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Short Term Loan2023-01-25T12:20:51+00:00

Short Term Loans

Need Extra Cash, a Short Term Loan Might be a Great Option

A quicker alternative to more traditional funding methods. Payments are a percentage of each sale so repayment is not a burden when business is slow.

Big Think Capital BBB A+ Rating
 
Certified Small Business Financial Professionals

APPLY IN MINUTES – WON’T IMPACT YOUR CREDIT SCORE

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Name(Required)

Loan Amount up to

$2 million

Term

3-48 months

Rate as low as

14%

Decisions as fast as

1-3 hours

Short Term Loans are Ideal for Financial Emergencies, Debt Consolidation and More…

Short term financing from Big Think Capital is an essential option for small businesses. Buying inventory, covering working capital expenses while awaiting payment of invoices, and expanding operations are just some of the uses small businesses have for short term loans.

Moderate Credit Ok

Easy Application Process

Limited Paperwork

Quick Access to Cash

Get Started With a Short Term Loan

Provide basic information about your business. If approved, you can request funds and receive them in your account in as fast as 48 hours.

Minimum qualifications

  • 500+ credit score

  • 6+ months in business

  • $100,000 in yearly revenue

What you need to apply

  • Basic details about you and your business

  • Bank statements for past 3 months

  • Business is in good standing

Start your application & secure the
funds your business needs today

Apply and Get Funded

Proven Excellence

Skeptical about what we have to say? Our customer reviews speak for themselves. We have thousands of five-star Trustpilot reviews, with more every day. Here are a few select testimonials that demonstrate our efficacy:

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Frequently Asked Questions

Is it possible to get a short term loan as a start up small business?2022-12-01T20:31:37+00:00

It is possible to get a short term loan for a startup or small business, however be prepared for more stringent qualification requirements. In addition to the documentation already noted above, you may also need to provide projected cash flow statements and projected financial statements for the next 3 to 5 years. In addition, you’ll need to clearly lay out in your financial projections how you plan to repay the loan. Even with all that, if your business is a startup it’s most likely that you’ll only qualify for a secured loan, so you’ll need some personal assets such as real estate.

What are the interest rates on a short term loan?2022-12-01T20:31:37+00:00

Short term loan interest rates are economy-dependant. In a normal or boom economy, interest rates on short term loans will be higher than long term loans, however, in a recession, short term loan rates may be lower than those for their long term cousins.

The interest and repayment requirements of short term loan rates can be calculated in different ways and obviously you’ll want the calculation that is most in your favor. Our experts at Big Think can assist you with finding a lender who will provide your business with the most favorable terms.

What is a short term loan?2022-12-01T20:31:37+00:00

Short term financing is an essential option for small businesses. Buying inventory, covering working capital expenses while awaiting payment of invoices, and expanding operations are just some of the uses small businesses have for short term loans.

While the overall structure of short term loans is similar to their more common relative, long term loans, there are some important differences.

As with long term loans, your business will need to qualify with the lender. In addition to your credit score, the lender may also want to see records of previous loan repayments, payment histories to your suppliers and your company’s cash flow history, preferably for the past 3 to 5 years. An income statement may also be required. Depending upon these factors, and the lender you’re dealing with, your loan may be secured against collateral or unsecured, also known as a ‘signature loan’.

Payment schedules also differ. Where traditional long term loans usually require monthly payments, short term loans may have payment schedules as frequent as every business day.

What are the pros and cons of a short term loan?2022-12-01T20:31:56+00:00

Benefits

  • Lukewarm credit OK
  • Limited paperwork
  • Quick access to cash
  • Can be used for a wide variety of purposes

Drawbacks

  • Relatively high Annual Percentage Rate (APR)
  • Capped loan amount
  • Daily payments

At Big Think, we can help you structure the best loan for your needs. If you’re confused or need clarification about the qualifying requirements for a loan, please contact us. We’ll be happy to help.

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