A short term business loan is a loan that you can use to finance your business over a short time period. This instant cash boost can help companies in need of working capital, without compromising day to day business operations. You can access a short term business loan between €1,000 and €500,000 and the features of this finance include:
· Short repayment terms (typically from 3 months to 1 year)
· Access cash quickly (loans can be arranged in under 24 hours)
· Typically unsecured (no need to provide collateral)
· Interest rates usually range between 5 – 10%
Short term business loans are usually an unsecured form of funding, which means they aren’t ‘secured’against your business assets. Because of this, you should bear in mind that when you apply for a loan, the lender might ask you to sign a personal guarantee.
- A personal guarantee is a legally binding agreement that states in the event your business defaults on loan repayments, the company director becomes personally liable for paying back outstanding funds to the lender.
How risky is a personal guarantee?
A personal guarantee is a way of providing the lender with confidence that they don’t risk losing the loaned money. Whilst some people view these guarantees as risky, you probably shouldn’t be taking out a short-term loan if you aren’t confident that your business will be able to pay back the loan repayments on time each month.
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