Choosing Sparrow Loans for your short term business loan means that you get a dedicated lending specialist that can guide you through the lending process. Many businesses might not know where to go or turn to when they need extra cash, and the thought of borrowing money can be terrifying. At Sparrow Loans, we understand that you might be borrowing money for your business as it’s undergoing financial hardship. So, we can recommend the best loan products to suit your businesses circumstances. We are fast, flexible and super-responsive to your calls and emails. This is why we are Australia’s preferred short term lending specialists for most businesses.

Also read: Small Business Finance: What’s best for you?

A short term business loan allows businesses to borrow a set amount of money upfront and pay it back with interest over a period of time. As the name suggests, it’s a short term business loan and is therefore for a short term between 3 to 12 months. Short term loans are an excellent way for businesses to get their hands on cash quickly to buy inventory, stock, pay off debts, creditors or secure a property. All the short term business loans we offer at Sparrow Loans are secured business loans via an asset such as your property.

There are so many reasons why a business would need to get a small business loan from a private lender like Sparrow Loans. Following are a few scenarios businesses may find themselves needing extra cash for the short term.

1. You have a seasonal business and require extra money to see you through the quiet times/season.
2. You need to manage cash flows better and need additional funds to get you through a quiet period in the business.
3. You want to upgrade or purchase new equipment, software, machinery or inventory.
4. Clients haven’t paid on time, which means that you don’t have the cash you expected to have.
5. You need to hire staff quickly as the business is booming.
6. You have a bad credit history, and you can’t get access to funds from traditional lenders like banks.
7. You have asked family and friends for money, but they can’t lend it to you, which is why a private lender is perfect.

With a secured short term business loan, you can comfortably borrow up to $2.5 million for your business, secured by property that you may own directly or indirectly. And the beauty is there is no minimum loan period so you only pay for what you use.

At Sparrow Loans, we do not take your credit history into account when you apply for a short term business loan so long as you can secure the loan against an asset. Our flexibility means you can have approval for your loan within 2 business days, regardless of your previous credit history or credit rating. We are different from banks that will require a solid credit & trading history before they loan you the money – this is the Sparrow Loans advantage as we only require an asset such as property as security against the loan.

Also read: Private Lenders vs Banks – A beginners guide