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What Is Short-Term Business Loan?

Have you ever had to pass on an exciting business opportunity because your company didn’t have enough cash? If so, you know how frustrating it can be.

Maybe your main piece of equipment just broke, and you need emergency repairs and an equipment loan.

Could acquisition loans enable you to buy out a competitor?

Like many small companies, you may experience fluctuating revenues. Or maybe you’re unable to come up with large sums of cash on demand because of cash flow management issues.

Could it be you simply do not want to dip into your company’s savings accounts?

Small company owners need funding with a friendly pay back and an easy repayment term on their term loan.

You need a short-term loan option with big enough credit lines and affordable interest rates.

You could try your local bank or credit union.

The first thing they will do is to check your credit scores and your creditworthiness.

Banks and traditional financial institutions have a credit score requirement of 680 or better. If you pass with a favorable credit history, you may be in luck.

The next challenge is that a traditional bank term loan takes forever to process. And worse – forever to repay.

That’s where small business lenders like Sunwise Capital differ.

We offer business financing and small business term loan options that meet your shortterm financing needs.

We can provide you the small business owner:

💰cash upfront to alleviate cash flow issues
💰at an attractive percentage rate
💰with attractive payment options
💰without prepayment penalties
💰with convenient repayment terms
💰even with a damaged personal credit report

We provide short-term small business loans online and working capital for companies across more than 700 industries.

From architects to retail businesses, our process couldn’t be more straightforward.

You can receive a short-term business loan approval within 24 hours. Short-term loan funding can be the same business day.

How Do Short-Term Business Loans Work?

The actual process of securing short-term business loans is relatively simple.

Typically, you will complete a one-page application and provide the last 3 months of your business checking accounts.

There are usually minimum personal credit score and business credit score requirements as well as time in business and annual revenue.

Most alternative lenders, like Sunwise Capital, will then determine a loan amount. The payment amount to your business can range from $10,000 to $2M.

When the payback terms are between three months and two years, this is a term loan.

Payments can be daily or weekly, and the longer-term loan’s payment terms can be weekly or have monthly payments. You do not need excellent credit to qualify.

There is a range of information we use to determine the borrowers ability to repay the term loan.

The only difference between short-term business loans or cash advances and a traditional term loan type is the duration or repayment period of the loan.

How Do I Start A Short Term Business Loan?

🈸 Easy application process
🚫 No assets or collateral
🚫 No traditional personal guarantees
🖥 Apply online
🏦 Last three months of business banks statements

Pre-Approvals and Offers Need to Provide:

  • Driver’s License
  • Voided Business Check
  • Proof of Ownership

Do Banks Do Short-Term Loans?

Most banks do not cater to the small and medium-sized business.

As a result, they frequently all but ignore small business funding options. Startup business loans are impossible to secure at virtually all banks.

The banks focus on companies that do substantial annual revenue of 1 million dollars plus and make capital loan options to a limited number of industries.

They prefer to see the time in business for over 3 years since they require a minimum of 3 years of personal and business tax returns.

What if you have the chance to bid on a project or receive a large purchase order?

The issue at hand is that you won’t receive your money for 30, 45, or even 60 days.

You can try the bank.

Even if you have a strong credit score and an excellent business credit history, it does not ensure getting financing options made available to your business.

Even though banks are in the loan business, they are reticent to offer short-term loans or lines of credit. The primary reason is that their costs are too high to originate a short-term loan to justify short-term loans.

You shouldn’t have to make a long-term commitment when you only need to borrow money for a short period – and you shouldn’t have to wait forever to get it, either.

A short-term loan from Sunwise Capital gives you precisely what you need when you need it, so you can capitalize on that incredible opportunity without skipping a beat.

Especially when you do not have a strong credit score.

Our proprietary online loan application process is entirely online and only takes a few minutes, and loan approvals are a day or less.

When Should A Company Use Short Term Funds?

PRO’S

😀Like all financial decisions, getting short-term loans has its pros and cons.

😀The advantages include knowing that you have a set payment over the short term.

😀 The payments can be weekly, or perhaps it’s daily.

😀 We calculate the payments on your annual revenue.

😀 We base our installment loan payment schedule on the risk associated with your industry, cash flow, time in business, and average daily bank balances (there are well over 200 points that determine this risk).

😀 Another benefit is the limited paperwork and the fact that there is no challenge with poor credit.

😀 We do not report to the personal credit bureaus.

😀 However, we do report to the business credit bureaus, thereby helping you build your business credit (and not damage your personal credit score).

😀 Perhaps the biggest pro is that the money or use of funds is for any business purpose.

😀 There is no need to get specific approval for the use of funds.

 

CON’S

The cons and drawbacks are limited.

☹️ The annual costs of funds and the annual percentage rate are potentially higher than the rates associated with a long term bank loan.

☹️ The other challenge is your cash flow may make the payments challenging, especially if your annual revenue is inconsistent or spikes due to the nature of your business.

☹️ The best way to think about the benefits of this type of business loan is as follows. How long are you holding onto whatever the business loan is securing?

☹️ If you were going to buy a piece of equipment that lasts seven years, I would not want to have to pay a short term business loan off in 10 months versus getting equipment financing.

☹️ Working with a responsible online lender dictates you should find the least expensive loan available.

☹️ On the other hand, if you make inventory purchases that sell in the 30 to sixty days and this is happening on an ongoing basis, then you wouldn’t want a loan for your business for the next five years. A line of credit makes more sense.

Benefits of Loans for Businesses

Managing Cash | Flow Inventory | Restocking | Hiring Employees | Emergency Repairs | Marketing | Building Business Credit

Which are the Best Short-Term Business Loans?

You shouldn’t have to make a long-term commitment when you only need to borrow money for a short period – and you shouldn’t have to wait forever to get it, either.

Short-term business loans from Sunwise Capital give you precisely what you need when you need it, so you can capitalize on that incredible opportunity without skipping a beat.

Our proprietary online loan application process is entirely online, and only term loan approvals take a few minutes, and term loan approvals are a day or less.
Are you wondering how you can get a quick term loan online for growth and expansion?

We’ve developed a streamlined approval process for our convenient term loan, so getting the fast cash that you need to seize that great opportunity is as easy as can be for your small business.

Let us know if you need an instant decision for a term loan or line of credit.

Loan options also includes SBA loans, merchant cash advances, business lines of credit, or invoice financing (also called invoice factoring).

What Is the Interest Rate On Short-Term Loans?

Your credit score alone doesn’t dictate the interest rate for your small business. Many additional factors determine the rate.

Rates vary among lenders. A small company can expect to pay between 9.00% to as much as 99.00% depending on the term.

A line of credit can range from 15% to 78%.

The rates can reflect your credit score, among other variables. Many times, these are not interest rates but a factor rate.

Check out the business loan calculator to get an estimate of your cost based on your loan term and the credit limit you are seeking.

Loan Requirements

1
Time in Business
6 Months Minimum
2
Annual Revenue
$150,000 +
3
Short-Term Loans
$10,000 to $2M
4
Credit Score
500 + FICO Score
No Open Bankruptcies

This question usually arises when the demand for your product or service is greater than the supplies or inventory on hand.

One challenge that business owners run into every day is when vendors do not allow for an extension of credit to cover his demand.

There is no reason to take a personal loan for business when we have several loan types, including unsecured business loans with no traditional personal guarantees as well as cash advance loans.

You may consider our unsecured business lines of credit, which is ideal for startup businesses. We show you how to fund your new company with business credit cards.

You do need a minimum credit score of at least 680 for this shortterm lines of credit.

Short-Term Business Loans vs. Longterm Loans?

LOAN TYPE

TIME TO FUNDING

ANNUALIZED % RATE

      SHORT-TERM

1•2 DAYS

STARTING AT 10%   

SBA LOANS

7 – 180 DAYS

STARTING AT 6.5%

LONG TERM

2 DAYS

7% – 30%

EOUIPMENT FINANCING

2 DAYS +

8% – 30%

BUSINESS LINE OF CREDIT

1-2 DAYS

7% – 25%

BUSINESS LINE OF CREDIT

1-2 DAYS

7% – 25%

INVOICE FINANCING

1 – 7 DAYS

3% + %/WK OUTSTANDING

MERCHANT CASH ADVANCE

2 DAYS

1.14% – 1.48%

PERSONAL LOANS FOR BUSINESS

1 DAY

5.99% – 36% APR

APPLY FOR A BUSINESS LOAN SHORT TERM TODAY

The Benefits Outweighs the Total Repayment

Examples of Short Term Loans in Action and Reviews


MIAMI, FLORIDA R & D MANUFACTURING COMPANY SIZZLES WITH SHORT TERM FINANCING

This technology company offers worldwide customer’s frequency components.
The industries range from the medical, telecommunications, wireless, industrial, computer, consumer, and many other segments of the electronics industry.

There were several challenges for this company doing annual revenue of between $600 – $700K per year.

They had erratic cash flow, daily bank balances that are below national averages for the industry, a significant loss in 2015, reasonable FICO, and declining revenue over the past three months.

Working with business loans lenders like Sunwise Capital enables them to get a $55,000 loan for 12 months.


MICHIGAN DENTIST NEEDS MAJOR FILLINGS. HIS TOOTHACHE DISAPPEARS WITH SHORT TERM BAD CREDIT BUSINESS LOANS.

Dental practice loans are just one of our specialties.

This dental practice sits 15 miles northwest of Detroit, MI. They offer comprehensive dental care to patients of all ages, using cutting-edge techniques.

This dental practice provides a variety of services from TMJ treatment to cosmetic dentistry to snoring and sleep apnea treatment and more.

The challenge here is an IRS tax lien for $75,000. His revenue dropped from $520K to about $400K. His bank account showed negative balances and bounced checks, and he was looking for lines of credit.

There were outstanding invoices that needed immediate payment. We were able to provide fast funding for the dentist and requirements $60,000 for 12 months providing much-needed relief.


PHILADELPHIA, PA TRANSPORT COMPANY ROLLS INTO PROFITS WITH A SHORT-TERM BUSINESS LOAN

This transportation and logistics company, founded in 2010, is a Northeast Corridor asset-based provider specializing in refrigerated, dry van, and intermodal logistics.

Known in the industry as the top fruit and produce shipping company, they are responsible for the delivery of a significant portion of imported fruit and produce to retailers and wholesalers in the region.

A slow winter and a personal bankruptcy just one and a half years ago brought this company to a near halt. He has excessive tax liens and various judgments.

Not a beautiful picture. Do you agree?

Although they were doing $5M in annual revenue, the bank was a no-go for apparent reasons.

The owner felt very optimistic coming into the season, so he’s confident the payments are not an issue.

The challenge is that the vendors wanted to get paid now, and he needed to consolidate some debt with much-needed relief to his cash flow.

Although this is considered a bad credit short term business loan, we gave trucking loans to this company – $30,000 with a loan repayment of six months.

UPDATE: Since our initial loan, we provided the following short term loans.

Funded $17,140 for 7 months

Funded $85,000 for 9 months

In less than two years, this transportation logistics company secured just over $132,000! We are helping them achieve their mission to be the fastest, most efficient transportation and logistics solution in America.

SUMMARY

Our long-term relationships with our clients give us great pride at Sunwise Capital. We feel that the reason over 75% of our customers renew their loans with us is for several reasons.

First and foremost is our straight forward, no B.S. approach.

We speak to everyone with the same respect we’d expect if the shoe is on the other foot. We also see our client’s world from their perspective.

As long time entrepreneurs and business owners, we fully respect and understand the circumstances that bring our clients to Sunwise Capital.

Our commitment in return is to provide more money with better terms and better rates when they re-borrow. We look for a long term relationship.

Speak to us. Have you got any questions?

We keep crazy business hours and have the answers. We guarantee our rates.

You can call us 24/7.

We’d love the opportunity to review the types of loans and your options.