Home / Financing / Business term loans
Business term loans
Get a set amount up front and repay it in equal installments over a term you choose. You see the full cost and every payment before you sign, so planning around a big project is simple.
At a glance
Amount
$25K–$5M
Term
1–5 years
Funding speed
As soon as 2 business days
Payments
Fixed, weekly or monthly
How a business term loan works
Once you’re approved, the full amount is deposited into your business bank account. Repayment starts on a schedule you agree to at signing, and the payment stays the same until the loan is paid off.
Paying off early can lower your remaining cost, depending on your agreement. Your advisor will show you exactly how early payoff works for your offer.
Good for
- Opening a new location or remodeling
- Large inventory purchases
- Refinancing higher-cost debt
- Hiring ahead of a big contract
Is it right for you?
A good fit if
- You know how much you need
- You want the same payment every time
- You have at least a year of steady revenue
Consider another option if
- Your expenses come and go through the year: business line of credit
- You’re buying a specific machine or vehicle: equipment financing
What you’ll need to apply
Have these ready and the application takes about 10 minutes.
- Business bank statements from the last 3 months
- A government-issued photo ID
- Your business tax ID (EIN)
- Basic details: time in business, monthly revenue and industry
Typical minimums
Time in business
6 months or more
Monthly revenue
$10,000 or more
Credit score
500 or higher
Requirements vary by product. An advisor can tell you what you qualify for.
Questions about business term loans
Don’t see your question? Call (866) 451-9260.
What can I use a term loan for?
Almost any business purpose, including expansion, renovations, inventory, marketing and paying off more expensive debt.
Are the payments fixed?
Yes. Your payment amount and schedule are set when you sign and stay the same for the life of the loan.
Do I need collateral?
Not always. Many term loans are approved based on your business revenue and history. Larger amounts may need a lien or a personal guarantee, and your advisor will explain that before you apply.
Other ways to fund your business
Business line of credit
Draw funds when you need them and pay only on what you use.
Amount
$10K–$500K
Term
Revolving
Funding
As soon as 24 hours
Equipment financing
Buy or lease the equipment your business runs on.
Amount
$10K–$5M
Term
1–7 years
Funding
As soon as 2 business days
SBA loans
Long terms and low rates, backed by the U.S. Small Business Administration.
Amount
Up to $5M
Term
Up to 25 years
Funding
Usually 30–90 days
Revenue-based financing
An advance on future sales, repaid as a share of revenue.
Amount
$5K–$2M
Term
3–18 months
Funding
As soon as 24 hours
Talk to a funding advisor
Get answers about your options with no obligation. We’ll explain every offer in plain language.