Advertiser Disclosure

Banks.com » Loans » Business Loans » Lendio: Short-Term Business Loans

Lendio: Short-Term Business Loans

Lendio logo

Business Funding In As Little As 24 Hours

If you need quick access to funds for your business, a short-term loan may be the solution you are looking for.

Loan Amount

$2,500 to $500,000

Loan Term

1 to 3 Years

Interest Rate

As Low As 8%

Average Rating Click here to show the sources used to calculate this average rating.
Trustpilot
4.8
Consumer Affairs
4
Forbes
4.5
G2
1.3
How to Start an LLC
4.6
Finder
4.8
Host Merchant Services
4.8
Financer
4.5
GET STARTED

Details

See all

Best For

Businesses that need quick access to funding

Type of Loan

Short term loan

Interest Rates

As low as 8%

Loan Amount

From $2,500 to $500,000

Loan Term

From 1 to 3 years

Access to Funds

Get funds in as little as 24 hours

Some of Lendio's lending partners

Fundation, American Express, Funding Circle, Opportunity Fund, Credibility Capital, Lending Club

Lendio is an online lending marketplace that offers short-term business loans by matching you with the right lender for you.

When you’re running a business, you can encounter cash flow challenges even when your business is thriving and growing. This can happen for a variety of reasons, including unexpected expenses and slow-paying clients. Short-term loans provide you with cash now and offer a quicker repayment schedule, depending on your needs. Here’s your guide to short-term small business loans and how to easily apply to one through Lendio.

What Is a Short-Term Business Loan?

A short-term small business loan is a loan that your company pays back in a relatively short period of time, usually between 12 months and 3 years. Some loans of this type might offer a faster or more extended period of time to complete. These loans are designed to put money quickly into a business’s hands when it’s having short-term cash flow issues. You wouldn’t use this type of loan to expand or buy expensive equipment or property.

How Do Short-Term Business Loans Work?

Short-term business loans work in a variety of ways, depending on the option you choose. Some of these loans use your daily credit card receipts to repay the principal and interest, while others rely on you to make payments. Depending on your company’s creditworthiness, you may be asked to provide something of value as collateral. After completing your application, you’ll see the short-term loans and the repayment options available to your company. You can determine which option works best for your company.

How Long Is a Short-Term Loan?

Most short-term loans offer terms that run between 12 months and three years. However, some may rely on your daily credit card sales, which means that the loan gets repaid within a shorter or longer period of time, depending on your company’s sales. Of course, most loans allow you to pay them off earlier if you have the funds available. If you need a longer period of time to repay a loan, you might consider a long-term loan option.

Do Short Term Loans Improve Credit?

Yes, a short-term business loan can improve your company’s credit score, but it can also damage it. This loan is like any other loan, providing you meet the loan terms and repay it on time your credit improves. However, if you fail to meet the terms or pay late, you can damage your credit score. It’s essential that you only secure a loan that you know you can meet its terms.

Why Would a Business Get a Short Term Loan?

A business would secure a short-term loan for a variety of reasons. Typically, your company looks for a short-term small business loan when cash flow becomes an issue. This is usually due to circumstances beyond your control. Almost all businesses face this issue at one time or another and need a short-term business loan to bridge the cash flow gap to meet payroll or make their mortgage payments on time.

What Can You Use the Funds For?

Once approved and funded, you can use the funds in a variety of ways. You can use it to meet expenses, such as payroll, rent, utilities, pay suppliers, and repair equipment. You might even use the funds for a move to a new office or facility. In some cases, your company might use a small business short-term loan to take advantage of a business opportunity that helps your company grow—for example, buying raw materials to fulfill a large order for a potential long-term client.

How Fast Can You Get One?

Once you fill out the application and upload all the required documents, you can get funding in as little as 24 hours. This is an average, so your situation may differ. Things, such as your credit rating, may slow the process. Of course, you need to sign your loan documents before any funds are released. This type of delay is predicated on your actions. Our goal is always to provide you with funds as quickly as possible to help you meet your needs and fulfill your obligations.

Can You Get a Short Term Loan With Bad Credit?

Yes, there are some short-term loans available to companies with bad credit. However, you can expect to place something of value as collateral. You may also pay a higher rate of interest; however, if you maintain the terms and pay on time, it can boost your credit score for future loans.

Do You Need a Credit Check for a Short Term Loan?

Almost all short-term small business loans require a credit check. These loans are similar to ones you’d go to a bank to obtain. The lending company needs to know that you’re able to pay the principal and interest back. However, if you have bad credit, some lenders can help you obtain the funds you need.

How to Get a Short Term Business Loan Online With Lendio

If your company has solid credit, and you’ve been in business for more than two years, you stand a good chance of qualifying for a short-term business loan with one of the more than 75 lending partners that work with Lendio. You fill out an online application that takes around 15 minutes to complete.

You need to upload documentation, such as your photo id, banking statements, credit card statements, and other essential paperwork. You can do all of this online. If you qualify, you can get funds in your bank account in around 24 hours.

If a short term business loan is not the right solution for your business, Lendio can also help you explore other funding options like:

This Company Also Offers

Lendio logo

Lendio: Merchant Cash Advance

Explore how a merchant cash advance relies on daily credit card sales to help with your cash flow and how to get one with Lendio.

Lendio logo

Lendio: Business Equipment Financing

Getting business equipment finance loans is a challenge. Lendio lets you compare and find the best business equipment financing for you.

Lendio logo

Lendio: Startup Business Loans

Learn more about how you can take your business to the next level with startup business loans through Lendio.

Lendio logo

Lendio: Business Acquisition Loans

Submit your application for a business acquisition loan to +75 lenders through Lendio and purchase an existing business or franchise.

Lendio logo

Lendio: Accounts Receivable Financing

Apply to accounts receivable funding with Lendio to turn your unpaid receipts into operating cash to expand your small business.

Lendio logo

Lendio: Commercial Mortgage

If you are looking to fund your business property purchase, learn about commercial mortgage loans and how to get one easily with Lendio.

Lendio logo

Lendio: Business Term Loans

Business term loans are a stable way to get funding to grow your business and improve your credit. Read how to get one through Lendio.

Lendio logo

Lendio: SBA Loans

The U.S. Small Business Administration (SBA) is a federal agency that helps small businesses get funding. Learn how to apply for an SBA loan.

Lendio logo

Lendio: Business Line of Credit

Overcome financial challenges and invest in your small business' future with a low-interest small business line of credit from Lendio.

Advertisement Disclosure

Product name, logo, brands, and other trademarks featured or referred to within Banks.com are the property of their respective trademark holders. This site may be compensated through third party advertisers. The offers that may appear on Banks.com’s website are from companies from which Banks.com may receive compensation. This compensation may influence the selection, appearance, and order of appearance of the offers listed on the website. However, this compensation also facilitates the provision by Banks.com of certain services to you at no charge. The website does not include all financial services companies or all of their available product and service offerings.
×