Bank Term Loans
Low rates, predictable payments.
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Access from $5,000 to $2,000,000
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Use for almost any purpose
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Lower rates than most loan types
Applying is free and will not affect your credit.
Term Loans - Details
Terms From 6 to 60 Months
Rates As Low As 6%
Qualify Even With Poor Credit
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FAQ - Bank Term Loans
What is a business term loan?
A business term loan is perhaps the most straightforward type of financing that you can access as a small business owner. The way a term loan works is that an approved borrower would receive a lump-sum upfront from their lender and would repay the loan in a predetermined repayment schedule, or over the term of their loan.
What kind of businesses are best suited for term loans?
Term loans can be a good option for established businesses with good credit history and at least a few years of operating history under their belt. Term loans can also be a faster option for businesses looking to take out larger loans but don’t want to wait for the longer Small Business Administration (SBA) loan application process.
What can I use a term loan for?
You can use a term loan for almost any business purpose. A term loan is designed to help you meet many types of short- and long-term business goals. Some examples include: hiring more staff, buying equipment, expanding locations, or renovating an existing location.
Is there an application fee?
Ever Fund and our network of lending partners do not charge an application fee. However, you should be aware that some lenders may charge an application fee to cover the cost of reviewing your application.
Do I have to provide collateral?
It depends. In some cases, term loans will require collateral, such as personal or business assets, based on the lending partner you’re matched with and the duration of the loan. While it is best to check with your lender, you can expect that long-term loans (loans between three and 10 years), which can be used for a major investment such as an expansion, may require some type of collateral.
Can I prepay and is there a prepayment penalty?
Many lenders will accept prepayments but may charge a prepayment penalty or fee. While some lenders have programs that may waive prepayment penalties, like Funding Circle, you should check with your lender before deciding whether or not to prepay your loan. The terms of prepayment will depend on which of Funding Circle’s lending partners you choose to borrow from.
How does repayment work?
The repayment period can be anywhere from three (3) months to ten (10) years. Similar to a mortgage or auto loan, you repay a term loan with fixed payments over a fixed period of time, or term (hence the name), in weekly, bi-weekly or monthly installments.
What are the pros of a term loan?
One of the most attractive aspects of a business term loan is it’s payment predictability. Since you’re paying a fixed amount over a fixed period of time, it makes predicting cash flow much easier compared to some other financing options. Other benefits include the flexibility you have in using your loan proceeds, and the fact that you can improve your business credit by making your payments in full and on time.
What are the cons of a term loan?
Term loans are typically a better fit for more established businesses that have been in operation for at least a few years. If you’re a start-up or you’re still working on building up your business credit, a term loan may not be the best option for your business.
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