top of page

Apple for Business Financing

Fast, Simple, Free

Understanding a Term Loan

A traditional term loan is a lump sum of cash you pay back with regular payments plus interest, over a fixed period of time. This type of loan is extremely flexible and can be used for almost any business purpose.

Who Qualifies?

Here’s the low-down on qualifying:

Plenty of businesses can qualify for a traditional term loan as long as they've been in business for a minimum of two years, have good credit score, and are generating revenue.

However, not all term loans are the same; the interest rate, length of the term and maximum loan size depends on your business revenue and credit rating. Since traditional term loans have longer repayment periods than short-term loans, your business’ financials and credit score are more important.

Term loans come with a variety of structures and terms, from short-term loans with daily payments to five-year loans with monthly payments. At Lendtek, we can structure the best loan for your needs.

Most Businesses Who Qualify Have:

Annual Revenue: $300,000

Credit Score: 620

Time in Business: 2 Year Minimum

To learn more about Term Loans, find out what documents you need to apply, and to submit an application visit our Term Loans Page.

26 views0 comments


bottom of page