Short-Term Loan


For business owners in a hurry or facing a pressing need for cash, a short-term loan may be the best answer. Without the extensive paperwork and credit requirements of a long-term loan, borrowing for the short term can serve as a quick fix. Work with the experts at First Bank to find the best loan for you.

Basics of Short-Term Loans

Here are features to consider and how they can benefit your business:

  • Flexibility Of Use
    When applying for a short-term loan, the borrower won't have to reveal the purpose of the money, which makes it less restrictive than traditional loans.

  • Less Dependent on Credit History
    A short-term loan is easier to obtain for those who don't have a good credit history.

  • Faster Turnaround Time
    Business owners get their money faster with short-term loans, as the approval process is much shorter than a traditional loan.

Whether your credit score is strong or weak, a short-term loan can provide a quick infusion of cash for your business.

Short-Term Loan Options 

Here are some common short-term loan options available for small business owners:

  • Payday Loans
    Granted on the condition that you repay them by your next pay period, these are a good option if you need a small amount of money.

  • Refund Anticipation Loan (RAL)
    The RAL allows business owners to borrow against an expected tax refund.

  • Bridge Loans
    Bridge loans come with high interest rates and are typically used as a short-term solution until a business finds long-term financing.

Another method for short-term borrowing is a line of credit. Credit cards and other finance products are also common options.

Growing Your Business with First Bank

Like any kind of financing, taking out a short-term loan requires a thoughtful strategy. It's easy to put yourself into a bad position very quickly.

That's where the lending experts at First Bank can help. We analyze your business situation and work with an experienced and trusted network of lenders to help you find the right short-term loan for your needs. Find a First Bank location near you today.

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Sources:

SBA: sba.com/funding-a-business/unsecured-business-loans/


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