What is a term loan?
A term loan is a simple interest monthly payment loan. They are traditional type loans amortized over 1-5 years. The term loan is an excellent choice for any business owner who may not be profitable enough to qualify for an SBA as the guidelines are more lenient.
How does it work?
We will submit 3 years of tax returns and 6 months of bank statements and receive a decision within 3-5 business days. Your approved loan will be a 1 – 5-year term with monthly payments. The interest rates range from 8% – 17%.
Loan Amount – $100,000
Term – 3 yrs. (36 months)
Monthly Payment = $3369.40
How long does it take?
From submission of your file to funding the process time is 5-7 business days.
Who is this loan for?
Any business where the owners have a minimum Experian FICO score of 630, and that can provide a minimum of 2 years business tax returns and 6 months business bank statements. Your business tax returns must be profitable for the most recent taxable year. You cannot have any bankruptcy within the last 7 years, excessive collections and or charge-offs could create an issue, and tax liens must be paid off prior to submitting your loan file.