Get the Funding You Need with Brookestone Funding’s Term Loans
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What is Term Loan
How Do Term Loans Work?
- Small enterprises can access funding in the form of term loans.
- Banks, credit unions, and online lenders all offer these services.
- Interest rates on long-term loans from banks tend to be lower than those offered by Internet lenders, who boast shorter application and approval processes.
- In contrast to unsecured loans, secured loans necessitate collateral.
- Repayment terms for short-term loans can be as little as a few months, while those on long-term loans can span many years.
- Interest rates for term financing can be fixed or variable.
- Fixed-rate loans offer predictability, while variable-rate loans can lead to fluctuating interest rates.
- It's essential to carefully consider the terms and conditions of any term loan before signing a promissory note.
Alternatives to Term Loans?
Small businesses looking for funding have more options beyond traditional term loans. An open-term loan provides flexibility in borrowing where businesses can borrow funds as they need, similar to a line of credit. Additionally, businesses with unpaid invoices can consider invoice financing, while those needing equipment can look into equipment financing.
For those willing to give up a portion of their future revenue, merchant cash advances or crowdfunding can be viable options. With so many alternatives available, it’s essential to research and compares the pros and cons of each to find the best fit for your business’s unique needs.
Why Term Loans?
With set payment terms and longer fixed repayment options, a term of the loan is an excellent option for those looking to expand their physical location, purchase equipment, increase inventory, or invest in marketing.
This financing solution offers minimal financial documentation requirements and a low cost of funds and can help you build your business credit. Whether you have bad credit or a high-risk business type, a term loan can give you easy access to the funds you need to stay competitive and achieve your business goals.
Qualifications
- You need at least one year of business experience.
- In order to qualify, your company's yearly revenue must be at least $100,000.
- A score of 600 or higher is required.
- Only companies in the 700+ credit-scoring range are considered.
Apply now!
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