Determine the total cost of your advance.
Getting preapproved has never been easier.
How much do you need?
Estimated Factor Rate
See if you qualify for your short-term business loan.
New York Tribeca Group helps your business success by you on the cutting edge of business financing opporties today. We value the overall health of your business and bring options that are not readily available in the traditional financing market.
Time in Business
We evaluate how long you’ve been in business and repayment history.
We look at your annual revenue and review your daily balances.
Don’t worry, your credit score or defaults won’t be the deciding factor
What is a short-term business loan?
Short-term loans can help take your business to the next level. They can provide your operations and capital with major growth. It’s important to understand the terms of how they work and how they impact your business each step of the way.
Similar to a traditional loan, a short-term loan is a lump sum payment with a scheduled repayment period. Being that it’s a condensed version of a loan, you’ll be able to pay it off much quicker.
How to use our short-term loan payment calculator
It’s always important to do your research when finding the right loan for your business. It’s important to consider the best financing options, interest rates, and term agreements.
To calculate your monthly or weekly payments and the total cost over the life of your loan:
- First, enter the desired loan amount
- Next, estimate what your interest rate
- Choose a loan term that fits your payoff structure
- Determine your payment frequency. Keep in mind that short-term loans are riskier than traditional loans.
- Finally, input all the factors and calculate what your impact of your repayment schedule will be.
Understanding your results
The calculated results give results for a weekly or monthly payment, cost of loan, and total repayment.
Here’s what the numbers tell you:
- Loan Costs
- Repayment Amount
With this information, it’s easy to evaluate different loan options—whether you’re comparing lenders or choosing between a 12- or 18-month term.
Whether it’s a 12-or-18-month term, we break down the differences in your options to insure you that you’re receiving the best deal possible.
Our short-term loan calculator will provide you with the accurate cost of your finances. Borrowers worry about being able to make their repayments on time. Repayment is important but it’s only one piece of the puzzle.
Pros and cons of short-term loan financing
Once you learn how to calculate the interest of a short-term loan, you can begin to determine your financing options. Short-term financing has it’s pros and cons. It can be paid off more quickly than the average loan but has its risks.
Quick access to funds
It requires little to no paperwork and you can access funds the same day!
You don’t have to be in business for two years or have an excellent credit score to qualify.
Capital at low cost
Interest rates are higher with short-term loans but interest is accumulated over a shorter time period.
Higher interest rates
Most short-term loans start at 10% but can go much higher depending on the prominence of the business.
These payments are usually weekly or monthly.
High interest with the frequency of payments could be problematic down the line.
- Whether you have set numbers or are unsure of where to begin, we recommend you try out different scenarios with factor rates, terms and advance amounts. This can help you determine what you can and can’t afford: solidifying the right plan for you.
Comparing and evaluating short-term business loan offers
If you have more than one loan offer on the table, comparing each loan’s terms can make it easier to decide the best option for you.
Here are some tips to help you decide which offer is best for you:
Consider how much each lender is offering you. Look over APRs and lower rates.
Look into the repayment term options. Pick a timeframe that works best for you and your business. Think about the specifics.
Most importantly, make sure your business is in the financial position to take out a short-term business loan. Set yourself for future success.
How to qualify for a short term business loan
Accessing funding for your business is now easier than ever. With online technology, funders can now easily underwrite a business with minimal paperwork and documentation required.
Here’s what you’ll need to qualify:
- 3+ months in business
- $110K+ annual revenue
- 550+ credit score
Got some questions?
This financing works similar to a mortgage payment; mostly interest with little principal paid monthly for the first few years.
The principal will increase while the interest will decrease over time.
The numbers which determine your interest and fees will be discussed upon approval of your application.
The answer is in the name itself. Short-term loans are quick funds that you have access to. They have a quicker repayment schedule and higher interest rates.
Long-term loans are great for long-term commitment. They have longer repayment periods at lower interest rates.
Short-term business loans come in handy for many reasons.
They can be used for project start-up costs, restocking quick inventory, and covering any payroll gaops you may have in your business. Overall , they’re good for fixing quick problems you may have.
Applying for short-term business loans is easier than applying for traditional loans. Less paperwork and requirements are needed to qualify for the loan.
With every pro, there’s a con and with short-term business comes higher interest rates and higher repayment amounts.
All it takes is 5 minutes of your time. Fill out our online application or give us a call and speak to one of our representatives who can help guide you through it.
Upon applying, review your business’s following:
- Annual/Monthly Revenue
- Length in Business
- Credit Score
Meeting minimal requirements still gives you a likely chance.
Having a healthy business means that it’s running well and you’re staying on top of all the business priorities. Lenders take notice in things like this when reviewing your application.
Credit score isn’t everything in this case. We won’t automatically deny you because it’s lower than average.