If you need a short term loan for 3 months, there are a number of places to get it. Some of these places offer better rates than others. Credit unions, for example, often offer short term loans. These organizations can also deposit the borrowed funds right away. While these are not prime rates, they are still a good option for people with poor credit.
OnDeck
OnDeck is a great way to get a quick line of credit for a small business. The application process is fast and easy, and you can have the money in your account in as little as a day. All you have to do is share the last three months of your bank statements. And if you have a good payment history and a strong revenue history, you may be able to get competitive interest rates from OnDeck.
OnDeck is a short-term lender that offers lines of credit and term loans. Depending on your business needs, you can choose an OnDeck short term loan for three months or a line of credit that can range from two to 36 months. Typically, borrowers with good credit have the ability to repay the loan within 18 months, but you can always extend it for another year.
One benefit to using OnDeck is that you can waive all interest on new loans if you pay off your current loan within the first three months. However, if you don’t qualify for this benefit, you’ll still have to pay 75% of the remaining interest. As a result, the interest rate for an OnDeck short term loan for three months may be higher than you would pay for a larger bank loan.
Another advantage of OnDeck is that they are transparent in their business practices. Unlike many online lenders, OnDeck doesn’t need to undergo the same government regulations as banks. As a result, they’re able to help borrowers who would otherwise not be able to get a bank loan. As an added benefit, you’ll be given access to advisors who can help you with your application process.
OnDeck is one of the few lenders that consider the entire profile of your business when determining whether to approve your loan application. Instead of focusing on your credit score, OnDeck takes into account your business’s cash flow and success. This means that OnDeck can help many small businesses that have trouble getting funding through traditional banks. Furthermore, the process is easy and fast. You can apply over the phone, and the loan approval process can take less than half an hour.
The drawdown window on an OnDeck short term loan for 3 months is revolving, meaning that the amount you withdraw every week is revolving. This means that each time you make a withdrawal, your credit line will be restored. This makes OnDeck a great way to bridge cash flow gaps and avoid the high cost of emergency financing. The interest rates are competitive and start at 29.9%, plus a $20 monthly maintenance fee. If you use the service often, you may even be able to negotiate a lower monthly fee.
If you need a short term loan, OnDeck may be the perfect solution for your business. OnDeck offers an easy application process that only takes 10 minutes. All you need to provide is basic information about your business and the last three months of your business bank statements. Once you’re approved, an OnDeck loan advisor will contact you for more information. And because the application process is fast, it’s possible to receive funds the same day.
When applying for a loan, you must have a business checking account. The bank information in your bank will be used to evaluate your cash flow, so it’s important to keep these statements up-to-date. In addition, lenders may ask you to provide up to a year’s worth of bank statements.
CAN Capital
CAN Capital is one of the biggest names in the non-bank short term loan space. Its online application process allows you to get the funds you need within a few days. Its expertise and experience ensure that it provides the lowest rates for short-term loans. CAN Capital has also been in business for decades, which makes it one of the most trustworthy short-term lenders.
CAN Capital short term loans have flexible terms, ranging from three months to 24 months. Depending on your needs, you can get a loan of anywhere from $2,500 to $250,000 with a factor rate as low as 1.15 percent. These loans are repaid through daily small payments from your business checking account.
