Business term loans

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Favorable terms

Pay off debt in years, not months. Smaller installments equal more cash for you to work with.

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Funding in 1 day

Apply for a business term loan in minutes and get funded within 24 hours.

No restrictions

You call the shots on how you want to spend your funds.

Finance costly expenses over time

When you’re ready to make a significant investment in the future of your business, you need a way to fuel it financially. A business term loan is a predictable financial solution that won’t strap your company for cash.

With a business term loan, receive a one-time infusion of capital that you pay back over an extended term. This financing is often used for large investments.

  • Coins stacked on table with blue arrow pointing up
    Financing amount Up to $250,000
  • Calendar image appearing as though the page is being flipped
    Repayment terms 1 - 5 years
  • Clock with blue dial
    Interest rate Starting at 7%
  • Dollar sign in circle
    Funding available in 1 day

Business term loans made easy

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Save time

A 2-minute online application is all it takes to get approved for a business term loan. Learn More

Find the right offer

Compare rates and terms from our nationwide network of lenders. Learn More

Choose your financing

Pick the offer that works for you. Our expert advisors will help you every step of the way. Learn More

Business term loan requirements

The business term loan requirements that matter most are your time in business, your company’s annual revenue and your personal credit score.

What you’ll need to qualify:

  • 1+ year in business
  • $200K+ annual revenue
  • 600+ credit score

Best business term loan uses

Business term loans are flexible. So whatever you need to finance, run or grow your business, you can.

Expand your business

If you’re looking to add new employees to your team, introduce a new product, open another location or acquire a rival business, a business term loan can cover just about any business expense.

Purchase equipment

Regardless of your industry, you need your equipment to push your business forward. Whether you need laptops or warehouse machinery, a business term loan can help you spread out the cost.

Buy inventory

Use a business term loan to buy the materials you need to stock your shelves and fulfill orders without disrupting your cash flow.


Business term loan FAQs

What is a business term loan?

A business term loan is a one-time infusion of capital that you pay back over a set repayment term.

Business term loans are used for long-term investments, including equipment, debt refinancing and commercial real estate.

You might also fund office renovation projects, purchase inventory, hire employees and more.

There are unsecured business term loans and secured business term loans. With unsecured loans, you’re not required to offer collateral to obtain the loan, though you may have to provide a personal guarantee. This means that if your business can’t repay the loan, you’ll be personally responsible. Also, you’ll likely have a higher interest rate and shorter repayment window than you’d find with a secured loan.

How do business term loans work?

Business term loans work as follows: Longer term loan payments may be set up on a monthly basis, while shorter term loans may require a daily or weekly payback structure.

Typically, business term loans offer you higher funding amounts, longer repayment periods and lower interest rates than many financing alternatives.

When determining the best long-term small business loan for you, consider the following factors:

Loan term

Typically, business loan terms range from 1-5 years, giving you more time to pay off your debt. And with more time to repay your long term business loan, you can expect lower payments than you’d find with a shorter term.

Interest rates

Business term loan rates will depend on many factors, including your credit score, revenue and time in business. But in general, they offer some of the most competitive rates available to small business owners.

Business term loans amortize. Interest accumulates on the remaining principal balance, and loan payments are interest-front-loaded, meaning a large part of your loan payments go toward interest at the beginning of your term. As time goes on, the interest portion of your loan payments decrease and more is applied to your loan principal.

Repayment

Business term loans are paid back in daily, weekly or monthly installments, depending on your terms. Variables such as the loan amount, term length, risk factors and business preference help determine this structure.

What will a business term loan cost?

Due to their favorable interest rates, business term loan costs are lower than many lending products.

Just how affordable can a business term loan be? Use our business term loan calculator to estimate the cost of borrowing

What are the pros and cons of a business term loan?

Pros

  • Competitive interest rates
  • Extended repayment terms
  • Flexibility in use of funds
  • Large loan amounts available

Cons

  • Start-ups and newer businesses typically ineligible
  • Stricter qualification requirements
  • Collateral or personal guarantee may be required

How can I qualify for a business term loan?

Improve your chances of qualifying for a long-term small business loan by taking the following actions:

Build your credit score

Your personal credit score is an essential variable in qualifying for a business loan. Simply put, the higher it is, the easier it will be for you to qualify for the best business term loan rates and the amount you want.

Understand your lender’s requirements

Business term loan lenders will all require a specific threshold when it comes to time in business, annual revenue and credit score. A credit score below 670 may disqualify you with some lenders.

If you fall into this category and you’re looking for a long-term business loan for bad credit, we have options for you. Businesses interested in qualifying for a long-term loan through Fast Capital 360 need to meet the minimum qualifications of at least a year in business, a credit score at or above 600 and annual revenue of $200,000 or greater.

Gather necessary documents

In addition to your bank statements, your lender will ask you to provide a list of business and personal documents that reflect the health and stability of your business. These include, but aren’t limited to, your driver’s license, profit and loss statement and a voided business check.

How can I apply for a business term loan?

To apply for a business term loan, you first need to find a lender. In previous years banks were the only option, but it’s now possible to find some of the best business term loan lenders online. While traditional banks are known for tough underwriting requirements and long funding timelines, they aren’t the only game in town. Technology advancements have allowed online lenders to offer faster funding with a quick web-based application.

Applying with Fast Capital 360 is fast, easy–and most importantly–won’t impact your credit.

What you’ll need to qualify:

  • Time in business
    1+ year
  • Annual revenue
    $200K+
  • Credit score
    600+

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