One lump sum. One predictable payment.
Borrow what you need up front and pay it back on a set schedule you can plan around.
- How much
- Based on revenue and credit
- How fast
- As soon as a few business days*
- Repay over
- Typically 6 months to 5 years
The short version.
A term loan pays out once and is repaid on a fixed schedule. Short-term options can fund quickly with weekly payments. Longer terms usually need stronger credit and financials in exchange for lower payments.
It works best when you know exactly what the money is for and how much it costs.
A good fit for
- A planned purchase or project with a known price
- Opening a new location or service line
- Owners who want a fixed payoff date
- Businesses with solid credit and a few years of history
Term loan vs. line of credit
| Term loan | Line of credit | |
|---|---|---|
| How you get it | All at once | Draw as needed |
| Payments | Fixed schedule | Based on what you've drawn |
| Best for | One-time, planned costs | Ongoing or unpredictable needs |
| Reuse | No, you reapply | Yes, as you repay |
What it usually takes.
Typical starting points. Stronger files usually unlock more.
About term loans
Short term or long term: which is right?
Short terms fund faster and approve more often. Longer terms cost less per payment but ask more of your credit and financials. We'll show you what fits your file.
Can I pay it off early?
It depends on the program. Some offer early payoff savings and some don't. We'll point this out before you sign.
Do I need collateral?
Many of the options we see don't require specific collateral, though a personal guarantee is common.