A short-term loan operates somewhat like a traditional term loan, but you pay back the money, plus interest, with daily or weekly payments over 3 to 24 months. These fast business loans are used to expand operations, cover cash flow gaps, and cover any unexpected expenses and emergencies. The purpose of short term business loans is to be able to fill whatever financial need the business has without disrupting operations. When considering this type of financing, it’s important to apply for an amount that you feel comfortable paying back in a short amount of time.