The lower monthly payments and longer repayment periods make term loans an attractive solution for dynamic companies.
Loan terms and interest rates vary from lender to lender and are based on your business history and business credit profile. However, non-bank lenders have expanded the credit range they are willing to approve for both secured and unsecured business term loans.
Unsecured and secured term financing is typically offered with terms of 1 to 5 years and sometimes up to 10 years, or more. A schedule of fixed monthly installments is required to repay your loan over the term period.
Depending on the size of your requested loan and your credit profile, some lenders may require additional documents to underwrite your loan, including tax returns, corporate ownership, profit & loss statements, balance sheets, accounts receivable and payable schedules, use of funds documentation and personal background checks. They may also require that the funds be used for a specified purpose.
Though term loans take a little longer to underwrite and fund, they are considered one of the best financing solutions for growing businesses.
* If you meet these general loan guidelines, you will most likely receive loan offers for this funding product. Loan offers are preliminary based on the information evaluated, final funding amount offer may be adjusted during final underwriting.
Not sure a term loan is the financing solution for your business? No problem! Fimerica makes it easy to view and compare all of the business loans and financing products for which you qualify. Get your real-time loan offers in 5 minutes or less.