Short term loans are typically used to solve an immediate problem, or to fund a short-term goal. For example, a business might take out a short term loan for the purpose of opportunity growth, ensuring payroll is made during a slow season, purchasing or fixing mission-critical equipment, or bolstering working capital.

After approval for the loan, a company receives a lump sum deposit in its business checking account. The business will then pay back the amount deposited, plus interest, over a period of time stated in the lending agreement.

• Minimum age of business: 1 year
• Minimum annual revenue: $200,000
• Must operate from a business checking account
• Must be a United States-based business
• Owner/applicant must have a minimum 600 FICO score