What is a term loan?
Short term loans are a great option for borrowers who need funds for a specific business investment, like starting a new project, expanding — or making a large purchase that can’t be covered with a credit card. As a type of installment loan, a short term loan offers a one-time lump sum of cash to use for your business how you see fit. You’ll have your funds in your bank account as early as the day your loan is approved, and you can pay it back on your schedule to match your specific project timeline.
- Expanding to a new location
- Investing in renovations
- Financing marketing campaigns
A short term loan is a form of financing that is generally repaid in eighteen months or less. Short term loans can be used to cover various business expenses, with loan amounts that vary across lenders.
The interest rate on a short term loan can vary significantly for borrowers, depending on factors such as credit scores, annual revenue and more.
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