
Step 3. Receive your funds
Once you complete the online checkout, you can receive your funds as soon as same day.*
FAQs: Business Capital Resource Term Loans
What does Same Day Funding* entail?
The concept of same-day funding is straightforward. It enables you to get money into your account as soon as the day your term loan with Business Capital Resource is finalised. There are no additional fees or specific enrollment requirements.
In addition to my term loan, what other small business loans am I eligible for?
Different loan types are accessible to you because, unlike many internet lenders, we recognise that every business has unique demands. You may quickly apply at Business Capital Resource, and if accepted, you can be given the option to start both your new small business line of credit and your existing term loan at the same time. Check out our other small company loan options.
How do rewards for loyalty operate?
We think it’s important to thank you for your loyalty and make it simple for you to get more money. If you choose to request for a loan renewal after paying down your initial or current loan by 50%, you will not be charged any more interest. Perhaps a smaller origination fee—or even none—might be possible for you.
How does payback function?
With Business Capital Resource, paying back your term loan is simple and hassle-free. Automatic bank account deductions ensure that you never miss a payment. Based on the details you gave Business Capital Resource in your application, the daily or weekly payment will depend on the sum and duration of your financing and be a manageable amount.
What will the price be?
Interest rates begin at a rate of 29.9% APR (APR). Your personal and business credit scores, the length of time your organisation has been operating, annual income, and cash flow are just a few of the variables that will affect the overall cost of your short-term loan.**
Can someone with bad credit obtain a short-term loan?
Business Capital Resource doesn’t provide “loans for bad credit.” However, having a low credit score does not automatically disqualify you from receiving business finance. For consumers who have had trouble being approved for credit cards and conventional instalment loans, our short term loans might offer an alternative source of cash.
Minimum eligibility requirements for an Business Capital Resource Term Loan or Line of Credit
Time In Business: 1 Year Minimum Requirements
Personal FICO Score: 600 Minimum Requirements
Business Annual Gross Revenue: $100K Minimum Requirements
Business Check Account: Yes Minimum Requirements
With help from the professionals in small business loans, expand your company.
**If a loan is fully repaid before the end of your payment period, you will only be able to save money on accrued interest. The interest rate on term loans using the Prepayment Benefit option will be greater, which could raise the overall cost of the loan. Without a Prepayment Benefit, you would be responsible for paying 75% of the interest that was indicated in your original loan agreement if you paid off your loan early. Only businesses with the best creditworthiness and cash flow, and often companies that have demonstrated an exceptional payment history on earlier loan products with Business Capital Resource, are eligible for the lowest rates, which have a very small pool of applicants. 62.1% APR is the typical rate for term loans. Loans originated during the half-year ending on average March 31, 2022.