Best Short Term Loans Online in 2021

Best Short Term Loans Online in 2021

  • March 9, 2021
  • Written by : Elizabeth Beall

If your cash flow is running low and you need working capital now, then a short-term loan with shorter repayment periods may be exactly what your business needs.

As a small business owner, loans are a big commitment, not to mention a big risk. You can predict your financial future, but that doesn’t mean it is guaranteed; emergencies and other unexpected costs arise, economies alter, and customers change.

When you need capital as fast as possible and don’t want to take on long-term debt, then consider short-term funding.

What is a Short term Loan

We define a term loan as a traditional loan for a lump sum of capital with an interest rate to be paid back by the borrower over a fixed amount of time. A short-term loan is that very same loan, but with a shorter repayment period and probably a small amount of funding when compared to other long-term loans.

What to Use Short term Funding for

Short-term funding has many uses, but the most common are:

  • Bridging cash flow gaps: short-term loans can help you stay afloat during slow times and eventually grow into prosperous times.
  • Handling operational costs: if your business is seasonal, you have new hires, or you have inventory needs, then this way of funding is a great choice for you.
  • Preparing for and covering emergencies: Big happenings such as equipment breakdowns and office repairs happen, and always happen when you least expect it. Stay ahead with short-term funding.

Where to find a short-term loan

Typically business owners look to banks or online lenders for funding. Payday lenders are also an option but are chosen far less option due to very high-interest rates.

Available amounts, repayment terms, and other requirements will vary with each. It’s important to note that banks will more than likely require you to have a current account open with them before beginning, and credit unions will expect for you to be a member of the union prior to applying.

At REIL Capital, we offer term loans both short and long with easy requirements and a 3-minute application. If you’d like to apply for a short-term loan through us, we’d be happy to help you.

Why consider short-term loans

  • You can improve your credit. Any time you take out a business loan and continue to pay it off as expected by the bank or lender, you are building your credit history. Of course, the opposite can happen as well; if you do not pay the loan off in a timely fashion, then your credit rating will be negatively impacted.
  • If you don’t qualify for any other loans or have a fear of getting rejected, then a short-term loan might be a great option to consider. With this type of loan, your financial standing doesn’t matter quite as much because the loan has such a short repayment period. Banks and lenders are not putting themselves on the line for too long; the greater the risk, the shorter the repayment period. The process will get easier once you have proven you have the ability to repay a short-term loan; next, you can look into bigger loans with a line of credit.
  • If you are concerned with increasing your debt, then stay away from long-term loans. The longer you commit yourself, the more interest rates will add up, and the more money you will end up paying over time. Allow yourself and your business to grow by committing to one short-term loan and pay it back immediately or as soon as possible.
  • You don’t need collateral to be accepted. With most loans these days, business owners and entrepreneurs are expected to provide collateral along with proper documentation, a completed application, and more than likely a financial plan.
  • If you need immediate help or if an emergency has occurred, this is a great option for you. Short-term funding allows you to get the capital you need when you need it, at a fair price with easy repayment terms.

Instant Short Term Loans Online for Bad Credit

Small emergency loans

As a business owner or entrepreneur, you know that everything can’t be predicted. With a small emergency loan, you will be covered for all unexpected costs, emergencies, big repairs, and large inventory needs. As Nerd Wallet says, unsecured personal loans are one type of emergency loan that can be far less expensive and safer than other types, like payday or auto title loans.

A personal line of credit

A personal line of credit here at REIL Capital means small businesses can borrow up to a certain limit, and pay interest only on the portion of capital that was borrowed. With this option, businesses have the flexibility to keep reusing and repaying their business line of credit as often as necessary. A business line of credit can help businesses even out cash flow and is typically used for inventory purchases, project costs, or employee payroll.

Credit card

A corporate credit card is the most accessible form of funding available and can be used for almost all business-related expenses. It is also one of the best ways to build your business credit, according to our experts here.

What are the greatest advantages of short-term loans

  • You will be considered even with poor credit.
  • Short-term loans have shorter repayment periods so there is not as much time to incur interest or increase your amount owed.
  • These loans make it easier to keep up with seasonal trends.
  • Loans can give you a safety cushion for cash flow to help you stay ahead of emergencies or ahead of the game.
  • Short-term loans provide you with opportunities for expansion and growth.

FAQ about Short-term Loans

What short-term loans should I avoid?

Try to avoid payday lending, title loans, and pawnshop loans. These options come with extremely high-interest rates and should be considered as a last resort option.

How long until I get funding from a short-term loan?

With us, loans can be processed as quickly as 72 hours.

How to qualify for a short-term loan

You’ll need to meet these minimum requirements to qualify for a short-term loan:

  • $100,000 in annual revenue
  • 1+ years in business
  • Minimum 600 credit score

How to apply for a short-term loan

To apply for a short-term loan, you’ll first need to find a bank, lender, or credit union. Next, you’ll need to provide the following documents: application, debt schedule, business and personal tax returns, 3 months of business bank statements, business profit, and loss statements, and a business balance sheet. Double-check the qualifications specified by the lender as well (ours are below). Lastly, your bank, lender, or credit union will notify you of acceptance or rejection.

Don’t wait. If you believe in your business, then we believe in you. If you need fast short-term funding, then please give us a call today. We are a family of lenders ready to help you succeed!


  1. Unsecured loans provide borrowers with the possibility to access funds for
    those areas in their life that need some assistance or
    where additional funding works with their benefit.

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