Short-Term Business Loans

Fast funding to help you meet immediate business needs.

application process and fast funding

$15 Billion
delivered to U.S. businesses

A+ Rating
with the Better Business Bureau

How do short-term small business loans work?

Short-term business loans are designed to provide working capital to small business owners who need a one-time lump sum of money. Once approved, a lender will send the loan amount to the business’s bank account. From there, the funds can be used as cash for any business need. Short-term business loans can be easier to receive approval for than longer-term business loans, as they are most often for smaller amounts and come with shorter repayment terms.

At OnDeck, our short-term business loans are a great option for small business owners who need fast funding for a specific business investment, like expanding their location or making a large purchase for inventory or equipment. Our small business loans can be used as short-term business loans, with repayment terms up to 24 months. We also offer a business line of credit, which is a form of revolving credit that replenishes upon repayment and can be used for ongoing business needs.

Meet your business needs with short-term financing from OnDeck.

OnDeck Line of Credit

A revolving credit line you can draw from 24/7 to receive funds within seconds.*

  • Credit limits from $6K - $100K
  • Flexible repayment terms of 12, 18 or 24 months
  • Great for keeping funds on hand

OnDeck Term Loan

A one-time lump sum of cash with an eventual option to apply for more.

  • Loan amounts from $5K - $250K
  • Repayment terms up to 24 months
  • Great for larger investments in your business

Benefits of short-term business loans from OnDeck.

No hard credit pulls

Check your eligibility without affecting your credit score.

Fast funding

Lines of credit can fund instantly.* Term loans can fund the same day.

Build business credit history

We report to business credit bureaus, which helps build business credit history with on-time payments.

Uses and benefits of small business loans.

  • Business expansion. Short-term business loans can be useful for helping to open a new location.

  • Remodeling or renovations. Business loans can be used to modernize your business or restore it to its original condition.

  • Purchasing equipment or inventory. Small business loans can be especially useful for these types of one-time purchases.

  • Financing marketing campaigns. Marketing can be an overlooked aspect of a small business’s budget. Short-term business loans can help.

  • Meet payroll or hire staff. Taking care of your employees is a vital aspect of any small business operation.

Are we a match? Check our minimum requirements.**

1 Year
in business

personal FICO® score

business annual revenue

checking account

Business funding that moves at your speed.

  • Step 1

    Complete the application.

    Our streamlined process is designed to be completed in just minutes.

  • Step 2

    Get a decision.

    Work with an expert loan advisor to choose the best option for you.

  • Step 3

    Receive your funds.

    Sign your contract and get funds as soon as the same day.

Learn more about business term loans.

Short-term business loans can be found primarily at banks, online lenders or the U.S. Small Business Administration (SBA). SBA loans are government-backed loans that are issued by a lender — most commonly a bank. Those loans, along with any small business loan from a bank, can be notoriously difficult to receive approval for. Online lenders, such as OnDeck, are an option for small business owners looking for a faster and easier application process.

Short-term small business loans can help a business in many ways. Some of the most common include urgent expenses such as invoices, equipment or inventory. Filling in seasonal cash flow gaps, covering payroll and hiring staff are other ways short-term business financing can be used.

When it comes to interest rates, short-term financing will generally have higher interest rates than comparable financing with longer repayment terms. However, because longer-term loans are repaid over more time, the total amount of interest paid can be higher.

A short-term business loan is just that — a business term loan with a short repayment period. When used for business lending, short-term business loans are commonly referred to as small business loans or term loans. When used for personal lending, “installment loan” is a common way of referring to a term loan, because it is repaid in installments. So it can be said that term loans and installment loans refer to the same thing, but may be called something different depending on the loan’s customer and purpose.

All business lenders will do some kind of credit check prior to making a lending decision, but this question typically refers to whether the credit pull is a “hard” credit pull or “soft” credit pull. A soft inquiry won’t affect your credit score, so therefore would have no credit impact. OnDeck always does a soft inquiry unless your credit file is restricted, in which case we would contact you to lift the restriction, which may result in a hard pull.

OnDeck doesn’t offer “bad credit loans.” However, a lower credit score doesn’t always mean you can’t qualify for business financing. Our short-term business loans can provide an alternative source of funding for small business owners who have had difficulty getting approved for a business credit card or traditional small business loan from a bank.

All lenders have requirements for applicants to meet to qualify for short-term business loans. These commonly include your time in business, annual revenue and personal or business credit score. These factors will help to determine details such as the loan amount, repayment terms and interest rate. For more information on business loan requirements, check out our blog post Business Loan Requirements.