A short term loan is a loan that is taken to support a temporary need, whether business or personal. This type of loan is usually repaid at the agreement date, mostly a year. There so many reputable companies that offer these types of loans. Right here, I have narrowed this list to five good short term loan companies that can help your fund your business or your personal need.
Short Term Loan Companies
Short-term loans are very good options for small businesses and or startups. most times, these involve amounts that may range from $100 to $100,000.these loans are available for both individuals and businesses that are suddenly in need of cash flow.
So which lenders are the best out there to help you with short-term loans. The list below comprises 5 of them ranked in no particular order.
- Ondeck capital
- Forward line
- Rapid finance
- National Funding
now let us go into details
Top 5 Short Term Loan Companies
This company offers lines of credit and short-term loans. The short-term loan they offer can go as large as $250,000. The loan term lasts from 3 to 24 months, and the rates at o deck loans can range from 8.5% to 79%. They have an origination fee of 2.5% for first-timers and 1.25% of you have taken a loan with them before. After the first two loans, you will not pay any origination fee anymore.
To apply for loans at on www.ondeck.com, you will need at least 3 months of business bank statements a voided business check, and a copy of your driver’s license.
This loan platform provides short-term loans as well as working capital loans. The loan amounts here range from $5,000 to $150,000. The terms are these loans range from six to.15 months and the rates range from 14.50% to 26.50%. Forwardline.com also works with borrowers with bad credit with a minimum credit threshold of 540.
If you need a very significant amount of money as a short-term loan, then you should consider Rapid finance. With this company, you can get up to $1 million in short-term loans with a loan repayment period of between a month and a year and a half. To qualify for a loan at www.rapidfinance.com, you will need a credit score of at least 550, two years of business history, and annual revenue of at least $120,000. There is no prepayment penalty, and you can get unsecured loans here.
Fund box is one of the best places to get a short-term loan. With this lender. You can get between $1000 to $100,000 to be repeated between 12 to 24 weeks. The interest rates here start at 4.66% for a 12-week repayment plan. To qualify for any loan at Fundbox, you will need a credit score of at least 500, annual revenue of $25000, and at least 3 months of business history. You can get funded as fast as 24 hours if your application is approved at www.fundbox.com
The national finding is a good option for this who are seeking short-term equipment financial loans. This company offers up to $500,000 to help in purchasing equipment s with a repayment option of between 6 to 15 months. With National funding equipment loans, the loan is secured with the equipment, I.e the equipment becomes the collateral of the loan. Qualification for these loans will require a credit score of 500 and an annual review of at least $1000,000, a minimum bank balance of $1500, and three months of bank statements. They offer a 6% prepayment discount if you want to pay back your loan early within 100 calendar days of receiving funds.
Which of These Lenders is the Best for You?
When it comes down to it, the best lender for you is the most affordable lender that helps you get your business financing needs to be achieved.
There are so many different short-term loan lenders on the market, so you need to shop around to compare and contrast offers.
In the end, you should be working with a good, and trustworthy lender that offers the lowest cost of capital while meeting your personal or business financing needs at the same time.