Term Loan

A term loan is a common form of long-term business funding. You get a lump sum 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 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