Short-term commercial loans are a type of financing that provides quick access to funds for small businesses in need of financing for a variety of reasons
These loans are typically repaid within a year or less, making them an excellent option for borrowers who need working capital for a specific business purpose, such as covering a cash flow gap or purchasing equipment
Short-term financing can be particularly beneficial for seasonal businesses that want to maintain cash flow throughout the year, as well as companies that regularly experience delays on accounts receivables to cover expenses
Short-term commercial loans are often provided by alternative lenders like QuickBridge, LendingTree, NerdWallet, and OnDeck
These lenders offer a range of financing options, including lines of credit, term loans, and merchant cash advances, with predictable repayment terms and no long-term obligations
Short-term business loans typically donÕt have restrictions on the ways you can use them, making them suitable for a wide range of uses
The process for obtaining a short-term commercial loan can vary depending on the lender. Generally, the borrower needs to research and choose a lender, contact the lender to discuss their requirements, determine their budget and pricing, specify the loan amount and repayment terms, provide any necessary documentation, and wait for approval and funding
The application process is often streamlined and can be completed online in a matter of minutes, with minimal documentation required
It's important to note that short-term commercial loans typically come with short repayment terms, ranging from three to 24 months, and may have higher interest rates than traditional bank loa
However, they can be an excellent option for small businesses that need fast funding to fill a cash flow gap or pay for an emergency expense
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