Get a short term loan without doing any long division. Just plug in some numbers and we’ll do the math for you.
Short term loans can help keep your business out of hot water with access to working capital when you need it. Our short term loan calculator accounts for the primary factors that influence payments—loan amount, interest rate, loan term, and collateral—to give you a sense of the monthly payments your business will owe.
Your short term loan amount will be determined by your business revenue, business history, credit score, and experience in your field, as well as how you plan to use the loan. You can finance as little as $2,500 or as much as $250,000.
Interest rates for short term loans average 8–13% and are typically fixed. Fixed rates are awesome because they stay consistent throughout the life of the loan, so you always know exactly how much your payment will be. As with most interest rates, a solid credit score helps—the higher your score, the lower your interest rate will likely be.
Short term loans have, you know, shorter terms in comparison to other loans. Most of them are 1–5 years and are backed by collateral such as a vehicle, property, or another tangible asset. Putting up more collateral often helps you get a better deal on your loan.
Instead of spending a day Googling rates that may or may not apply to you, take 15 minutes to find out the exact products and rates your business qualifies for. Our single application gives you access to 75+ lenders. That breaks down to an average of 12 seconds per lender. You won’t find a better investment… for your time.
You may run into 2 fees with short term loans: application fees and origination fees. Here’s what you need to know.
You’ll never be charged when applying for and reviewing loan options through Lendio, but other lenders may charge you for applying. If you’re comparing lenders or marketplaces, ask about application fees before you apply.
Origination fees are charged by some lenders when a loan is funded. Ask if your lender has one and how much you can expect it to be to help you determine the total cost of your short term loan.