Does your business need finance in a hurry or for a quick need? If so, a short-term business loan could be the right choice for you. Short-term business loans are easy to apply for. Usually, the lender gives you your finance fast, so your funds could be in your account the same day. But if you want to borrow for a longer period, or you need to borrow more, you may prefer a longer-term loan. LoanTube works with lenders across the UK to ensure you get the best choice of loans with the lowest repayments. Because we work so closely with our lenders, we know the market inside and out. That means that when you’re searching for a short-term business loan, we’ll find your perfect match.
If you need quick access to finance, then a short-term loan could be the right choice for you. For example, Ellie sells and designs beautiful stone countertops. A nationwide chain asks her if she can fulfil a huge rush order. But they need an answer fast, and she doesn’t have enough granite and marble in stock to cover it! Nor does she have enough cash on hand to buy enough.
Ellie contacts LoanTube and we move fast to find her a lender offering a short-term business loan that covers the cost of the things she needs at repayments she can afford. She buys her materials, does the work and ships her countertops. She expected her reputable client to pay her without delay, so she chose a loan with a repayment duration of just 6 months and no early-settlement fees. Everything went as planned, and after making affordable monthly payments for a few months, she paid off her loan in full.
Once our loan brokers have found the right finance for you and your lender approves your loan, they place the funds in your account. After that, you pay interest on your loan, usually worked out yearly. You pay interest at each repayment instalment until you’ve cleared your loan (usually within 3 – 24 months). Sometimes, you can pay off your loan early without fees, or add extra borrowing if you need. If you can pay off your loan early, some lenders allow you to do so without penalty. Others will charge you fees for early repayment, but it might still be worth it as you avoid interest on the overall term.
Make sure you know the pros and cons of getting a short-term business loan before you apply. This type of financing offers unique features that lenders make for certain situations. If you’re not sure if short-term finance is right for you, contact LoanTube today and discuss your business situation and your needs. Our team of credit experts will be more than happy to suggest a few options.
You choose the terms, we do the math.
Check your affordibility with our Business Loan calculator and make an informed financial decision.
Lenders offer short-term finance for Limited Companies, Sole Traders and other businesses needing to borrow money for short periods.
A short-term business loan could be right for you if:
A short-term business loan might not be right for you if:
Applying through LoanTube is easy. Our credit experts know the business finance market and what our lenders need from you. That means fast access to the right lenders. Therefore, you’re more likely to get the finance you need the first time. Also, you face less risk of wasting time making direct applications with lenders that could be refused.
Most of our lenders like to see:
Save time and hassle when you use LoanTube to search the market and find the best loans for your needs. We work closely with many lenders, so we know just who we should go to for your loan. What’s more, it’s easy to apply through LoanTube and find the best loans the UK credit market offers.
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It depends on the lender and the type of loan you want to get. If you’re a sole trader, it’s more likely the lender will run a credit check. However, even if you have a Limited Company, lenders sometimes run personal credit searches on owners and directors before deciding on a loan. This is to make sure that the business is stable & established and well-run. LoanTube and our lending partners only run a soft credit search on you when you enquire, which don’t impact your credit profile, so let us know what you are looking for.
The amount you can borrow varies depending on the lender. Depending on your needs, you could borrow a few thousand pounds to a few hundred thousand of pounds. Speak to our expert credit brokers and we will search for a loan that meets your needs and affordability.
Lenders understand that many successful businesses come after unsuccessful ones. So, if a previous commercial venture has left you with a less-than-ideal credit profile or you have missed a few payments during the lock-downs, there may still be finance for you. Have a chat with our friendly and knowledgeable loan brokers about your needs and let us search our network of lenders for you. Remember, bad-credit commercial loans may have higher interest rates than you will see on internet comparison sites.
If you haven’t borrowed enough and you need to top up your loan, some lenders will give you extra finance and add the interest to your repayments. If you think you might need to add to your loan, ask us about lenders that offer flexible financing.
Most short-term business loans are arranged over 3-24 months. Depending on the lender, paying them off early may incur fees or charges. Sometimes, even if you must pay early closure charges, it can still be cheaper. For example, if you have a 24-month loan you can repay in the first year clearing the balance early may save you more in interest payments.
Although short-term commercial loans are not usually secured, a late payment could lead to extra interest charges and other possible penalties. You or your business may find it hard to get credit in the future, and your lender can still use the courts to recover their money. Talk to our credit broker experts at LoanTube to find affordable & flixeible finance for your business.
LoanTube helps UK firms access business finance through multiple direct lenders. We are an introducer and do not provide loans ourselves.
Think carefully before securing debts against your home or your assets. Your home and assets may be repossessed if you fail to keep up with repayments on debts secured against it.
All loan approvals & quotes are subject to credit checks and affordability requirements by lenders. If your business meet the lender’s criterion, you can borrow the money. We as a broker make an attempt to process your application with the most suitable lenders in our panel.
LoanTube is a credit broker and not a lender.
Warning: Late repayment can cause you serious money problems. For more information, go to MONEYADVICESERVICE.ORG.UK
The rate you are offered will depend on your individual circumstances.
Representative APR Example: Amount of credit: £50,000 for 24 months at £2,339.38 per month. Total amount repayable of £57,348.69 Interest: £7,348.69 Interest rate: 14.4% pa (fixed).
14.4% APR Representative. Loan term lengths between 3 and 60 months.