Short Term Business Loan Services Available in Orange, CA
There are two reasons to consider a short term loan. One reason is simply - you need money for the business fast. The other reason to apply for this loan is that these programs can be very forgiving. With loan approvals given even when the owner has poor credit, but good business income.
- Short Term Loans (24 months or less)
- The loans are based on your daily sales
- Loan Amounts based on monthly deposits into a business checking account OR
- Based on the amount of monthly credit card sales.
In most cases the loan amount is approximately 10% of the annual revenue and payments are deducted daily. So if your payment was $1,000 per month, they would deduct $50 per day, and by the end of the month, adds up to the $1,000. Payments are only drawn on weekdays. Credit card loans are repaid daily also, but it would be a percentage of the daily credit card sales, so the payment amounts would fluctuate.
As you might expect, the cost of the money can be expensive. So, the goal has to be a good use of funds on your part. That means you want to make sure that this will help your business and not cause more problems down the road when paying it back. Lenders like a proactive use of funds for their loans and want to know that you have a plan to succeed with the funds.
Call us today and we will guide you to the best loan for your business.