Term loan

Term Loan

The classic way to fund a bigger move.

Loan amount: $20K – $1M
Funding speed: Within 24 hours
Loan term: 1–2 years
Interest rate: As low as 6%

A main-street shop front with bunting over the door: a business with years behind it, planning the next one.

Term loan

What it is

A term loan is one lump sum of capital, repaid at a fixed rate over a fixed period. It is the most straightforward way to fund something substantial — a second location, a large order, a hire you have been putting off — and to know exactly what it costs before you commit.

The first application is five questions and takes a couple of minutes. A lender reviewing it may then ask for statements and check credit before making an offer.

What it gives you

What the network publishes for it

Fixed rates, so repayment never moves
Money within 24 hours, once a lender approves
Spend it on any business purpose
No out-of-pocket fees

The evidence

What a lender will look at for this one

The five items from the checklist, with what this program publishes about each.

Time in business

That the business has lasted through more than one season, and that its revenue has a history rather than a start date.

What term loan publishes
No published requirement. The lender decides.
Monthly revenue

The size of what the business can carry: how much a repayment would be as a share of what it takes in.

What term loan publishes
No published requirement. The lender decides.
Recent bank statements

That the revenue is real. Deposits are the one figure a lender does not have to take on trust.

What term loan publishes
No published requirement. The lender decides.
Credit

How debt has been handled before. It is one item among five, not the whole case.

What term loan publishes
No published requirement. The lender decides.
For equipment, the quote

What the money buys and what it is worth. Qualifications vary with the equipment itself.

What term loan publishes
Not asked for this program.