What is a Short-Term Business Loan?
A short-term business loan can allow companies with working capital to resolve a financial obstacle, pay off higher-interest debt, or take advantage of a significant opportunity when it emerges. Short-term financing refers to funding for a brief period, typically less than a year.
Non-Bank Lenders offer many types of banking services, such as loans and credit facilities. Banks may be slow to respond, and because non-bank lenders are flexible in their approach, they can settle your loan within 3 to 7 days.
How long is a short-term loan?
Short-term loans can be no longer than 12 months and as short as one month.
What is the interest rate on a business loan?
Prime finance has the most competitive rate of interest for a business loan in Australia at 1% per month.
What is the most extended term for a business loan?
Business loan terms with Prime Finance are from 1 month to 2 years.
How do short term loans work?
Short term business loans with Prime Finance are secured against a property or business asset. Examples of assets include rural, residential, industrial, commercial, vacant land and development properties.
Can I get a business loan with no money?
Yes, this is called an unsecured loan and is a loan that requires no collateral and utilises a financial product that lends against the cash flow of your business. Repayments are structured around a simple interest rate which is applied against the outstanding balance of your unsecured business loan.
What is an acceptable purpose for my loan?
You are expanding your business.
A loan can help you cover the expenses of expanding your business without consuming your operational funds so that you can continue to provide your service to customers while growing your business.
Buying Inventory
Once you have a business operating, you will need to continually expand and replenish your inventory to keep up with demand and to provide better options for your customers. By taking out a loan to offset inventory costs, you can stay ahead of trends and customer demand without compromising your cash flow.
Cash Flow
A short-term loan provides funds to be used for your regular operational costs and can help your business stay buoyant when profits are low. With money flowing through your business, you can continue to bring in new customers to improve revenue while compensating for other deficits.
Purchasing equipment
A short-term loan can help you manage the costs of materials and equipment that will enable you to continue with your obligations and provide a better experience for your customers. Helping you keep your business up to date with new technology will improve your services and communication with customers.
Improve Credit History
If you are taking out your first loan for your business paying off a smaller loan quickly, may mean that you can negotiate revised terms when you need a more substantial loan in the future. You will then have a strong credit history to help you qualify for better rates.
How much funding can I get for a business loan?
Prime Finance loan up to 1.5 million dollars with LVR up to 80% of as is value (terms and conditions apply)
Is a business loan a good idea?
A new business venture will require extensive research before deciding if your business will succeed.
Positive reasons for a business loan can include, expanding your physical location, building your business credit for the future, purchasing equipment or inventory for the business, a business opportunity that outweighs the debt, hiring new staff.
When you weigh up the pros and cons, it often helps to perform a revenue forecast to ensure that you are basing your decisions on hard numbers rather than instinctive feelings. If there is potential to grow your earnings, it could be an excellent time to look at your opportunities for a short-term business loan.
You also want to be confident in your ability to pay back your business loan over time and to see your business succeed.
Prime Finance can give you help when you need it.
Prime Finance will assess each business on an individual basis to offer you the best loan for your requirements. With Prime Finance, you will speak directly to the person who makes the decisions, resulting in a quick approval process. We have 20 years of experience and believe in developing authentic relationships with our clientele. Our flexibility means we do not require traditional lending requisites so that we can give you a rapid answer.
Prime Finance are the specialists for your lending needs who will spend the time to determine your best loan appropriate to your situation.
