An In-Depth Guide to Short Term Loans

Jun 18, 2019

An In-Depth Guide to Short Term Loans

Term loans are extremely popular in America. In fact, you probably have used them in the past to purchase a vehicle or home. The setup is simple—you borrow a specific amount of money and then pay it back over a period of time. Those terms vary from loan to loan, but they’re usually between 1 and 5 years.

Regular term loans are versatile, with amounts ranging from $2,000 to $5,000,000. The interest rates also vary widely—from 6% to 99%. And you can use a term loan for a wide array of business needs, unlike other types of financing with strict limitations.

But what about those times when you need money fast? Perhaps there’s a new business opportunity you can’t pass up. Or a project that needs immediate attention. In these times, you want the benefits of a term loan but on a shorter timeline.

This scenario is where short term loans come in. They’re like the sprinters of the financing world. When you don’t have time for a marathon-like term loan, this loan type is always a solid option.

About the Author

Grant Olsen

Grant Olsen

Grant Olsen is a writer specializing in small business loans, leadership skills, and growth strategies. He is a contributing writer for KSL 5 TV, where his articles have generated more than 6 million page views, and has been featured on FitSmallBusiness.com and ModernHealthcare.com. Grant is also the author of the book "Rhino Trouble." He has a B.A. in English from Brigham Young University.

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