How to Qualify for a Short-Term Business Loan
Being one of the fastest ways to get working capital, there are only three key things to keep in mind when applying:
1. Time in business
Your business should have been operational for at least 3-6 months. How long you've been in business is a risk assessment signal for lenders. The longer the duration, the lower the risk for lenders to provide you financing.
2. Average monthly revenue
Most lending companies require your business to generate at least $10K a month to qualify for short-term loans. Your current revenue numbers help lenders calculate the maximum loan amount your business qualifies for.
3. Credit rating
You can secure a term loan with both good or bad credit. Your credit score is one of the factors that determines your interest rate. The higher your credit score, the better APR you will receive. We recommend borrowers have a score of at least 550.