Understanding a Business Term Lending

Keep control of your growth.
A stable and flexible way to get more working capital and build your credit.

BUSINESS TERM LENDING

A term loan for business is a lump sum of money that you pay back at regular intervals at a fixed interest rate – this is the type of traditional financing most people think of when it comes to small business loans.

The “term” in “term loan” comes from the fixed repayment period, which can range from a few months to several years, depending on the type of loan. Although term loans can vary in length, the term “business loan” is most commonly used for loans with terms of one to five years.

Generally, business owners use the proceeds of term loans to finance specific, one-time investments for their small business, such as property purchases, business expansions, debt refinancing, and more.

Details

MAX LOAN AMOUNT:

Up to $600,000

LOAN TERM:

One to five years

INTEREST RATES:

7% to 30%

SPEED:

As fast as one day

Benefits

Set payment structure

Suitable for a wide range of business purposes

Term loans from online lenders can fund quickly with fewer requirements than traditional lenders

Can be a great way to finance a larger investment while building business credit