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October 10, 2019

These Short Term Loans Could Help to Boost Your Small Business

A lot of people overlook short term loans, because of the controversy that tends to surround them – particularly business owners and entrepreneurs. Financing is the bane of any business owner’s life, and yet it’s the thing that keeps them going strong. Organising your incomings, outgoings and more can be extremely stressful, particularly when the figures aren’t adding up as you’d perhaps intended. Although a lot of larger businesses tend to have accountants who figure out their finances for them, for a lot of young entrepreneurs starting out, this isn’t a financially viable option – so if you’re in a sticky spot, what can you do? It might surprise you, but taking out these short term loans could actually help you in the art of boosting your small business.

A Short Term Loan from an Online Lender

If your business needs a boost, a short term loan from Personal Money Network could be the answer you’ve been looking for.

Not only has the evolution of technology and the internet revolutionised the way in which we conduct business, but also the ways in which we can apply for loans. In as little as twenty four hours or less, it’s now possible to apply and acquire an online loan from a lender. Things have truly never been more accessible.

For a short term business loan, there are a few requirements that differ from a short term personal loan. For example, whereas with a personal loan you don’t have to show your credit score, with businesses you’ll need not a good, but a decent credit score. You’ll also be likely to need to have been in the business for at least one year.

With these loans, business rates tend to start at around 10%, and the terms here can range from three to eighteen months.

One of the best things about this particular loan, is how accessible they are and how quickly they arrive. If you have a cash flow issue, or need to make an expensive payment immediately, it really could help to get your business out of a sticky spot. Plus, there isn’t as much paperwork which is always a plus. However you feel your business can benefit from using these funds is the right answer for you – so long as you pay it back. The last thing you want is to end up with bad credit.

Business Line of Credit

One of the most difficult parts of owning a small business, is keeping your cash flow running successfully. A lot of small business owners admit that they can’t actually get the funding they need.

This is where a business line of credit could come in and help you out – as it will ensure you always have the money to pay for your necessary expenses, such as paying staff and utility bills, as well as paying your vendors and stocking up on supplies. You could even use this money to upgrade marketing tools, such as your website, in order to help expand the business further too.

The terms of this short loan tends to be a lot easier than others you’ll apply for, and you only have to have been in business for six months or more. Interest rates tend to range between seven and twenty-five percent. This kind of loan will also give you access to revolving capital, which means that once you’ve paid it, the credit limit goes back to its original amount. Finally, you only pay interest on the money you withdraw, which is a nice plus.

Equipment Financing

No matter what line of business you’re in, there’s always some sort of equipment you’re bound to require in order to keep things up and running, for the vast majority, this tends to be things such as mobile phones and computers – after all, the majority of business is conducted online now! Think about how expensive it would be to supply all of that off your own back…now this is where equipment financing could come in handy!

Finally, this particular loan will give you the money outright in order to buy the supplies you need. Financing your business and having the equipment you need is integral to your overall success of it, and these loans are also fairly easy to access. There is no collateral needed, and you only need to have been in business for around eleven months. The loan can be up to one hundred percent of the equipment you require, too.

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