Business Term Loans
Grow your business with longer terms and lower interest with a Business Term Loan.
(4 Months or more)
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A business term loan is a one-time sum of capital that is paid back in increments over the course of the agreement. Term loans are typically used for long-term investments including equipment purchases, refinancing debt, and commercial real-estate.
Wide range of uses
Predictable payment structure
Low interest rates
Hard to qualify for
Collateral typically required
Business term loans perform like the loans you may already be familiar with. Before you commit to an agreement, let’s break down how a business term loan works and what you can expect after you apply:
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 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.
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.
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.
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.
Your annual revenue greatly impacts your ability to access a business term loan. The more capital you bring in, the better chance for approval.
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.
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.