SHORT TERM LOANS
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What are Short Term Loans?
Short term loans are lump sum loans that are designed to be paid back in less than 18 months. They can be a flexible financial tool that are best used for financing your short-term needs. This including managing cash flow, dealing with unexpected needs for extra cash, or taking advantage of unforeseen business opportunities.
Maximum Loan Amount Of $2,500 to $2,500,000
Cheddar Capital provides money quickly when a you are caught in a cash crunch, have been hit with an unanticipated bill or need money in order to complete a deal.
Loan Term Lasts 3 to 18 Months
With Cheddar Capital your advance is repaid based on your company’s credit card receipts. If your business has had a slow day, the repayment amount for that day is reduced.
Interest Rates Starting at 10%
The effective APR varies depending on the factor amount and the amount of time needed to repay the loan.
Get Your Cash Today
Cheddar Capital provides money quickly. Get approved and funded all in the same day.
Most customers approved for a Short Term Loan had:
Over
$250K
Annual Revenue
Over
600
Credit Score
Over
2 Years
In Business
Who Qualifies for Short Term Loans?
Short term lenders emphasize cash-flow more than lenders of traditional term loans. Having a strong cash-flow can sometimes overcome other financial information that would disqualify a business for a traditional term loan. You should also know that the interest rate you’ll pay and the amount you can borrow will depend on your annual revenue, business history, and personal credit rating.
How to Apply for a Short Term Loan?
Short term loans are exclusively applied for online. For that reason, a short term loan application is a fast and easy process. You’ll likely need to provide just your simple application and bank statements. Most short-term lenders can fund borrowers just a day or two after they apply.
How Do Short Term Loans Work?
Cheddar Capital helps businesses get funding in all shapes and sizes… Including loans that make it to your bank account before you know it. Let’s take a closer look at how these smaller short-term loans can make a big difference when you need capital in a pinch. Short-term loans work like traditional term loans. You receive a set amount of cash upfront that you agree to pay back, along with the lender’s fees and interest, over a predetermined period of time. But with short-term loans, loan amounts may be smaller, the repayment period drastically shorter, interest rates higher, and you often pay the lender back on a daily or weekly instead of monthly schedule.
What Will a Short Term Loan Cost You?
Short term loans also often come with factor rates instead of interest rates: a factor rate is a number that, when multiplied by your total loan amount, gives you how much you’ll be paying the lender back. Say you’ve taken out a $100K short term loan and the lender has a 14% rate. 1.14% multiplied by $100K is the total amount you’ll need to pay back: $114K.
