What is a short term business loan?
Short term loans work just like term loans, but have shorter payback periods. Typically, short term loans have payment terms of 1 year or less, meaning there is less time for interest to accrue. For this reason, short term loans can actually be the best option for some small business owners. Short term loans are the ideal option for expenses that directly drive revenue, such as marketing, the costs of taking on a new project, and expansion.
- Typically for clients that need funds quickly
- Early Payoff Discount
- Minimal Paperwork needed
Is a short term business loan right for me?
What are the benefits of short term business loan?
A short term loan is handy, flexible, and able to get you out of a bind. You can use it to cover unexpected costs, survive a slump, finance a short term project, or even capitalize on a new business opportunity. From financing equipment to purchasing inventory, your business has the ability to grow to new heights with no restrictions of funds.
How to qualify for a short term business loan?
If you have solid credit and you've been in business at least two years, you have a good chance of qualifying for a short term loan. Just fill out our no-cost, no-obligation application to compare short term loan options from 80+ lenders.
How is this different than other loans?
Short-term business loans provide a solution for urgent and short-lived financial needs, offering quick access to capital with a faster repayment period. While they come with higher interest rates and limited loan amounts, their advantage lies in meeting immediate business demands.
Secure the capital you need based on cash flow — without having to pledge any type of asset or collateral.
Capital can be used to fund a variety of business needs from everyday operations to securing growth opportunities.
Idea when you cash fast, you can be approved in a little as 6 hours and funding in about 48 hours.
TFC clients who shorten payment cycles are eligible for an early payoff incentive to help fund what’s next.
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Short-term loans are known for their expedited approval process, allowing businesses to access funds swiftly. This rapid turnaround is particularly useful for addressing urgent expenses or seizing time-sensitive opportunities.
These loans offer flexibility in terms of loan amount, repayment period, and usage. Businesses can tailor the loan to match their specific financial needs, whether it's covering unexpected costs, managing cash flow gaps, or seizing temporary opportunities.
Unlike long-term loans, short-term loans are repaid within a shorter timeframe. This means businesses can clear their debt more quickly and avoid being tied to a long-term financial obligation.
While short-term loans often have higher interest rates compared to long-term loans, the overall interest costs can be lower due to the shorter repayment period. This can be advantageous for businesses looking to minimize the total cost of borrowing.