Best 24 Months Loan Option

Best 24 months loan option

Pitfalls of short-term loans

While short-term business loans provide fast cash, they do come with some disadvantages, including:

  • Higher cost: Short-term business loans typically carry a higher annual percentage rate, or APR, than long-term loans.

    3 Best Low Interest Personal Loans

    Use NerdWallet’s business loan calculator to figure out how much a loan will cost you.

  • More frequent repayments: Some lenders require payments daily or weekly as opposed to monthly. Although these payments are smaller, their frequency can be an issue for businesses that have uneven sales or don’t always hold much cash in a bank account.
  • Risk of debt trap: The speed and ease of short-term business loans can become addictive.

    Instead of repaying the debt in full, business owners may be enticed to refinance and roll over the debt into a new loan.

Compare small-business loans

NerdWallet has created a comparison tool of the best small-business loans to meet your needs and goals. We gauged factors including lender trustworthiness, market scope and user experience, and arranged them by categories that include revenue and how long you’ve been in business.

Best 24 months loan option