Short-term funding with a fast turnaround — but watch out for daily or weekly repayments.

  • Best for fast, short-term financing.
  • Pick something else if you want to borrow over $250,000.

    $1,000

    Min. Amount

    $250,000

    Max. Amount

    Details

    Product Name CIT working capital business loans
    Min. Amount $1,000
    Max. Amount $250,000
    Loan Term 6 to 18 months
    APR As low as
    Requirements CIT doesn’t disclose any hard eligibility requirements for its working capital loan. However, it considers factors such as your business performance and credit score.

    How much will this loan cost me?

    CIT working capital loans rates start 9.99% — and it’s unclear if it charges any closing fees. Loan amounts run as high as $250,000 with short terms of 6 to 18 months.

    Use the calculator below to find out how much a CIT working capital loan might cost your business at different loan amounts, rates and terms.

    Business loan calculator

    See how much you’ll pay

    Your loan
    Loan amount
    $
    Loan terms (in years)
    Interest rate
    $%

    Fill out the form and click on “Calculate” to see your estimated monthly payment.

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    How it works

    Generally, the lowest rates go to businesses that have been around for at least three years, have positive cash flow and owners with credit scores around 760 or higher.

    What do I need to qualify?

    CIT doesn’t disclose any hard eligibility requirements for its working capital loan. However, it considers factors such as your business performance and credit score.

    What information do I need to apply?

    Having the following information on hand can speed up the first part of the application:

    • Taxpayer identification number (TIN)
    • Personal and business information
    • Contact information for all owners

    You may be required to submit additional documents if you make it through the first round. These typically include bank statements, tax returns and profit and loss statements.

    What industries does CIT work with?

    CIT doesn’t disclose which industries can and cannot qualify. But you might struggle to get approved if your business is in a high-risk industry, like insurance or auto sales.

    What types of business financing does CIT offer?

    CIT also offers the following types of financing for small businesses:

    • Equipment financing. Borrow up to $500,000 with rates starting at 5.49% APR and terms running from six to 72 months.
    • SBA loans. CIT offers SBA 7(a), 504 and conventional owner-occupied commercial real estate (CRE) loans to small businesses looking for larger amounts of financing — up to $13.75 million in some cases.
    • Franchise financing. Funding between $2,000 and $3 million tailored specifically to the needs of franchises.
    • Supply chain financing. Working capital to cover expenses while you’re waiting for payments from your clients to come through.
    • Factoring. Sell your business’s unpaid invoices to CIT to get the funds you need to cover business expenses — with options for international transactions.

    Pros and cons

    A fast turnaround might be great — but weight the benefits against the drawbacks before you sign up

    Pros

    • Funding as soon as the same day
    • Rates start at 9.99% APR
    • Quick online application

    Cons

    • Daily or weekly repayments
    • Short terms from 6 to 18 months
    • Limited information online

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