A short-term business loan provides a company with quick access to capital. A long-term business loan involves multi-year repayment terms following a longer detailed application process. As mount becon consulting is one of the top merchant cash advance companies provide boths long term and short term business loans.
Whether your loan features short or long terms it can impact everything from how much interest you pay overtime to how much money you can ultimately borrow.
Short-term Business Loans
For most business owners, a short-term loan will be the way to go. You can receive your funds fast, sometimes in as few as 24 hours.
It has become much easier for business owners to bypass traditional banks and obtain the money they need from alternative funding sources.
Short-term loans are an easier way for business owners to get funding and overcome financial setbacks, as opposed to taking on larger, more long-term debt.
Long-term Business Loans
Long-term loans may be necessary for some businesses. This type of financing involves multiyear repayment terms that can sometimes last for decades.
Short-term loans may have higher interest rates at first. With long-term financing, you typically end up paying more in interest, because the long-term length allows interest to build up over time.
Long-term financing is usually more difficult for a business owner to obtain through traditional lending channels due to strict qualifying standards put in place by larger banks.
Whereas an alternative lender has bad-credit loans in place to help business owners with less-than-perfect credit histories, many traditional financial institutions do not.
Which is best?
The best type of funding option depends on your specific business needs. It is important to work with a top merchant cash advance companies who understands the workings of small businesses and can tailor your loan to support your success just like .
Whether you need to make a specific equipment or inventory purchase, need more working capital, want to refinance other business debts or are looking to meet tax or payroll obligations Mount Beacon Consulting can help. www.mtbeacon.com
Call our office today 845-765-8811 for a complimentary Funding Consultation.