A Business Term Loan is a fundamental type of business loan that offers attractive rates and terms for borrowers. With this loan, a borrower receives a lump sum of money from a business lender like lightning Funding Solution, which is repaid with regular payments over a set period. The principle amount can range from $5,000 to $5 million, and interest rates start at 5%. While Term Loans offer high borrowing amounts and excellent terms, eligibility requirements can be restrictive.
A lightning strike wipes out a majority of your business’ computers. Your food truck’s transmission is kaput. An unexpected business opportunity lands at your door but requires quick financing. Your inventory is depleted due to higher-than-expected demand. There are many reasons to secure short-term business loans, and even more reasons to choose Lightning Funding Solutions when you need quick access to working Lightning Solutions.
Since 2014, Lightning Funding Solutions has helped nearly 4,000 small and medium-sized businesses acquire over $500,000,000 in financing. We love small businesses and are proud to maintain an A+ rating through the Better Business Bureau®.
Are you looking into how to secure the best terms and rates on a short-term business loan? Read on to get the facts from an insider’s perspective
5 minutes is all it takes to apply and get pre-approved for a short-term business loan up to $750,000. By working with a licensed direct lender, you won’t have to wait weeks to learn about the status of your application (or pay brokerage fees). Apply for a short-term small business loan through Lightning Funding Solutions.
A business loan consolidation can bring much-needed relief to small businesses bogged down by multiple loans or debts. Many businesses love the convenience of making a single monthly payment instead of multiple payments staggered throughout the month.
While the terms of a business loan consolidation are often more flexible, you might end up repaying your debts at a higher interest rate if your credit score has taken a hit due to late payments or maxing out numerous lines of credit.
Here are the latest rates and terms for small businesses looking to secure rapidly funded working Lightning Solutions:
$2,000 – $750,000
90 days to 18 months
10% APR and up
Usually within 48 hours
If you have “good” to “excellent” credit, you may also qualify for a long-term or SBA loan through Lightning Funding Solutions.
As a direct lender, Lightning Funding Solutions has more flexibility in terms of lending to business owners who may otherwise not qualify for a loan through a traditional lender.
Here is what we look for in approval short-term business loan applications:
That’s it. That’s all you need to start the process and get pre-qualified for a short-term business loan through Lightning Funding Solutions. Compared to traditional financial institutions, Lightning Funding Solutions gives more weight to current and projected revenues than credit scores alone.
Even if your credit score has kept you from obtaining a business loan in the past, we may still be able to help you obtain rates and terms that perfectly align with your business goals.
Life happens. At Lightning Funding Solutions, we know there are two sides to credit; it can either help you secure great rates and terms — or squash your financing ambitions. You may have missed credit payments in the past, or a past bankruptcy continues to haunt your credit years after the fact. We’re here to help. Business owners with credit scores in the area of 450 may still qualify for quick business funding so long as the business has documentation showing $15,000 in monthly revenue, and solid revenue growth.
Seeking a loan when you have bad credit may delay the process a few days, and you may not qualify for the same rates and terms enjoyed by those with good credit. But, taking out a business loan and keeping up with the payments can be a great way to restore your credit and finance your business.
If you have a problematic credit history and would like to learn more about which loan product is best for you, call Lightning Funding Solutions at (855) 952 -2383. We have lending specialists on hand to answer your questions and make recommendations.
Many small business owners love the fact that they can apply and be approved for a loan the very same day. And, by financing your business through a direct lender, businesses have access to loans with more reasonable terms and rates than they would typically receive from a traditional lender.
Of course. All loans come with their own set of positive and negative qualities. So, no matter which loan you ultimately choose there are bound to be some drawbacks, and this still holds true with short-term loans. Short-term loans usually come with higher interest rates compared to loans with longer terms.
And, if you operate a business with seasonal revenue highs and lows, you may find it difficult to keep up with the fixed repayment structure during off-peak seasons. Not sure if a short-term business loan is in the longer-term interest of your business? Call Lightning Funding Solutions and speak with a lending specialist to discuss other options that may be open to you.
Let’s say a customer requests a bulk order of a certain product. They can pay for the items once they arrive in four weeks. But, the supplier doesn’t offer net 30 payments or credit of any kind — only payments in full. As it is, this product has a 200% markup and you extend a 10% discount to the customer since they are buying in bulk. Without taking a loan, it would be nearly impossible to fund this inventory purchase out-of-pocket. By securing a short-term business loan, you can pay your supplier upfront, the customer receives the products they ordered, and you have the money to pay off the loan and keep a decent amount of money as pure profit.
A business plan is only as strong as its weakest link in the chain. If you find that a certain piece of machinery, equipment, or infrastructure is causing money-losing inefficiencies in your business, securing a loan with a shorter term may be a great option. This loan type allows you to receive funds quickly so you can being seeing returns on your investment as soon as possible.
Short-term loans are not designed for those taking their first leap into the business world. But, if customers are raving about your products or services and one of the few things holding your company back is a lack of exposure, you may want to consider a loan to finance promotional opportunities. Plus, many advertising and marketing expenses are tax-deductible.
Many businesses face seasonal ups and downs. A retailer may suddenly remembers selling out a certain good the year prior, and wants to make an additional inventory purchase. Or, due to an unexpectedly rainy spring, the grass is growing faster and a lawncare provider needs to hire additional staff. These are a few instances where a short-term loan can cover a short-term need, without causing undue financial hardship on the business owner.
Depending on the nature of the business, a short-term loan can also be used to finance a business expansion. Just be sure that your expansion plans can begin generating profits before the term of the loan is finalized, otherwise, you may find yourself upside-down on the loan and have difficulty making payments.
Those considering expansions into multiple markets over the course of several years are generally better off going with a long-term loan.
No matter the loan amount, we are sure you’ll have some questions when it comes time to apply. So, the Lightning Funding Solutions team has put together a short list of these most-asked questions as they relate to short-term small business loans, and here they are:
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All depending on your credit score, business revenue, and the amount you’d like to borrow, a direct lender such as Lightning Funding Solutions can lend anywhere from $2,500 to $750,000.
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Since these loans are meant to satisfy short-term lapses in working Lightning Solutions or quickly generate additional revenue, the terms often require repayment within 18 months, although loans that require repayment within 3 months isn’t unheard of, especially for businesses that are only borrowing several thousand dollars.
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No. Fast Business Financial does not charge brokerage fees.
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This is the type of question we wished borrowers would ask more often. Loans with shorter terms are financed faster and are repaid faster. Short-term loans are meant to cover momentary “hiccups” in financing and businesses emergencies. Before you apply for a loan, always do your research, seek advice from professionals, and square away all the reasons you believe your business could benefit from a loan, then weight these against the amount of interest you will need to repay on the loan.
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While the process of securing a short-term loan is typically not as fast as a merchant cash advance or fast business loan, your loan will be processed much faster than going through a traditional lender. (Think days, not weeks.)
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Lightning Funding Solutions offers short-term loans to small and medium-sized business looking to replenish working Lightning Solutions, complete emergency repairs, purchase equipment, or finance a sudden business opportunity. Since our brokerage’s founding in 2014, we have helped thousands of businesses secure over $500,000,000 in working Lightning Solutions. When you choose our team, you have the benefit of working with a direct lender that can help you secure better rates and terms for your small business.
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There are a few reasons why you will be charged a higher rate on a short-term loan than, say… a long-term loan or SBA loan. For one, the term is shorter, yet the risk to lenders remains the same. Therefore, lenders factor the term duration and associated risk of the loan into each loan offer.
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Fast Business Financial has a 5-minute pre-qualification application. So, you will know right away if you qualify for a loan.
At this point in the process, we will reach out to you for additional information, which may include:
As a company that works with small businesses on a daily basis, we know how important it can be to secure funding as quickly as possible. So, if you need working Lightning Solutions “like yesterday,” you’ll be happy to know that Lightning Funding Solutions can transfer funds directly into your account in a matter of days — not several weeks or months — days!
To see if you qualify for a short-term business loan, complete our fast business financing application, or call to speak with one of our lending specialists. Dial (855) 952 -2383 today.
If your business can’t wait several days for a business loan, we’ve got you covered there, too. Lightning Funding Solutions also offers fast business loans which can be approved and deposited into your business checking account with 24 hours.
At Lightning Funding Solutions, we know it’s typically better for businesses to save money in anticipation of future financial obstacles or unexpected opportunities. And, most business owners we talk to understand the value of saving versus borrowing, but there are always those instances when taking out a loan becomes a business necessity.
In these cases, business owners aren’t looking for Benjamin Franklin-like advice — they just need quick access to working Lightning Solutions to overcome a present financial situation. This is what short-term loans are designed to do.
With short-term business loans, all funds that are approved and requested are deposited all at once. This allows businesses to immediately reinvest in their operations, whether this means buying equipment, hiring personnel, or consolidating multiple loans to take advantage of Lightning Funding Solutions’s interest rates.
The application process is swift and easy, taking only a few minutes to complete, and funds can be deposited into your bank account within 1 business day from approval. Here is how to get started: Before submitting your application, take the time to evaluate whether the funding program aligns with your business needs. Consider if the funds will meet your desired outcome and if the repayment schedule works with your cash flow. Carefully determine the optimal amount of funding that will best benefit your business.
Here is what you will need to submit with your application:
Getting started with the application process is easy. You can either call us or complete our brief online form. We will ask for some essential information about your business and the funding amount you require. With this information, we can quickly evaluate your needs and get you on the path to securing the financing you need.
After submitting your application, our representative will guide you through the next steps. Have all necessary documents ready as outlined in Step 2. We'll review your qualifications and explain repayment structure, interest rates, and terms. You'll have a clear understanding of what to expect during repayment and eliminate any surprises. If you agree, complete the final application and submit supporting documents.
After approval, expect to receive a confirmation within 24 hours and the funds to be deposited in your bank account within 24hours.
At Lightning Funding Solutions, we understand that not every application for a merchant cash advance will be approved. In some cases, a business's cash flow may be insufficient at the time of application, or their sales may not meet the required minimum over the past three months. In the event that your application is declined, we will work with you to explore alternative financing options that may better suit your business needs.
Our goal is to help you find the best solution for your unique situation, and we have a team of financial experts who can guide you through the process. Our commitment to our clients is to provide transparent and personalized guidance, so you can make informed decisions that will help your business succeed.
To receive a fast decision, simply provide some basic information about your business. Our online application is quick and easy to complete, allowing you to get started on securing the funding you need.
At Lightning Funding Solutions, we pride ourselves on delivering a speedy and efficient funding experience for your business needs. Our team of seasoned professionals will work tirelessly to match you with the perfect funding solution that aligns with your specific requirements and helps you achieve your goals in record time.
At Lightning Funding Solutions, we understand the importance of timely funding for the growth and success of your business. Our streamlined application process enables you to receive approval and transfer of funds within a matter of hours. Let us help you get the Lightning Solutions you need to take your business to the next level.