Term Loans
Get a fixed lump sum with predictable monthly payments. Perfect for major investments like expansion, equipment, or refinancing.
Apply for Term LoanWhat is a Term Loan?
A term loan is a traditional business loan where you receive a lump sum upfront and repay it over a fixed period with regular monthly payments. The loan amount, interest rate, and repayment schedule are all set at the beginning, giving you complete predictability.
Term loans are ideal for businesses that need a significant amount of capital for a specific purpose — like purchasing equipment, expanding operations, or refinancing debt — and prefer the stability of fixed monthly payments.
Pros
- Predictable fixed monthly payments
- Competitive interest rates (8–15%)
- Larger loan amounts available
- Longer repayment terms (1–10 years)
- Can be used for multiple purposes
Cons
- Requires strong credit and financials
- May require collateral
- Longer approval process than alternative options
- Fixed payments regardless of cash flow
- Early repayment penalties may apply
Who Should Consider a Term Loan?
Term loans work best for established businesses with strong credit and consistent revenue that need a significant amount of capital for a specific investment. They're ideal for:
- Purchasing equipment or machinery
- Expanding operations or opening new locations
- Refinancing high-interest debt
- Buying inventory in bulk
- Renovating or upgrading facilities
- Acquiring another business
Eligibility Requirements
1+ year in business
Established operating history preferred
Credit score 600+
Strong credit improves rates and terms
$25K–$500K available
Loan amounts based on business needs
Repayment: 1–10 years
Flexible terms based on loan purpose
Rates & Terms Breakdown
| Feature | Details |
|---|---|
| Loan Amount | $25,000 – $500,000 |
| Interest Rate | 8% – 15% (fixed or variable) |
| Repayment Term | 1 – 10 years |
| Approval Time | 3 – 7 business days |
| Collateral | May be required |
| Personal Guarantee | Usually required |
| Prepayment Penalty | Varies by lender |
| Best For | Equipment, expansion, refinancing, inventory |
Is a Term Loan Right for You?
If you need a significant amount of capital for a specific purpose and prefer the predictability of fixed monthly payments, a term loan is an excellent choice. Just make sure you have strong credit and consistent revenue to qualify for the best rates.
Ready to Get Started?
Apply in minutes and get matched with the best term loan options for your business.