Most businesses need a little extra help accessing capital at one point or another. Sometimes it’s getting the extended economic reach needed to buy equipment or real estate assets. Other times it is in the form of financing for a specific project, like when you get a cash advance against purchase orders to finance a rush delivery to your best client.

Often, what companies really need is flexible working capital that can be used to handle budgetary needs and project goals together over a period of weeks or months. When that is the case, there are a few good reasons to rely on term loans to provide that capital.

1. Flexible Options from a Variety of Lending Sources

The first advantage to using loans for operational capital is simply the diversity of choices you have. While the most popular solution tends to be some kind of real estate bridge loan or cash-out asset refinancing loan, there are also unsecured hard money loans and a bouquet of other options to choose from. That means you can select the loan program that allows you the fastest access to the cash you need given your company’s current resources. Very few other resources offer you such a huge range of options.

2. Predictable Payment Structures and Timing

Term loans are known for their predictability, especially amortizing loans. Even when there is a flexible payment stipulation or a big payoff for the principal at the end of the loan, the terms are spelled out in easy to understand ways that fit nicely into your regular budget cycle. That makes it easier to plan for repayment and to make sure the loan fits into your regular budget cycle once you handle your short-term needs.

Other financial products sometimes have repayment terms that are completely out of your control, like when you finance invoices. They can also be set up to have a changing payment from month to month that is only calculated after the fact, like merchant cash advances. Term loans have none of those inconveniences.

3. Fast Approvals and Accessible Terms

Short-term loans for working capital are different from bank loans designed to support asset acquisitions. Since the product is built to service sudden and immediate needs, approval times are only a day or two, and applications are simple disclosures of your income and basic information to verify your credit background and resources. That makes it easy to apply for a loan whenever you need capital in a hurry, and as you work with your favorite lender more often, approval times will generally get faster too.