Term Loans

A term loan is a traditional lump sum of cash you payback, typically with a fixed interest, over a set term.

Many businesses can qualify for a term loan as long as you’ve been in business for a bit, have a good credit score, and are generating revenue. Not all term loans are identical though: the rate, term, and loan size vary according to your profile. Given that the repayment period is longer than short-term loans, your financials and credit score play a more important role in getting approved.

See if you qualify

Overview

Loan Amount

$25,000 to $500,000

Interest Rate

6% to 30%

Term Length

Up to 25 years

Processing Time to Fund

As fast as 1 week

Repayment Frequency

Monthly

Pros & Cons

  • Fixed repayment structure
  • Lower payments than short term loans
  • Longer repayment terms than short term loans
  • Suitable for a wide range of business purposes
  • May have prepayment penalties

Minimum Qualifications

Annual Revenue

$100,000+

Credit Score

620+

Time in Business

2+ years

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