Business Term Loan
The Bread and Butter of Business Financing
A traditional business term loan is a lump sum of capital with a fixed interest rate that you pay back regularly over a set period of time.
Loan Amount
$25,000 to $500,000
Interest Rate
7% to 30%
Term Length
1 to 5 years
Time to Funding
As fast as 2 days
Pros
- Lower payments that short-term loans
- Longer terms than short-term loans
- Set payment structure
- Can address a wide range of business purposes
Cons
- more difficult to get approved than a short –term loan
- potential pre-payment penalties
Compare to other loan types
| Loan types | Max amount | Interest rate | Speed |
|---|---|---|---|
| Business Term Loan | $25K to $500K | 7 – 30% | As fast as 2 days |
| SBA Loan | $5K – $5M | Starting at 7.75% | As fast as 2 weeks |
| Business Line of Credit | $5K to over $1M | 7% – 25% | As fast as 1 day |
| Invoice Financing | Up to 100% of invoice value | Roughly. 3% + % per week outstanding | As little as 1 day |
| Equipment Financing | Up to 100% of equipment value | 7% – 30% | As fast as 2 days |
| Short-Term Business Loan | $2.5K – $250K | Starting at 10% | As fast as 1 day |
| Merchant Cash Advance | $5K to $500,000 | As low as 1.15 | As fast as 1 day |
Business Term Loans
A Tradition that Doesn’t Get Old
A business term loan has stood the test of time – no need to fix something that’s not broken. It is both a stable and flexible way to get more working capital, build credit, refinance debt, and grow your business. If you’re looking for an all-rounder with better rates and lower payments than a short-term loan, then this is your go-to.
Our specialists are ready to let you know if you qualify, ways to improve your odds if you don’t, and help determine if this option is right for your business.
Minimum Qualifications
Annual Revenue
$50,000+
Credit Score
640+
Time in Business
2 years+
Documents Needed to Qualify
- Business Bank Statements
- Corporate Tax Returns
- Personal Tax Returns
- Year to Date Financials
- Business Debt Schedule
Ready to See your Options?
It’s free to apply and it won’t impact your credit