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You may be confident about planning ahead for your long-term financial needs, but there are many reasons why your business could still find itself in need of short-term finance
Short-term Finance is designed to provide the cash you need when you are in sudden need of temporary capital with instant access to funds without a long-term commitment. It lets you repay in a matter of months, reducing the cost of your borrowing overall, and letting you minimise the effect on your cash flow.
Short-term loans are ideal for businesses in need of an injection of cash, who don’t want to be paying off debt for years to come. Most agreements are under 12 months in duration.
They can provide significant funds – amounts of £5,000 to £25,000 are routine, and it can be possible to borrow considerably more.
They can be simple to arrange. With most types of Short-term Finance, the lender will make a full, upfront transfer directly into your business bank account as soon as the loan is agreed. However, unlike most forms of business borrowing, repayments are usually structured over a few months rather than a number of years, helping you clear your debt and remove any drain on your cash flow in the shortest possible time.
Some can be challenges you may need to find financial answers to. You might need to find a fast answer to short-term challenges, like an unexpected bill from a supplier or the taxman, or a seasonal downturn that leaves you with a reduced cash flow.
But you could also find that an opportunity comes along that is too good to miss, even if your cash reserves are short.
Buying in stock or equipment at a bargain price, taking on a new contract that needs gearing up to deliver, or simply funding the next step in your expansion plans could all be easier with extra cash. Access to finance is vital, but you might be wary of making a long-term financial commitment simply to answer a short-term lead.
If you're a business owner looking to grow your business. Speak to Rangewell today, we'll discuss your monthly payment, repayment fees, and we'll find flexible repayment terms to suit your needs.
Your average short term business loan will be used for working capital such as staff salaries, goods and services. Short term business loans can range from a period of time from a month to a year and can usually be processed by a specialist lender such as those at Rangewell.
Worried about unpaid invoices? We can offer short-term financing to help your cash flow. If you're a limited company or sole trader - speak to us today to learn more about a type of loan to improve your business.
The traditional answer to short-term funding needs was to turn to your bank. But many high street banks have made lending more difficult in the wake of the 2008 credit crunch. Even those who may be prepared to provide an overdraft facility or business credit card will place strict limits on the total amount of credit they can advance your business.
Fortunately, at Rangewell we know the many new lenders who have come to the market in recent years, including those specialising in short-term finance.
Not sure a short term loan is right for you? We can talk to you about merchant cash advance and invoice finance. Our lenders will offer competitive interest rates and flexible repayment periods to suit your needs.
Short-term loans can come in various forms, and here are just a few examples:
Most short-term finance is unsecured, which means it is not secured against your assets or those of your business.
This means that if your business does not repay the loan, the lender cannot seize your assets. This decreases the risk to you, although it increases the risk to the lender, and the interest rates may be a little higher as a result.
You will, however, need to agree to a personal guarantee to repay the loan, which means that the lender will approach you as a director if your business fails to pay.
Unsecured borrowing is often used to provide cash lump sums of up to £25,000.
It may also be possible to arrange short-term lending as secured finance, which means that lending will be secured on assets such as your business premises or your home. This can reduce interest rates, although the application process will take considerably longer. Because it is necessary to provide a valuation report on the assets used, it may take 3 weeks to complete the decision-making process.
There is no set limit to the amount you can borrow with a secured short-term loan. If your business has sufficient cash flow, and a sound business case that will show how you will use the money and how it will generate the funds to repay, it is often possible to provide £million plus funding deals.
One major advantage of unsecured borrowing is the speed at which lending can be arranged. Having cash can be vital when you want to secure a bargain, or to find the fastest solution to a challenge.
With smaller sums, it is often possible to provide the whole decision-making process from application to transfer of funds into your business bank account in as little as three days, and some providers may be able to provide funding even faster than that.
With online providers paperwork will be minimal, ensuring that your application can be processed and your funds released in the shortest possible time.
A short-term loan is helpful, but it will also come with some disadvantages.
Typically, to be eligible for a short-term business loan, you'll need to have been trading for a minimum of 18 months as well as earning a turnover of at least £80,000 yearly.
Short-term business finance can be used for almost any business purpose and can provide answers for businesses working in almost every sector.
However, rates can vary greatly, and finding a lender who can offer the most competitive terms for your business can mean looking at the offerings of many lenders throughout the entire market.
At Rangewell, we work with specialist lenders who can not only provide you with the funds your business needs but which have a proven track record supporting similar businesses. As we specialise in lending to businesses, we understand your finance needs
Our financial expert can discuss your needs, and talk to lenders throughout the short-term business finance market. It means we can find the funds you need at rates you can afford and help you get the agreement and the funds you need faster, and if you have any queries or need support, our friendly and professional lending team is on hand to help you. Whether you're looking for a low cost secured business loan to quick business loans or even unsecured finance and more, let us help you find the most appropriate solution for your business from over 300 lenders.
Help arrange funding for a building supply company to buy in stock at a bargain price
Find an arrangement for a plastics company needing to replace key equipment to restart production
Find finance to let a clothing company buy in material
Source funding to help an engineering company meet a major tax bill when a customer was slow in paying
Arrange funding for a sweet manufacturer to cover the costs of their first export order
Our goal is very simple - to help businesses find the right type of finance as quickly, transparently and painlessly as possible.
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How does a short term loan compare with a trade credit agreement?
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Have a question?
There are some things to consider when choosing the right business loan, this includes:
Typically, to be eligible for a short-term business loan, you'll need to have been trading for a minimum of 18 months as well as earning a turnover of at least £80,000 yearly.
To find out how much you'll be eligible to borrow, use our online quote tool.
Yes, you can still get a business loan if your business has bad credit. Traditional lenders may not lend due to risk. However, finance is available from expert financial brokers such as Rangewell. The loan will likely include high interest and a shorter repayment period.
