Invest in Your Business
Business Term Loans
When your business antipicates a large, one-time expense, wants to capture growth opprotunities, or simply needs an influx of capital to be repaid over time, a business term loan can offer the funds to meet your business needs. Compared to bank options, you will love our light application and fast processing (and soft credit pull). Get quick approval and funding via our network of lenders to keep your business running smoothly.
Business Term Loans
Basic Qualifications
24+ months
>$25,000/mth
>660 FICO
Funding Parameters
Amounts
$10k to $10m
Term
3-10 months
Rates
from 6.99%
Processing Speed
3-5 days
Typical Application Requirements
- Basic credit application
- 6 months of business bank statements
- 2 years of business and 1 year of personal tax returns
- Government issued photo ID
- Voided check or bank letter
Use Funds from a Business Term Loan for Any Purpose
A term loan is typically offered for a short period (typically 3-5 years, but may extend as long as 10 years) that gives a business more flexibility and control with their cash flow levels. Often, this kind of loan can be unsecured without the need for any kind of collateral. It's quite attractive to businesses due to the more predictable fixed monthly payments, which are relatively low due to being spread out over a number of years (basic amortization schedule). Even better, typically the feature of no pre-payment penalty gives the business owner confidence it can be paid back ahead of schedule.
A business may use the funds for one of many legitimate commercial purposes (preferably something that will pay off as an investment over time and generate more cash flow than the loan payment):
- purchase inventory
- purchase equipment/machines
- marketing/advertising campaigns
- renovation/location refresh
- franchise obligations
- deal with slow periods/seasonal changes
- pay off high interest debt (e.g. merchant cash advance)
- pay business taxes
Perhaps your business does not need all of the funding now but would like consistent access to it down the road? Then consider an unsecured business line of credit that gets you approved for total funding now but allows you to partially draw the funds as needed for liquidity purposes over months or years. That means no interest on unused funds until they are actually accessed. It works like a credit card - if you don't have a balance at a particular time, there is no payment due. Unlike a term loan, a business line of credit can be paid down and drawn back up as needed.
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