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Short Term Loans for Small Business

What if you need money for your small business in a hurry?

Do you have:

  • Emergency business expense?
  • Unpaid invoices?
  • Temporary cash flow gaps?
  • Need equipment financing?
  • Looking to take advantage of business opportunities?

 
You’ll require a short-term loan if this is the case. If you’re in a bind, have bad credit, have emergency expenses, or want to take advantage of a unique opportunity, you can borrow $10,000 to $2 million. It takes fewer than five minutes to apply for a loan with us.

Now is the time to apply!

Short Term Business Loans

  • No Cost
  • No Obligation
  • 24 Hour Approvals

Short Term Loan

It doesn’t matter how much time and effort you put into your business; there will always be surprises. Acting quickly and creatively can mean the difference between a successful business and a failed one. In a time crunch, a 24-hour approval for a short term loan can provide you with the quick cash you need.

The Benefits of Short-Term Business Loans

The duration of your personal business loan term is almost as crucial as securing finances for business loans. Most companies will need more cash, but there is a significant difference between long-term and short-term loans. Typically, short term small business loans are returned within a year or less, although certain long-term loans might extend for more than a decade or more.

Financing for immediate business needs is readily available through short-term business loans. There is no risk of substantial debt or interest accumulation with short-term loans, unlike long-term loans, and there is no long-term commitment to loan payments. A short-term loan can help your business get the money it needs while allowing you to pay it back on time.

In what circumstances would a company benefit from a short-term loan? Short-term loans might be helpful when your business’s cash flow is poor, or you need capital to help it grow.

A short-term loan can help you get your firm off to a good start now and pave the way for future growth.

Apply now to explore what short-term financing options are available for your business.

Short Term Business Loans

  • No Cost
  • No Obligation
  • 24 Hour Approvals

Short Term Loans Fund Quickly

Owners are getting funding as fast as 24 hours is not uncommon for short-term loans.

You can use the money right away because you won’t have to wait for the business term loan. Use the cash once it arrives in your account by wire or ACH

Higher Approval Rates

For loan approval, alternative lenders of short-term business loans frequently do not require collateral or impeccable credit.

Short-term loan lenders like Sunwise Capital often have better acceptance rates for short-term loans versus bands or credit unions.

The Leatherman of loans, a short-term loan, can get you out of a tight spot. Use the short term working capital for unforeseen expenses, get through a rough patch, or finance a short-term project. This option is the kind of business line you want in your wallet.

It’s not as difficult as you think to get a short-term loan

It’s realistic to get a short-term loan with OK credit and at least one year of business experience. You may have to put up some form of security as security for the loan by some lenders.

Sunwise Capital does not require any collateral for this short term financing option.

To see if you’re eligible for a short-term or working capital loan, fill out our free, no-obligation online application, and we’ll let you know if you qualify.

Short Term Business Loans

  • No Cost
  • No Obligation
  • 24 Hour Approvals

Our Sunwise Capital Team Can Help You

Even though you’re eager to secure financing, don’t rush into a short-term loan that doesn’t meet your needs. Our professionals are here to help.

There are many different loan alternatives available to you, and we’ll assist you in determining the best fit for your business.

So, you’re getting more than just a short-term small business loan; you’re also getting a tremendous rate

 

If Your Business Receives a Written Offer in a Formal Agreement
Before You Fund
Show Us That Offer
We Will Either Beat That Rate
Or
Pay You $500

Best Short-Term Business Loans

Short-term loans online are viable for emergencies and other short-term financing needs. Compare your options for short-term loans.

Amount of money required?

Sunwise Capital starts with a brief form to better understand the unique needs of your business.

Who Qualifies for a Short-Term Loan?

It’s ideal to use a short-term business loan when you have an immediate need for money. A quick short term business loan may be an option if you’re having trouble managing your financial flow, have a good business opportunity that you can’t pursue right now, or need to pay for some unanticipated emergency costs.

Before applying, be sure you meet all qualifying requirements. One of the most common requirements for getting a short-term business loan is that your company operates for at least a year.

  • One Year in Business
  • $200,000 Annual Revenue
  • Personal Credit Score 500 +

 
A short-term business loan may not be a brilliant idea if your company needs to borrow a large sum of money that it will be unable to pay back in a short amount of time. This loan type is not for companies looking to invest in growth or a specific project that may not yield results right away.

What’s the Cost of a Short-Term Loan for a Small Business?

Traditional business loans have lower interest rates, while short-term loans have higher rates. Lenders offer higher interest rates to compensate for the higher risk of unsecured loans. Short-term loan interest rates can start in the mid-teens and higher. Remember, there is no traditional personal guarantee. Therefore, higher rates.

Because most short-term business lenders aren’t forthright about price, it isn’t easy to nail down exact statistics. Typically, you need to apply and receive an offer before finding out exactly how much it will cost you. Sunwise Capital Loans start with rates as low as 4.80% with solid credit.

How to Choose the Best Short-Term Business Loans

Short-term business loans have many aspects, such as fast funding, minimal credit score criteria, and competitive interest rates.

Because not every company will be eligible for the same type of financing, we examine a wide range of options, including term loans, lines of credit, and invoice factoring.

Finally, we want to provide borrowers with a notion of what payback looks like, ranging from daily to weekly to monthly. The repayment terms we offer range from a few months to several years, so you can pick one that best suits your requirements

What’s the Best for Low Credit Scores?

Sunwise Capital, an online lender for small businesses with less-than-perfect credit, requires a minimum credit score of 500. You only need to have been in business for six months and have an average monthly bank deposit of $15,000 to meet the application conditions to be eligible. We understand if you have bad credit.

After acceptance, monies are in your account in as little as one day. We offer loans ranging from $10,000 to $500,000 with same-day funding. A factor rate replaces interest, the range is 1.15 to 1.45, and repayment terms range from 6 to 18 months.

What’s Best for High-Revenue Businesses?

Sunwise Capital may be an option for high-revenue companies because it requires borrowers to have at least $250,000 in yearly revenue and to have been in business for at least two years before applying.

  • Minimum credit score 550
  • Time in Business 2 years
  • Revenue $250,000 to $10M
  • Loan Amounts up to $4M
  • Must be 50% or more Owner
  • Terms 3 months to 3 years
  • Time to Fund 24 hours
  • Weekly and Monthly Payments

 
If you have a yearly income of $250,000 or more, Sunwise Capital will lend you $10,000 to $4M with durations ranging from three months to 36 months.

If a borrower applies on a weekday for high revenue, long term loans, the approval can happen the same day. APRs begin at 4.8 percent but can rise dramatically.

Short Term Business Loans

  • No Cost
  • No Obligation
  • 24 Hour Approvals

Long-Term Loan for High Revenue Businesses

If you’re looking for a longer-term loan, Sunwise Capital offers long term business loans, like traditional banks, with a monthly payment. These business loans typically require a minimum credit score of 640 and a minimum annual revenue of $250,000. There is far less paperwork for business owners than traditional lenders.

Business financing for high revenue companies usually means a long term business loan. Unlike the traditional loan, our long term loan is an unsecured business loan. As an entrepreneur, you have the flexibility to make this a short-term loan.

The Small Business Administration (SBA) offers attractive options with an SBA loan for well-qualified borrowers. See here for details.

Merchant Cash Advance: What Is It?

A business cash advance, or MCA, is a short-term loan option for business owners. It can be perfect if you have less-than-stellar credit, and it is for merchants who sell their products and services mainly by credit card sales or debit cards.

This form of financing is usually for purchasing inventory, covering cash flow gaps, or paying off other bills.

This loan type offers lenient requirements.

When applying for a merchant cash advance, you’ll find we have a simple application process. You fill out an online loan application form, including information about your business. You’ll also give us copies of the last 3 months of business bank statements showing how much money you’ve earned over the past three months.

We then review your documents within 24 hours and decide whether to approve your request. Time to funding can be as quick as the same day, and loan proceeds are either ACH’d or sent by wire.
 

  • Time in business – six months in business or more
  • Annual revenue $150,000
  • Repayment Periods – Daily payments and weekly repayment term for well qualified

Short Term Business Loans

  • No Cost
  • No Obligation
  • 24 Hour Approvals

Short-term business loans FAQs

 
How much money do I qualify for?

The amount you get depends on how well you fit our criteria. Our goal is to help you find the right loan for your needs.

 
Do I have to use my personal funds?

No. You don’t have to put up any collateral. We’ll work with your company to make sure that you can pay back your loan.

 
Can I repay over time?

Yes. You can choose to repay it over some time. Business term loans can range from 3 months to 3 years.

 
What else should I know about this type of loan?

It would be best to consider some things when considering a short-term loan, merchant cash advance, or even traditional bank loans.

You must prove that you have enough sales to cover the loan cost.

Many lenders will not let you apply for another loan while you still owe them money. Sunwise Capital will talk to you on a case-by-case basis.

Your loan agreement will specify what happens if you default on your payments.

Our website has answers to common questions about these types of loans.

 
Are there any fees involved?

Fees will vary depending on the loan amount and duration.

 
When do I need to start making payments?

Payments generally start after we’ve received your signed contract.

 
What’s the APR?

APR stands for Annual Percentage Rate. The APR is a number (percentage) between 0 and 100, and a higher APR means you will pay more interest per year. Most short term loans use a factor rate.

 
What is a Factor Rate?

A factor rate is an interest rate multiplied by a percentage. For example, a 30% factor rate would mean paying 30% of the total amount borrowed.

 
Why should I consider a merchant cash advance?

Merchant cash advances offer flexible terms and lower rates compared to other forms of financing. They also allow you to borrow against future earnings. It’s important to understand that a merchant cash advance is not a good solution for every situation. For instance, it may not be appropriate for someone who doesn’t yet have a track record.

 
What are the minimum requirements?

To qualify for an MCA, you must meet specific requirements. First, you must be in business for at least six months. If you haven’t been in business for at least six months, you won’t be eligible with Sunwise Capital.

 
Does my business qualify?

If you’re applying for a business cash advance from Sunwise Capital, you must meet the following criteria:

  • Be a legal entity (i.e., a corporation, limited liability company, partnership, sole proprietor, etc.)
  • Have a physical address where you conduct business (home businesses are OK)
  • Have a valid Social Security Number and EIN
  • Be 21 years old or older
  • Have a business bank account
  • Have a track record of timely paying bills
  • Have a minimum credit score requirement of 500 or higher
  • Have a business phone line
  • Have a mailing address
  • Have a current lease
  • Have a valid driver’s license
  • Have a steady income stream
  • Have no outstanding liens or judgments without a repayment agreement
  • Have no unpaid taxes or tax liens without a repayment agreement
  • Have no open bankruptcy filings
  • Have no felony criminal convictions
  • Monthly sales of at least $15,000 or annual sales of at least $150,000 and growing monthly.

Loans for startup businesses

Invoice financing

Invoice financing (factoring or discounting) is one of the most popular ways for startups to get funding. An invoice finance deal works like this: You sell goods or services to your client, but instead of getting paid immediately, you agree to wait until they’ve paid their invoices before you get paid.

This type of funding can help you avoid taking out a traditional loan.

An invoice finance deal is typically structured as follows:

You have outstanding accounts receivables.

Invoice factoring is the practice of a business selling its unpaid bills to a lender, who then pays the business 70% to 85% of the invoices’ eventual value in advance.

You then use the funds to make purchases for your customers or other business expenses.

When your customers pay their invoices, you receive the remainder of the payment minus the lender fees.

This structure makes invoice financing ideal for small-to-medium-sized businesses that want to grow fast. Some companies even use invoice financing to fund their massive expansion.

How much do invoice lenders lend?

Invoicing lenders usually provide up to 99% of the value of your invoices. The amount you receive depends on several factors, including the size of your business, the average amount of your invoices, and the length of your accounts receivables.

What does it cost?

Depending on the invoice amount, your sales volume, your customer’s creditworthiness, and whether the factor is “recourse” or “nonrecourse,” the discount rate can range from 1% to 5%. When an invoice goes unpaid, the factor type determines who is ultimately responsible for it – your company or the lender.

Business Credit Cards

The business credit card is great for cash flow management. These company cards also have a low APR, which means they are suitable for long-term borrowing.

Call Sunwise Capital to find out more or apply below.

Short Term Business Loans

  • No Cost
  • No Obligation
  • 24 Hour Approvals