Short Term Loans
What is a short-term loan?
A short-term loan is a loan that you get for your business that you are required to pay back in a short term – 3 to 24 months, uncollateralized, depending on the lender, credit profile, revenue and industry. It is easy to get as the requirements are not too strict compared to traditional loan.
Why you should apply for a short-term business loan
Immediate funding.
In such case where you need an immediate cash for payroll, short term loan might be quick solution if you’re short on capital.
For off-peak business funding
If you run a seasonal business, there are times when cash flow will be down when it is off peak for your business. You can take out a short term loan to cover operations, which can be recouped in the high season
Stock faster moving inventory
When your business is experiencing a sales boom and you do not have enough inventories of the fast-moving items, just take out a loan to buy the stock, and then pay up from the sales of the items.
Comparing Short-Term Loan vs. Equipment Financing
Feature | Business Loans | Merchant Cash Advance | Equipment Financing |
Ownership | 50% | 50% | 100% |
Origination, Admin Titling Fees | Low | Low to moderate | Varies |
Monthly Payments | Monthly, Daily, Weekly | Daily / Weekly | Monthly |
Credit Minimum: | 600 | 500 | 650 |
Fund Disbursements | Client | Client | Vendor |
New/Used Equipment | n/a | n/a | Yes |
Maximum Term | 24 months | 12 months | 60 months |
Time in Business | 2+ years | 6 months | Startup Ok |
Interest Rates | Moderate | High | Low |
Application Only | $150K | $250K | S250K |
Funding Time | Same Day Funding | Same Day Funding | 1- 5 days |
Simple Guide to Financing Short-Term Loans
Knowing the very specific use of funds will give you the best route on what loan to go for. Here is your guide on what type of loan is available to your business.
Collateralized – Secured Loans
- Equipment Financing: Spread the cost of the Food truck over time with fixed payment terms.
- Equipment Leasing: Lease a food truck with off-balance sheet financing options like Fair Market Value (FMV) leases
- Real Estate – Commercial Loan
- Bridge Loans
Uncollateralized – Unsecured Loans
- Line of credit
- Term Loan
- Business Cash Advance
This will guide you to what type of loan you need to focus on based on your need. At Liberty Capital, we fuse technology and the human touch to help lower search costs for borrowers and lenders while delivering better speed and customer service. Liberty Capital connects borrowers to a nationwide network of banks and lenders. Our team of dedicated funding specialists help borrowers get the right financing product and work quickly to help you secure the capital your business needs.
Pre-Qualify Short Term Loans in Minutes. Get Started Now!
Short term loan benefits
For most small business owners, the main question is how much loan amount can I get? Well, it depends on who you work with. One lender or multiple lenders. One Loan or Multiple loans? One application or apply all over? It can be anything depending on your needs, but mostly, if you meet the basics, you can get any amount from $2,500 up to $5,000,000 depending on the transaction, debt service capacity. This disparity is good because businesses have different loan needs at any given time.
Many small business owners ask: Why get a short term loan when I can apply for a bigger long term loan?
There are many positive reasons to get a short term loan. Lenders are likely to lend you $100k a year for 5 years, than $500k for 5 years. The longer the time to recoup initial investment the harder the approval parameters. Short term loan can be nimble and flexible.
- Apply online –Requires little time to complete
- Easy to pay back –Choose a flexible method of payment – daily, weekly, monthly
- Easy to Qualify –You can get the loan even for those with marginal credit
- Short term loan amount – You can get any amount from $2,500 up to $5,000,000
- Fast Funding – Funding in as little as 24 hours
- Interest Rates – Interest rate usually starts at prime + 3-5 percent
Our small business financing experts are available to guide you through the funding Process.
Get Short Term Loan up to $250,000 with "Application Only"
How to get approved for application only? Application only is an internal term to pre-approved clients with just one page application without financials. However, this mainly applies to equipment financing, short-term business loan and merchant cash advance. It must contain all business owners info as well business banking info.
Easier to get than a traditional business loan
Less paperwork
Fast processing time
Less stringent requirements for qualifying
No collateral needed, the equipment is the collateral
May require less credit score for you and your business as well
How to Apply for Short-Term Loan?
Liberty Capital, established 20 years ago this year, have seen many lenders, banks and investors come and go. You can always count on us to get you approved for your next financing regardless of your credit or business history. We offer financing for startups.
With Liberty Capital Group, you can finance with minimal out-of-pocket expenses, preserving your cash flow.
Our process is straightforward to ensure swift approval. Simply submit your online application along with your invoice and recent bank statements. We provide flexible terms and competitive rates, helping businesses of all sizes acquire the necessary equipment. Apply today and secure the funding you need for growth and efficiency with Liberty Capital Group.
Our small business financing experts are available to guide you through the funding Process.
Despite technological advancements, loans, especially in food truck and restaurant equipment financing, predominantly involve personal interaction with an underwriter to ensure as fraud prevention. Automation may not suffice, particularly when dealing with a third party like the vendor and the complexities of equipment purchase. In such scenarios, business owners are often better served by collaborating with a Business Loans Broker like Liberty Capital Group, Inc., who can steer them in the right direction.
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