Short Term Business Loans
Short-Term Business Finance Offers the Best solution for business Expansion
Short-term business loans are a funding type that assists small business owners in accessing necessary cash for covering any emergency expenditure, buying stock, filling in the cash flow gaps, and taking benefit of the different business opportunities. HomeSec offers these loans at competitive monthly rates. However, the interest rates vary according to the financing type and the amount of equity available in the property being used as security.
Short-term financing acts like traditional business funding but with shorter repayment terms. The time can range from 1 month to 1 year. However, you can also take the loan for 2 years buy extending the term after the first 12 months.
Different Types of short term loans in NZ
Short-term business finance is primarily categorized into four segments which are as follows.
- Cash flow loans
- The business line of credit
- Short term loans or second mortgages
- Invoice financing
When should you consider short-term business funding from HomeSec?
There can be numerous situations under which you might want to apply for short-term business funding that will help your business. Some of those circumstances are as follows.
Cash Flow Interruptions
Some businesses, like the seasonal ones, are susceptible to cash flow problems compared to other businesses. If, as a business owner, you experience cash flow issues or other seasonal slowdowns, then an application for short-term business loans may be a great option. The funds from this loan type will offer the necessary capital for maintaining production and making payroll in low revenue times. The loan can be repaid when the cash flow improves during peak times.
If your business faces a lucrative business opportunity but does not have the sufficient funds to make it successful, then a short-term loan in NZ is the best answer to this problem. We offer faster application and approval time, normally within 24 hours of loan application approval. This loan funding will help you enhance the business revenue and improve the company’s bottom line.
Some expenses are unavoidable, and you cannot postpone them till you have sufficient capital. If you are facing any such emergency circumstances like fleet or equipment repairing, immediate renovation, or pressing invoices that need paid, short-term business funding from HomeSec will deliver you the required funds. These funds will cover every expense that needs instant attention.
No Long term commitments
Unnecessarily extending the loan repayments for a longer duration can hurt the cash flow in the future. A short-term loan in NZ is perfect for businesses that require a quick boost with the capacity to repay them within a short period of time.
How to apply for short-term business finance with HomeSec?
The application process for and getting short-term business financing from HomeSec is simple and hassle-free.
Assess your requirements
Before applying, assess the total capital amount your business will need. Will this capital enhance the business efficiency and improve the revenue of the business? What type of short-term business loan do you need for your company? Based on these considerations, decide how much you will need to borrow and what will work within your budget.
Check the credit history
Homesec is not reliant on credit scores, however it is a good idea to check your credit score and the history of your company before getting short-term business loans if you have bad credit. Sometimes, the borrower submits their assets or properties as security or collateral against the loan they have applied for. Thus, some lenders will also consider the borrower’s credit score in this case.
Submit the loan application
Visit our website or call our financial experts to go through the loan application procedure. You should complete the form and submit all the necessary documents listed on our website. We will verify the documents and if all in order and the loan is approved we can process the funds to the borrowers’ accounts within 24 hours.
Is it possible to get short-term business loans with bad credit?
Getting a business loan with a bad credit score is a little tough compared to creditworthy applicants. However, it is not impossible. With HomeSec, you can apply for short-term business funds even with a bad credit score, it will not impede your application. You can also submit the documents demonstrating the business’s financial stability and your capability to repay the amount.
Are short-term business loans perfect for start-ups?
Short-term funds can assist start-ups in covering initial cost of setting up a business. The start-ups can face difficulty getting a short-term loan with no established company financial record. HomeSec can however assist any start-up business as we offer secured loans.
Business owners can also apply for a short-term loan in NZ by securing the funds with their personal property or commercial asset. It is hassle-free to get the business funding needed by offering property like real estate or an office building with sufficient equity.
So, short-term business financing is a highly flexible and accessible solution that can solve any problem like cash flow or other issues in the company for a short period. Since the loan repayment term is shorter, the interest rate of this funding is higher compared to other traditional funding however as they are only short term this is not an issue. Thus, if your business needs urgent funding we may have the solution, so apply for short-term business funding from HomeSec!
Frequently Asked Questions
Short term business loan terms range from 1 month to 12 months.
If you have sufficient equity in real estate and a business purpose then you are almost certain to be approved.
We require equity in a real estate asset, this can be a residential property, commercial property or vacant land.
If there is sufficient equity available an increase of the loan could be considered.
Normally short term business loans are repaid from sale of an asset, refinance or business income.