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Business Term Loans

Find the Best Business Term Loan for You

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What is a Term Loan?

A business term loan is a one-time sum of capital that is paid back in increments over the course of the “term”. These term loans are typically used for long-term investments including equipment purchases, refinancing debt, and commercial real-estate.

Advantages

  • Wide range of uses
  • Predictable payment structure
  • Longer terms
  • Low interest rates

Disadvantages

  • Hard to qualify for
  • Collateral typically required

Loan Amount

$10,000—$2,000,000

Estimated Repayment Term

1—5 years

Interest Rate

Starting at 7%

Speed of Funding

As fast as 1 day

How Do Business Term Loans Work?

Business term loans perform like the bank loans you may already be familiar with. Before you commit to terms, let’s break down how a business term loan works and what you can expect after you apply:

 

Loan Term

The term of your program is the amount of time you have to repay the full funding amount. Typically, business loan terms range from 1-5 years, giving your business more time to pay off your debt.

 

Interest Rates

Interest rates are applied to your loan principal to set the cost of your borrowed funds. Term loan rates will depend on a number of factors including your credit score, time in business and the length of your term.

 

Repayment

Business term loans are paid back with recurring daily, weekly or monthly payments. Your repayment structure will be determined by the size of the loan, the agreed upon term and what your business can afford.

Business Term Loan Qualifications

  • Time In Business: 1+ Years


  • Annual Revenue: $100,000+


  • Credit Score: 600+

What You Should Know About Applying for a Business Term Loan

 

Credit Score

Lenders typically look for a strong personal credit score of at least 680 or higher. Before applying for a small business term loan, you should review your current score to determine if you are in a good place to be considered.

 

Time in Business

Lenders will consider how long you’ve in been business when deciding if you qualify for a term loan. The longer you’ve been in business, the less risky you are to the lender.

 

Annual Revenue

Your annual revenue greatly impacts your ability to access a business term loan. The more earnings you bring in, the better chance for approval.

How do I apply?

When you apply for a business term loan, your lender will most likely ask you to share your recent bank statements. These documents will help your lenders gain a clear understanding of your financial health and what your business can afford.

 

Some documents you may need are:

  • Profit and Loss Statement

  • Balance Sheet

  • Voided Business Check

  • Driver's License

How Much Does a Business Term Loan Cost?

Every business owner looking for additional funding has considered a business term loan thanks to their low-cost interest rates.

It’s important to be aware of all of the fees that are included in your term loan program. When you are speaking with your lender, be sure to ask questions to gain the information you need about the cost of your particular program.

At Fast Capital 360, we pride ourselves on our transparency and provide the most information regarding their available funding options. Our Business Advisors can help guide you through your funding process, and make it a priority to answer any questions you may run into along the way.

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