Term loan is a common form of long term business funding. You get a lump some of cash upfront to invest in your business and repay with interest over a predetermined time period. This is best for businesses looking to expand that have good credit and strong business revenue. This loan type offers fast funding typically within 2 days to a week.
Pros
- Get a lump sum amount of cash to invest in the business.
- Borrow higher amounts
- Get funding in 2-7 days
Cons
- May require some type of collateral
Best for
- Businesses looking to grow
- Business owners with better credit and consistent business who can’t wait for funding