
SHORT-TERM
Short-term loans allow for fast funding with little documentation required. Repayment schedules are either daily, weekly, or bi-weekly. These loans are best for businesses with high and consistent sales that need quick unsecured cash.
Pros:
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Easy application process and fast funding in as little as 24-48 hours
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Smaller repayment installments compared to long-term loans
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Lower credit scores ok
Cons:
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Cost of borrowing may be higher
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Doesn't always fulfill long-term capital investment needs for your business
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More documentation may be required if it is a seasonal business
Best for:
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Building borrowing history while growing
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Entrepreneurs and startups who have less than two years in business
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Businesses that have high sales and make consistent bank deposits into a business account
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