Because we’re partnered with more than 75 different lenders offering a vast array of loan options for all kinds of small businesses, the exact method and frequency with which you will pay back your loan can vary dramatically. Some small business loans are repaid with a simple monthly payment schedule while others require daily, incremental automatic withdrawals from your merchant account.
The actual cadence and method of your payments will depend on the lender and loan type you choose, as well as factors such as your business history. Typically, the stronger your business and credit, the less frequently you’ll have to make loan payments and the more payment processing options you’ll have. In contrast, the lower your credit score and overall business strength, the more frequent and determinate your payment options will be.
Whatever your lender determines for your loan repayment terms, there are some universal steps you can follow.
3 Ways to Save Time (and Boost Your Credit Score) When Repaying Your Loan
When you apply for a small business loan through Lendio, we walk you through terms, interest rates, payment schedules, and more to help you fully understand your options and choose the best loan for your business. Tell us what works for you, and we’ll help you make it happen.
Our goal is to help small business owners have all the tools and knowledge possible about loans. We've connected to hundreds of banks to keep you up to date with the best loan offers and options for your business!