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The term loan is one of the most popular small business loan options. It’s not flashy or fancy—it’s just the straightforward, classic way to finance your business.
The basics: Loan amounts range between $5,000-2,000,000 and terms range between 1-5 years. To qualify for a term loan, you’ll need to have a profitable business that has been established for at least 2 years. And when you apply through Lendio, you can typically gain access to the funds in as little as 24 hours after approval.
Because the term loan is flexible, you can use it for just about any business need. Leverage a term loan to:
Our business term loan calculator does the math for you to help anticipate the monthly loan payments you can expect. Like many forms of business financing, 4 key components contribute to your monthly payments. In addition to the loan amount, other factors include business term loan interest rates, terms, and origination fees.
Business term loans can be for any amount between $5,000 and $2,000,000. The amount you qualify for will be decided by your revenue, time in business, and credit history, among other factors.
The interest rate is largely based on your credit history. If you have excellent credit, your interest rate can be as low as 6%. If you have some derogatory marks in your credit history, you can often still qualify for a business term loan, but you’ll likely end up with a higher interest rate.
The terms for this type of loan are typically 1–5 years.
The origination fee on a term loan is typically about 5%, so you’ll want to factor this in when determining the total cost of your loan. Note that you won’t need to pay this fee while shopping around for a loan. Your origination fee will either be due at signing or rolled into the overall cost of your loan.
Applying for and reviewing your loan options through Lendio is always free—however, many lenders will charge you application fees. It’s always a good rule of thumb to ask about potential application fees before starting the process with a lender.
The term loan is pretty inexpensive as business financing options go—but your costs can get out of hand if you’re not diligent about making your monthly minimum loan payments.
Avoid late fees and boost your credit score by paying on time, every time. You can easily stay in good standing by calendaring your due dates or setting up automatic payments. If you run into a financial snag and are worried you might miss a payment, contact your lender immediately to explore your options.
It’s also a smart idea to ask about prepayment penalties. Some lenders will reward you with a discount for paying off your loan early, while others will impose additional fees for doing so. Always be sure to review any potential discounts, penalties, and fees associated with your loan before finalizing the paperwork with your lender.
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