It is not easy to run a business at times, especially if you have had past credit difficulties. During those unexpected intervals when you need a short-term business loan, you need to know who to contact for a quick funding solution.
Why Go Through a Bank When You Can Make it Easier?
If you are seeking this type of financing, it is better to take a non-traditional approach. That way, you can obtain the funding that your small or medium enterprise needs to remain operational. For example, maybe you need to purchase equipment or expand your building. If you go through a bank, you may have to wait several months to receive a funding reply. Even then, the answer may be “no”.
Why take this type of chance or go through this emotional strain when you can ask for a short term finance solution that is an alternative to the traditional method of applying at a bank? You can find your answer online and receive a pre-approval decision in about five minutes’ time.
Usually, this type of alternative funding source provides loans in amounts of $1,000 to $1,000,000. Typically, a flexible loan term is offered that spans from one month to 36 months overall. Therefore, start-up companies particularly like this type of financing as the interest rates are low and the repayment terms are flexible. What’s more, if you pay off the loan early, you can save on the interest that you would otherwise have to repay. Plus, the interest is tax-deductible.
What is nice about this type of financing arrangement is that is can be tailored to your loan requirements. For example, you can apply for a $5,000 loan for a period of 36 months. Your weekly repayment for the loan would be around $50, depending on the interest rate.
Emergencies Will Happen
It does not matter what type of business you operate or its size. You can take advantage of this type of funding arrangement. If you operate an Australian business, you already know that emergencies will happen and you need to make quick adjustments. Therefore, it can be difficult to maintain a positive cash flow. By taking advantage of an alternative financing solution, you can keep on top of your business operations with more confidence and less worry about the future.
Depending on your specific requirements and preferences, you can repay this short-term loan weekly, fortnightly, or monthly. This type of repayment option is a highly attractive feature as it can easily be integrated into your budget. Work with a company that offers longer pay-off periods too. That way, you can structure your loan so you can cover any unforeseen costs that may prevent you from paying off the loan in a shorter amount of time.