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Long-Term Loans
Long-term loan is a common business funding. You get a lump some of cash upfront to invest in your business and repay with interest over a predetermined time period. Best for businesses looking to expand that have good credit and strong business revenue. Offers fast funding typically within two days to a week.
Pros:
Get a lomp sum amount of cash to invest in your business
Borrow higher amounts
Get funding in 2-7 days
Cons:
May require some type of collateral
Best for:
Businesses looking to grow
Busines owners with better credit and consistent revenue who can't wait for funding
Short-Term Loans
Short-term loans allow for very fast funding so you get a lump sum of cash with a predetermined payment term. Payment is usually made daily, weekly or bi-weekly. The short term loan is best for business with high and consistent sales that are in need of quick unsecured cash to use however you need.
Pros:
Fast Capital in as little as 24 hours
Unsecured
Easy approval process
Little documentation needed
Cons:
Cost of borrow ing can be more
Best for:
Businesses that have high and consistent sales and bank deposits
Businesses that need financing right away