Top 6 Short-Term Business Loan Providers

A short-term business loan is a loan that helps a company meet its working capital requirements. A short-term business loan can be used to purchase inventory, improve the business, or pay employees without the need for a long-term loan. You can find it online or at a bank. There are many forms available with different rates and qualifications.

We compared the top six lenders based on their maximum loan amounts, application processes, funding times, and other factors.

What Is a Short-Term Business Loan?

A short-term business loan is a loan that provides immediate cash to a small business. A short-term loan for a business can be used to fund inventory purchases, working capital, business improvements, and bill payment.

Rates, terms, and qualifications can vary depending on the loan type, geographical location, and loan amount. Short-term business loans are generally approved quickly and funded within six months. Repayment terms can range from six months to two years. These loans will have a higher interest rate than long-term loans.

Top 6 Short-Term Business Loan Providers

1. Kabbage

American Express recently acquired Kabbage, a technology company that connects small businesses with cash flow solutions. This includes short-term business loans as well as payment processing loans. It offers small business tips, resources, and online banking services. It was created to assist small businesses in obtaining the funds they require quickly and with less paperwork than traditional banks.

Online applications for a short-term loan can be made and approved on the same day. If you have any questions, you can apply online and speak with a representative. Funding is usually completed in three business days. If funds are deposited to your PayPal account, it will take less time. Although terms vary, they are generally between 6 and 18 months.

Originally published on The Tech Trend