Short-Term Installment Loan


Short-term installment loans are great for business owners who need quick cash and may not qualify for a line of credit. The lending experts at First Bank help connect small business owners to the quick cash they need to grow their businesses. Find a First Bank branch near you to get started.

Why Should I Get a Short-Term Installment Loan?

When considering short-term loans, there are two common choices. The first is a payday loan, which is a quick cash lend that the borrower repays from their next paycheck. The other is a short-term loan, which is similar to a payday loan but is repaid in installments.

The advantage of a short-term installment loan over a payday loan is that the borrower quickly receives money but has more time to pay back the loan.

Long-Term vs. Short-Term Loans

Advantages of Long-Term Installment Loans

  • Lower interest rates for a longer term (however, borrowers may end up with more interest over the long run)
  • Established installment plans that make it easy to plan payments
  • Often seen as the best borrowing method for construction and major capital investments

 Advantages of Short-Term Installment Loans

  • Shorter repayment periods, meaning there's no multi-year commitment hanging over your head
  • Generally easier to obtain because of the qualifying standards put in place by lenders
  • Increased flexibility and turnaround times (a short-term loan can often be found in less than a day)

Whatever your borrowing needs, it's critical to work with a lender who understands financing for small businesses and will develop a borrowing strategy that's right for you.

Quick Cash from First Bank

First Bank and its trusted network of lenders offers short-term installment loans to help grow small businesses for decades. If you are in need of quick cash that you can repay quickly, First Bank has the answers to help you.

Find a First Bank location near you and contact us for a free small business financial consultation today.

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Sources:

Entrepreneur: entrepreneur.com/article/52728


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