Commercial Real Estate Financing
Benefits of short term loans
- A simple and quick application and funding process –Typically only a completed application and a few months business bank statements are needed to apply. Approvals can be issued within hours and in many cases, funding can occur within one day.
- No collateral required. This greatly speeds up the process and also eliminated the risk of losing that collateral in the event of a potential default.
- Flexible credit score requirements. The minimum credit score needed for an unsecured short term loan is typically just 500 or higher.
- Allows flexibility on use of funds. With the traditional secured loans, banks often put in place tough measures controlling how the business can use the funds it receives. In most cases, the bank will need you to give a detailed proposal of how you intend to utilize these funds before approval. With an unsecured loan, there are no restrictions on the use of funds. You have total control over what to do, whether it is to hire new staff gets more operational space, among others.