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Short Term Business Loans

Loans tailored to your business.

What is a short term business loan?

A short term business loan is perhaps the simplest form of commercial finance to understand as most people will be familiar with loans. An agreed amount of money is advanced upfront and then repaid over a set period of time.

Historically, businesses went to see their local bank manager to ask for a business loan but when the high street banks pulled back in the aftermath of the last financial crisis, a swathe of new modern business loan companies appeared to fill the void.

Business loans are now more accessible than ever before but that presents its own challenges when it comes to finding the right lender. Knowing which lender is right for your business could save you a lot of time and hassle.

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How do short term business loans work?

A business loan company will advance a lump sum on day one and you will repay the loan over an agreed term, paying back capital and interest on top of that. How much you can borrow depends on two factors: turnover and profit. The main consideration for any potential lender is whether you can afford to repay the loan, turnover and profit are a good indicator of that.

The term “unsecured” is often used when talking about short term business loans, however you will normally be required to give a Personal Guarantee to the lender which is a promise to pay if things go wrong. It’s incredibly easy to get a loan these days and with most applications done in the blink of an eye online it’s important to know what you’re signing up to.

The application process for business loans is quick and efficient. Applications are often made through an online portal which throws out a quote, then information like business bank statements and accounts are provided to the underwriters, and if the loan is sanctioned funds can be in your bank account in a matter of days.

These popular loan types are typically offered on an unsecured basis meaning that you won't need to put any of your personal or business assets at risk in order to be accepted. Once the loan has been approved, funds can be transferred directly to your business bank account in as little as 24 hours.

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Help your enterprise grow

Accessible Working Capital

Multi-purpose short term business loans are available as and when you need them, complete with flexible loan amounts and transparent repayment terms.

Lightning Fast Application

The main benefit with a short term business loan is the speed at which they can be arranged. Business loans are available quickly and the funds can be in your bank account in a matter of days. For this reason, they can be used to meet unforeseen outgoings that appear at short notice like an unexpected tax bill.

Flexible

Business loans are a very flexible form of finance and they can be used for a wide variety of reasons such as buying a vehicle, paying wages or financing a management buy-out. Due to their flexibility, they are most peoples first choice when it comes to commercial finance, however there are often other more suitable options.

Trade Finance

Trade Finance

Funding to pay your suppliers for stock or release cash that’s tied up in stock you already own

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Invoice Finance

Invoice Finance

Boost your cash flow by releasing the cash that’s tied up in your outstanding invoices

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Business Loans

Business Loans

Loans can be used for a variety of reasons and the funds can be in your bank account in hours

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Bridging Finance

Bridging Finance

Fast and flexible property finance that can be arranged in a matter of days

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Commercial Mortgages

Commercial Mortgages

From purchasing your trading premises to refinancing your investment portfolio, commercial mortgages are used by SMEs and property investors alike

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Development Finance

Development Finance

Designed for experienced developers, this funding provides the backing to purchase land and build new properties

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How much does it cost?

The main costs associated with a short-term business loan are the interest rate and the arrangement fee.

The interest rate is based on several factors and can be shown as either an annual or monthly rate; this is something to be aware of as what appears to be a low rate could in fact be charged monthly and quickly add up. Interest rates for short term business loans can vary greatly, from 5% to 50%, depending on your circumstances.

The arrangement fee is normally a percentage of the total loan amount, around 5% is quite common. Don’t worry if you don’t have the cash to pay this upfront and you need all of the loan monies for something else, the arrangement fee can often be added to the loan.

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Take the first steps towards your next short term business loan today

Ping Finance offer short-term business loans and accessible working capital to help small businesses and SMEs flourish.

For advice regarding our flexible short term loans, or to find out how we can help you, please fill out the quick enquiry form by clicking “Let’s Talk” or you can contact us on 0330 058 2330. Our offices are based in Bolton, Greater Manchester.

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Ground Floor,
Unit B,
Lostock Office Park,
Lynstock Way,
Lostock, Bolton,
BL6 4SG

Ping Finance is a trading name of Ping Finance Limited which is registered in England and Wales under Company Number is 10973327, whose registered address is Ground Floor, Unit B Lostock Office Park, Lynstock Way, Lostock, Bolton, England, BL6 4SG. Ping Finance Limited is also registered with the Information Commissioner under Registration Number ZA447449.