It is a source of quick capital, it can help small businesses with their working capital flow and allow them to dedicate their focus to more areas of the business.
Credit score booster, short term loans are faster to pay off the due amount. By paying the loan on time, the results for an improved credit score is almost instant.
Generally, short term loans are faster to pay off the due amount. By paying the loan on time, the results for an improved credit score is almost instant.
|Short Term Business Loans||Long Term Business Loans|
|Loan Terms||3 to 18 month||3 to 20 years|
|Interest Rate||Higher interest rates||Lower interest rates|
|Credit score||No good credit score required||Good credit score required|
Start-Up Businesses. Brand new businesses often can’t offer much in the way of security for a long-term loan. They also have to deal with set-up costs that more established businesses don’t have to worry about. These initial costs can place a huge burden on the start-up. Short-term business loans can alleviate that burden and provide a start-up with the capital needed to get up and running.
Fast-Growing Businesses. Rapid business expansion may occur if you achieve unexpected success. While this is a boon to the business, it also adds pressure to your operations. You may need to hire new people, buy new equipment, and set up more infrastructure to keep pace with the growth. A short-term business loan provides the capital needed. You can then rely on the growth of the business to help with the repayments.
Businesses with Cash Flow Issues. Many small businesses rely on timely invoice payments from their clients. Any delays could lead to cash flow issues that prevent them from paying their own bills. Moreover, chasing delayed payments could lead to the business facing legal costs. A short-term business loan can help such businesses remain solvent while they get their cash flow situations in order. One of Max Funding’s clients used a short-term loan for this very purpose. Poised to buy a new premises, the client experienced cash flow hiccups as the purchase drew to a close. Max Funding helped them to secure a short-term loan of $885,000 so they could complete settlement.
Businesses in Emergency Situation. Often, the source of your money issues may not stem from business-related issues. Emergency situations can lead to you needing access to money quickly to remedy them. For example, hardware and maintenance issues could prevent the business from operating. Your funds may not cover the repair costs, which would leave the business unable to generate income. A short-term business loan can remedy the immediate problem to ensure the business stays in operation.
At Max Funding, we pride ourselves in being a short-term business financing specialist that caters to all small to medium enterprises in Australia.
Here is why we stand out:
Whether you are looking to purchase equipment, expand your business or looking to relieve working capital, a short-term business loan is a wise financing choice. Our loans enable readiness, durability and flexibility. Even if you do not expect something to happen, extra cash flow may be a wise choice.
Our loans are fast and easy to approve. Obtain funding within just 24-48 after your loan application.
|Client Name:||Michael Rilley|
Situation: Michael’s construction business was bidding for a big contract with a telecommunications company. However, his staff needed to undergo a specific training to be able to do this job and Michael currently didn’t have the necessary funding to afford it.
Solution: Max Funding was able to give Michael a quick loan approval and he was able to send his staff through training, which lead to him landing the big contract and further grow his business.
|Client Name:||Jasmine Wynack|
Situation: Jasmine was currently in the middle of arranging a large loan for her business; however the processing of the other lender was taking longer than she expected. Her business started to suffer and was in urgent need of funding to pay her bills.
Solution: Max Funding were able to approve her loan with minimal processing time and Jasmine was able to keep her business from going in the red. On top of that, when Jasmine received the funds from the other slower lender, she was able to pay off her loan with Max Funding and save on half of the unpaid interest, with no penalty fees.
Max Funding specialises in providing short term business loans to business owners across all over Australia. Typically, banks and other lenders will tend to require more time to process your loan application for short term business funding. However, at Max Funding, we pride ourselves in our engagement of being invested into helping our client’s situation. Our friendly team is always ready to help your business reach the next stage. Fill out the application form, and get your business funding today!
To apply for short-term business funding, it’s easy.
You’ll be amazed at how easy it is to apply for a loan through our website. Filling out the pre-approval form places you under no obligation to continue with the loan process. And thanks to our advanced approval algorithms, we’re able to provide you with a decision in approximately five minutes.
As with any loan, poor preparation can lead to you running into issues. Use this checklist to ensure you’re ready to take out a loan and avoid any problems.
It’s not a good idea to apply for a loan when you have no direct purpose. You may feel like you want some capital ready for the “just in case”. But you’ll end up repaying the money that you’ve borrowed without ever using it for anything useful.
A short-term business loan may not be the best choice if you have no immediate plans for the cash. Instead, it’s best to outline the exact ways that you’ll use the money. Of course, many lenders will also want to know the purpose of the loan. If you can’t provide one, they’re likely to refuse your application.
There’s an added benefit to doing this. Listing the reasons why you need the money also gives you time to determine the exact cost of each issue you identify. This means you can apply for exactly the amount you need.
Generally speaking, you’ll pay more interest in total on a short-term loan than a long-term one. Moreover, the shorter term usually means that you have higher monthly repayments to deal with.
None of that will be an issue as long as you know you have the means to repay. For example, you may take out the loan to keep the business going because your clients haven’t paid their invoices on time. In that situation, you know you have money coming in that you can use to handle the repayments.
You can usually access short-term loans even if you have a poor credit rating. However, a lower rating could lead to more stringent requirements. Plus, you may have to deal with a higher interest rate.
As a result, it’s best to know where your credit rating stands before you apply. This gives you more reasonable expectations in relation to the terms of the loan.
Research is the key here. Don’t just go with the first lender that you come across. Spend some time comparing different lenders. Aim for lenders that offer flexibility and fast approval. That’s what a Max Funding client found after working with us. An unexpected contract rescission left the client at risk of losing a business opportunity. Max Funding helped them to secure a $100,000 loan in less than 24 hours.
Checking interest rates is the obvious first step. But it’s also worth checking comparison rates, if you can find the figures. These rates tend to provide a more realistic view of the rate you end up paying.
Ask the lenders about the specific features that they offer too. Keep in mind that short-term loans come with short repayment windows. Any lenders that offer more flexibility in this area should shoot to the top of your list.
Also, consider the differences between fixed and variable interest rates. A fixed rate may work well if the current national interest rate is low. But you want to avoid fixing yourself into a high rate. A variable rate may be the best choice if you feel like the national rate will decrease during your loan period.
Yes, at Max Funding, we understand that bad credit doesn’t automatically equate to irresponsibility. We believe in second chances, and strive to give as many bad credit short term loans as responsibly as possible.
To apply for a short term business loan, it’s very easy. Simply complete the obligation free application form and within just 24 hours, funds will be transferred to you.
For more information, head over to our How To Apply page to see just how simple the whole process is.
A short-term business loan is just like what its name suggest; a loan paid off in a short period of time. For most short-term lenders in Australia, a loan is classified to be ‘short-term’ if the repayment period is less than 24 months. However, at Max Funding, we believe that more flexibility is possible without taking the loan into the long-term territory, and can last as long as 36 months.
To put it all together, with Max Funding, a short-term business loan is simply a loan that is to be repaid within the span of 36 months.
Yes, to apply online, simply fill out our online-pre approval form which takes just 5 minutes. With Max Funding, it’s easy to be eligible. We cater our services to businesses regardless of whether they are existing or new.
A free line of credit is attached to the short-term business loan and every other loan (excluding USB) offered at Max Funding. To access your line of credit, email Loans@MaxFunding.com.au your desired amount, and the team at Max Funding will take care of the rest for you.
Unlike traditional banks, Max Funding tailors to businesses of all sizes, regardless of whether they are new or existing. Max Funding provides more flexible terms than traditional banks in their short term business loans, with an extended repayment period of 36 months compared to the 24 month term for a traditional bank. Max Funding also allows clients to borrow as little as $2,000 in comparison to the bank’s minimum of $50,000.
To find more on how a loan from Max Funding might differ from a traditional bank loan, head over to our Max Funding VS. Bank comparison for more information.
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Amazingly fast and personalised service.
Got funds the same day I applied. Unreal.
5 stars for service.
Unparallel short term solution
Terry, Gold Coast
Big thanks to the team
Thank you unreal service. Big thanks to the team
Very hard to get a short term start-up loan, but they did it for me.
I don't hesitate to refer to my friends. Max Funding's service is exceptional
Expert in small business financing