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Why Use Short Term Business Finance?

15 October 2012

Short term business finance has been around for decades, however it wasn’t until Crown and Gleeson commenced business in 2002, that the industry was revolutionised.

Crown and Gleeson have proven that if you require funds you didn’t have to wait the six weeks. Funds are now available within 24 hours. Crown and Gleeson developed the skills and systems to achieve this unheard of result. This allowed businesses throughout Australia to take advantage of opportunities as they arose.

Short term business loans allows a business to bridge the gap. This gap can be 1 day, 1 week, 1 month or even a year depending on the client’s circumstances. This gap could be the difference between completing a job and getting paid or not completing the job and going under.

Crown and Gleeson has seen short term finance come along way over the last decade. Crown and Gleeson now guarantees to settle loans in 24 hours* if the client requests it. Crown and Gleeson has built their systems to be cutting edge and cannot be beaten when it comes to speed or service.

Examples:

Example 1

A contractor is doing the tiling for a building block. He will be paid 60 days after the job is completed but still needs to pay sub-contractors and for the materials before the job is even started. This is the perfect scenario for short term finance. The contractor needs an amount upfront to complete the work to entitle him to get paid and make a profit. Without the funding he couldn’t even start the job. The gap here is approximately 90 days.

While short term finance is typically more expensive than traditional finance the real question is whether businesses can afford NOT to use it.

Some pitfalls and traps to be on the lookout for when dealing with other short term finance companies:

1. Hidden Fees and charges

  • Many lenders will advertise a low interest rate but will have a huge application fee, valuation fee, documentation fee or commitment fee attached to the loan which ends up making it very expensive.
  • Crown and Gleeson have no hidden fees and charges with no valuation fee, no application fee and no commitment fee. If you are not successful in obtaining a loan you pay nothing.

2. Upfront fees

  • Any good lender will not charge you a fee upfront. Be very wary of anyone asking for an upfront or establishment fee. There are unscrupulous companies that exist only to take upfront fees and then find a reason to decline the loan application.
  • Crown and Gleeson have NO upfront fees or charges. If you are unsuccessful in obtaining a loan then you pay nothing.

3. Misleading time frames

  • Many lenders will promise that they can fund within a short period of time but end up pushing back deadlines and blame the client when in fact they have never been able to do what they promised.
  • Crown and Gleeson prides itself in being able to settle loans quickly with little fuss. We guarantee to settle loans within 24 hours. Our fastest loan from application to funding was $75,000 in 45 minutes. We have also funded $600,000 interstate in 6 hours (from application to funding). These time frames are industry best and no one can match our speed.

4. Early Termination fees

  • Many lenders will have a minimum term. Where if you borrow the funds for 6 months then your minimum term is six months. If you pay back your loan in 2 months you are still liable for 6 months’ worth of interest.
  • Crown and Gleeson do not charge any early termination fees. At Crown and Gleeson if you borrow the funds for six months and pay them back in one week then you only pay for one week’s worth of interest. Interest is always calculated on the outstanding balance.

If you found this article helpful you might also find our What is Short Term Business Finance article valuable too.

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