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Short-term loans are becoming increasingly popular in the alternative lending space. As many businesses are often just looking for a small working capital infusion to get them over a hump, they don’t want debt on their books forever.
However, these short-term loans almost always require daily repayment vs. monthly. These daily payments can often be difficult to calculate.
If you have agreed to or are considering a short-term loan, start by looking at your loan amortization schedule. A loan amortization schedule makes it dead simple to see how much each of your loan payments will be, including both the principal and interest. This helps you identify when the loan will be paid off, but also allows you to budget for this new expense. Our loan amortization schedule for daily payments makes it easy to know exactly how much you will be paying each day.