Choosing a Short Term Business Loan
Short term business loans are quick and obtained faster than traditional lending. In fact, you can receive most short term business loans within 24 to 72 hours. A short term loan doesn’t require the same close examination as your typical term loan, which makes processing faster. Even if an organisation doesn’t have large cash reserves or has an unstable history of cash flow, a short-term loan can be approved.
Most businesses hit a point where they need to increase their cash flow. Short term business loans can help small to large scale organisations increase cash and even buy assets. Short term loans are also customisable to the borrower. That means your organisation can choose from 3 to 6 month repayment terms, varying interest rates and repayment options. In fact, some short term business loans don’t even require monthly installments. Instead the short term business loan can be repaid at the end of its term in full.
Cost Effective Lending
Short term business loans are cost effective in the long-run. The average commercial loan can range in 2 to over 20% for interest. In the long run this can become a grave expense for any organisation. Some short term business loans can carry a higher interest rate, but since they’re repayment period is significantly shorter, an organisation pays less in interest than they could even with a low-interest term loan. Typically these savings are thousands of dollars.
If you’re interested in hearing how a short term business loan can help your organisation, contact a loan specialist at ALC Commercial today by calling 1300 886 996 now.