A business term loan is a loan that your business receives in one lump sum, that you pay back in a predetermined payments with a fixed interest rate.
Details
- Rate: 5% to 15%
- Term: 3 months – 10 years
- Credit Score above 650 (680+ for startups)
- Minimum Yearly Income: $50k – $75k. (Income might come from W2 Salary or distribution income, etc.).
- Amount: $10k to $5m
- Speed: 7-15 days