Skip to main content
_FB_2018-Icons-finalized-cleaned-up_new_FB_2018-Icons-finalized-cleaned-up_newGroup 9
Back
Scroll to top

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.

—–

Sources:

Entrepreneur: entrepreneur.com/article/52728


Loans Subject To Approval

Trending Topics
First Bank One Rewards Program: Learn More There are a lot of advantages to being a First Bank debit or credit card holder, but the First Bank One Rewards Program is the most beneficial to you. By simply using your… How to Get a Personal Loan – North Carolina Combing the internet trying to find out how to get a personal loan in North Carolina? Call off the search and visit one of First Bank’s North Carolina locations to meet… Online Money Hacks – First Bank If you are active on social media, you’ve probably tried a “life hack” at some point. Life hacks are little things you can do to make your life easier. For… Lumberton Bank (Bank in Lumberton) The city of Lumberton, North Carolina, only takes up about 15.8 square miles of land, but within that area there are plenty of shops, restaurants, entertainment, and banks for residents to… Lowest Mortgage Rates – Jacksonville, NC If you are looking for some of the lowest mortgage rates in Jacksonville, NC, your local First Bank can help. Now is a great time to buy a home in… Small Business Loans – Florence, SC With a rising population and a per capita income higher than the state average, Florence, South Carolina, is a promising place for new businesses. First Bank has two locations in… Asheville Savings First Bank in Asheville offers savings accounts for anyone looking to get the most out of their money. Whether you’re under 18 and just starting to learn about saving or… Best Checking Accounts – Florence, SC If you're looking for the best checking accounts in Florence, SC, you have a lot of different options. At First Bank of South Carolina, we have two convenient locations in Florence… Balance Transfer Calculator If your current credit card isn’t meeting all of your needs, consider switching to a First Bank credit card. First Bank now offers the option to transfer your balance from… Best Bank for Checking Account – Jacksonville, NC If you're looking for the best bank for checking accounts in Jacksonville, NC, it might look a lot like the First Bank's located on New Bridge Street and Western Blvd. Behind…