How Do You Qualify for Term Loans?
Exclusive Lender Relationships
$5k+ in Monthly Revenue
500+ Credit Score
What Do You Need To Qualify?
6+ Months in Business
You can qualify for our top financing options with as little as 6+months in business.
$5,000+ Monthly Gross Sales
The minimum revenue to qualify for financing options are $5,000 per month, or $60,000 in annual gross sales.
500+ FICO Score
We have financing options for all credit profiles.
Easy 15-second application to get options in just minutes and funding in hours!
Have Questions?
Our Business Financing Advisors will help you find the best financing options for your business to get you more funding, better terms, and lower interest rates. We’re available to explain every step of the process from applications to your re-payment schedule!
Frequently Asked Questions
A term loan is a set amount of money given to a borrower from a lender, where the borrower repays the amount on an agreed-upon schedule. You have a start date, where the funds are deposited into your business bank account, and an end date, where you’ve paid off all the principal and interest.
The borrower can repay the amount before the end of the term and potentially reduce their cost of capital, depending on the lender they’re working with. They’re used for inventory purchases, business expansions, remodels, and working capital, amongst many other business purposes.
There’s essentially no difference – Term loans are a type of loan where the borrower has a time period in which they make regular payments toward the principal and interest of the financing. If
Other types of financing are similar to term loans, but none of them are as basic. For example, revenue-based financing provides a lump sum of capital, much like a term loan, but the repayment periods are generally shorter, and approvals are based on profitability.
All term loans have the following characteristics in common:
- Lump sum payment
- Consistent repayment schedule
- Established start and end dates
- No equity transactions
- Potential to save on the cost of capital with early repayment
- Late payments/defaults damage your business’s creditworthiness and credibility with the lender
If you’re looking for a straightforward financing method, you should explore term lending and the options available to you.