Stripe, the San Francisco-based payments platform, announced the launch of Stripe Capital, which will allow merchants and other Stripe customers to apply for short-term loans with rapid approval.

Stripe is making the loans, which are essentially advanced payments against future business, available to customers using a simplified process, without the need to fill out long applications or post collateral. The loans, which range in the thousands of dollars, are decided based on advanced algorithms that factor in payment volume, percentage of repeat customers and other metrics. 

Stripe is also making short-term loans available to its platform partners, including online store builders and B2B SaaS partners. 

"Stripe Capital makes it easy for internet businesses to get the funds they need, when they need them," Will Gaybrick, chief product officer at Stripe, said in a company release. "It's important to think of financial inclusion not just in terms of consumers, but also in terms of businesses."

The loan advances require no credit check, with approval completed by the next business day, and can be repaid over time. There is a flat application fee and no interest charges. 

Cover image courtesy of Stripe.