SHORT TERM BUSINESS LOANS

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What is a short-term business loan?

Every business at some point of time requires financial aid to smoothly run their business and maintain the cash flow. In such scenarios, short-term business loans are very effective. A short-term business loan generally has to be paid off in a short duration through daily/weekly repayments. However, the duration varies as per the terms of the company or the lender. In most cases, the loan duration is either a year or even less depending upon overall risk profile of the business.

How can a short-term business loan help your business?

For a business, it is important to maintain cash flow, demand-supply chain, and pay off all the expenses on time. While there can be many circumstances where the business may require urgent funds for a short duration of time. In such cases, short-term business loans can help in maintaining the smooth functioning of the business.

Reviews on Google

Alexander Pacitto
Alexander Pacitto
2022-05-27
Saroj was fantastic in getting finance organised for my business. Efficient, responsive and concise. Recommend.
Arjuna Gunasekara
Arjuna Gunasekara
2022-05-19
Callum Baxter
Callum Baxter
2022-05-17
Vicky Angelucci
Vicky Angelucci
2022-05-17
Quick, efficient and easily understood our needs as a small business. Thank you Saroj.
Raphael Mamudi
Raphael Mamudi
2022-05-16
Saroj is a life saver. I’ve never met such a genuine and more passionate person about their job. He has absolutely gone above and beyond for me and my business and am so grateful our paths crossed. Thank you brother!
Shey Bhatti
Shey Bhatti
2022-04-20
They are the best, I was having defaulted credit application and they sorted me with quick funds to resolve my issues, Also the best part they removed my Default flag on credit file. Many thanks SAROJ
Josh Zhang
Josh Zhang
2022-04-08
Dealing with Saroj is nice and easy. He is really professional and diligent ☺ The process is so smooth, I just need to provide all the details then it's done.
Kate Tiller
Kate Tiller
2022-04-04
Saroj was incredibly efficient and made this whole process so simpleand easy., I was thrilled to have my approval so quickly and managed so well. I highly recommend Saroj and this team any day of the week! Kate
ALDEN ARRIGHI
ALDEN ARRIGHI
2022-03-24
As a Small Business owner of AA DOOR SERVICES, i would like to thank Sanroj for his help for my financial need with regards to Cash Flow so i can scale up and grow my business. Sanroj was very helpful from the minute i spoke to him over the phone. He walked me through it every step of the way to help me out and speed things up. Overall, a friendly guy and i did not feel pressured while i was on the phone with him. Everything went so smooth and within the duration of 48 hours maximum, the money was in my Business Account. Definitely recommend Broc Finance. Thanks again Sanroj Kind Regards, Alden Arrighi AA DOOR SERVICES
Ng Family Enquiry
Ng Family Enquiry
2022-02-24

Critical Information Sheet

Loan Amount$5k- $20m
Term3 months – 24 months
Can be used for
  • Buying stock/Inventory
  • Paying wages/rent
  • Expansion into branches or another unit
  • Renovating business premises
  • Other short-term working capital needs
RepaymentsDaily/Weekly/Fortnightly/Monthly
SecurityBoth Unsecured and Secured Options
Pre-Approval Time2-4 hours
Unconditional Approval and Settlement Time

Unsecured: 24-48 hours

Secured: 3-7 days

Low Doc Approval and Documents required

Up to $250,000 basis

  • Last 6 months bank statements
  • ATO statements
  • Valid identification proof
Interest RatesStarts from 6.5% p.a.
Benefits
  • Quick funding process
  • Least documentation

*The information provided in critical information sheet is intended as a guide only. Please contact us for more information.

Things to keep in mind while applying for a short-term business loan

There are many things that a business owner should keep in mind while applying for a short-term business loan. Here are some of the things that can help in avoiding problems while applying for business loans.

Know the use

Before applying for a loan, it is necessary to know the purpose or use of the money. The reason why knowing the purpose is important is because there should be a plan on how the money will be used and how the business will settle the amount within the decided time frame.

Repayment

 It is very essential for a business to consider the total amount repayable, as the interest rates are higher in short-term business loans as compared to normal or regular loans. While looking for the use of a loan, it is also important to consider the repayment.

Impact of Credit score

Short-term business loans are available for all businesses with low credit scores, but the low score can impact the loan in many ways. While applying for the loan it is important to check the details before so that you as a business owner can plan beforehand.

A low credit score can affect the interest rate at which the business will get a loan. Knowing the credit score before will help in understanding the estimate of the rates and other terms of the loan.

Right lender

Once you will understand the need and urgency of the loan, you should  look for lenders available. Instead of going for the first lender, take your time and research for the required factors as you might need flexibility which every lender might not offer. Besides, check the requirements that the lender asks for.

Compare offers:

As a business owner you may get multiple options, but from all the options it is important to choose the right one. In order to do that, you need to check all the offerings along with the interest rates that are offered. After considering each aspect you can easily decide which lender is ideal for your short-term business loan.

All the above points are essential for a business to consider while applying for a short-term business loan which could be a stressful task. We at Broc Finance do ongoing research on loan products available with the lenders and endeavor to find the best loan options for our customers. So instead of going through all the leg work, share your requirements with us and we will assist in getting the right loan option for you.

The Pros and Cons of Short-term business loans

There are positives and negatives of every loan, below we have shared some of the pros and cons of a short-term business loan which can help you in taking the right decision for your business

Pros

  • Timely repayment of the loan helps in building your credit score
  • Generally, short term business loans can get approved basis low doc within 24-28 hours
  • It works as a quick fix for urgent funding needs.

Cons

  • The interest rates on these loans can ben higher given the nature and duration of the loan
  • Generally short-term business loans have daily/weekly repayments which could be material for a small business given the short duration.

Situations where a short-term business loan can help

URGENT FUNDING REQUIREMENT

For any business, it is important to maintain adequate cashflow for the smooth functioning of the business. While there are times when the business may require urgent funding to fulfill some order or pay wages. In such cases, the business can simply apply for a short-term business loan and get funding within the same day. 

Seasonal Requirement

There are many retail businesses which witness seasonal fluctuations (e.g., clothing retail during Christmas). During this period, it is important for the business to maintain adequate stock to meet the high demand. During this period, a short-term business loan can come really handy.

Bridging Finance

There are many retail businesses which witness seasonal fluctuations (e.g., clothing retail during Christmas). During this period, it is important for the business to maintain adequate stock to meet the high demand. During this period, a short-term business loan can come really handy.

Past Bad Credit History

Generally, lenders hesitate to fund your business if you have had a bad credit history in the past. However, there are lenders who are happy to give a second chance by starting with a short-term business loan for 3-6 months. Timely repayment also helps in building your credit score.

RECENT CASE STUDIES

Industry: Clothing and apparel

Loan Amount: $75,000

Term: 6 Months

Trading Time: 12 Months

Situation: After 4 months of lockdown period, it was finally Christmas time and John who owns a clothing retail store did not have sufficient stock to meet the huge demands during this period. The customer approached us for a quick business loan for a shorter term.

Action: Our lending specialist assessed the client’s cashflow situation and pitched the application with some additional strengths of the business.

Result: We were able to get the client approval within 2 hours and funds were into his account the same day. This helped him to procure stocks in a timely manner and earn good profits during the festive season.

Industry: Real Estate

Loan Amount: $615,000

Term: 12 Months

Trading Time: 2 Months

Situation: Michael was planning to purchase a property by selling one of his other properties. Considering the sell would settle before purchase settlement, the customer had paid 10% deposit as well for the property. Unfortunately, due to some unforeseeable circumstances, the sell settlement got push