Get short-term business loans from HomeSec within Days!
Nowadays, you do not have to walk into a bank or wait for hours to get approval for short-term business loans according to the requirements of the business owners. Renowned financial institutions like HomeSec offer various options for short-tenure business funding with a wide range of fees, rates, and features. A short period loan is what the name implies is taken for tenure of 3 months to 2 years. This type of loan also includes faster repayment schedules. This is why the borrower has to pay back the interest rates on a weekly or daily schedule, in place of monthly or fortnightly. Short term loans are similar to a normal loan for the company as you can use them for funding different purposes such as:
- Covering and fulfilling unexpected costs
- Filling up the seasonal holes of the cash flow
- Fulfilling the capital demand while waiting for the client invoice payment
- Payment of the emergency repair
Features and Fees of the Short Period Business funds
You have to consider certain things before applying for short-term funding for your company. They are as follows.
The interest rate that the borrower will end up paying in the short-term funding for a business is lower than the other loan options. The interest rate for this type of fund varies according to the lenders and time. That is why it is significant to ensure you know how many months to apply the loan for and what the required amount will be. HomeSec provides interest rates depending on the business size, financial history, and total time it has been operating in the industry.
Some of the most commonly implemented fees that are present in short-term business loans are as follows.
It is also known as upfront or application fees, where the lender charges the one-off payments at the beginning of the loan and covers up the loan application setup process.
HomeSec charges service or ongoing fees monthly or annually as per the loan life.
Late Payment Charges
There is a small penalty as the charges for late payment if the borrower falls behind their repayment schedule.
How can you use funding from the Short Term loan for your Company?
Most borrowers require a short-term loan for the organization when there is a faster capital requirement and can pay it back rapidly. This funding is mostly used by small business owners for covering sudden expenses or capitalizing on restricted business opportunities. There are primarily two types of business loans which are unsecured and secured. Short term funding get used for
- Any legitimate purpose for a company
- Seasonal differentiation in the profits
- Paying the expenses of the labor
- For the expansion of the organization
- Purchasing stock or materials
- Settling other loans or debts
How to Apply and Qualify for the Short Term Funding for Business from HomeSec?
Qualifying for a short tenure business funding from HomeSec is simple. If your company bank statement indicates that you can comfortably repay the principal amount within the required time, your application will get approval from us. Most borrowers will get loan approval if you:
- Include an Australian Business Number
- Has been in the industry for the past year
- The business gets registered for GST
- Include a clean and transparent credit history
- Own an asset or a property
- Can offer 20% of the deposit
If you are unable to meet the above conditions, you can still get approval for short term business loans if you:
- Have been operating your business from 6 months to one year
- Is a sole trader or self-employed
- Include an imperfect history of credit
- Is not an owner of a property or an asset
You can apply for two types of business loans for a short time according to the amount you want to borrow. If your loan amount is lower than 100000 dollars, then the process will be hassle-free and fast. In these cases, we check out the bank statements of the business. But if the loan amount is larger than 100000, there will be a requirement for additional documents for accessing the loan application.
Are you intrigued to know more about short-term business loans? Get in touch with our executive and have a clear idea about the process.
Grow your business with HomeSec
Does your business need urgent access to funds?
It may be to pay an urgent debt in order to stop foreclosure, or it may be to seize the day and take advantage of a major opportunity
Our Short Term Business Loans can save the day
We have been funding these type of loans since 2004 and they have been a lifesaver for businesses in Australia and New Zealand
Other names for Short Term Business Loans
They are sometimes referred to as Caveat Loans or a Commercial Bridging Loan. If you need funds for a longer period of time, see our 2nd mortgages.
HomeSec v Other Lenders
For our STBL, we don’t require valuations, financials and bad credit history isn’t an issue. Others settle in 7-14 days, ours settle in 24 hours
What is Required?
To get a Short Term Business Loan with HomeSec, we require the following:
Complete our 60 second
A recent mortgage
A rates notice for the
Identification for each
And that’s it!
Who needs a Short Term Business Loan
Some of the industries we have worked with are: