BUSINESS TERM LOANS
A business term loan is a lump sum of capital which has a fixed interest rate and a regular repayment plan. The typical repayment terms are between 1 to 5 years. These types of loans are used to finance a specific investment for a small business.
Many businesses qualify for a traditional business term loan. As long as you can provide a good credit score and show that your company is generating revenue you are good to go. Term loans can differ between businesses: interest rates, length of term, and maximum loan size all depend on the level of qualification.Term loans are a traditional bank product; therefore it depends heavily on the business’s financials and credit score. Applying with a bank will be a long process and a large amount of documentation. As an online term lender, Sutton Funding can provide affordable rates and a faster application process.
Whenever you want to improve on your business, having some extra cash is a must. Buying equipment, ordering inventory, hiring employees, etc., can be expensive and take a massive chunk out of your wallet. Fortunately, here at Sutton Funding, we can ease the blow and help keep your business running smooth. As you talk to one of our representatives, we will help you understand which type of loan works for your company and whether a term loan is right for you.
What you will need
Driver’s License
Voided Business Check
Bank Statements
Balance Sheet
Profit & Loss Statement
Pros and Cons
Pros
Convenient payment structure
Long Payment Term
Competitive Interest Rates
Low Monthly Payments
Wide Range of Business Purposes Accepted
Cons
Lengthy Paperwork
Longer Approval Times
May Require Collateral
Potential Prepayment Penalties
Convenient payment structure
Long Payment Term
Competitive Interest Rates
Low Monthly Payments
Wide Range of Business Purposes Accepted
Cons
Lengthy Paperwork
Longer Approval Times
May Require Collateral
Potential Prepayment Penalties