With a business loan, you have access to a pool of funds that you can draw on when you need capital. You have the flexibility to borrow a set amount - usually between $50,000 and $500,000 - when you need capital. You make no payments and accrue no interest until you draw down those funds.
You can draw on a small business line of credit to fill cash flow gaps, get more working capital, deal with an emergency or take advantage of a business opportunity.
Details
MAX LOAN AMOUNT: $10K to over $1M
LOAN TERM: 3 months to 18 months
INTEREST RATES: 7% – 25%
SPEED: Under 24 hours (in some cases)
Benefits
Set payment structure
Suitable for a wide range of business purposes
Term loans from online lenders can fund quickly with fewer requirements than traditional lenders
Can be a great way to finance a larger investment while building business credit
To consider
Potential prepayment penalties
Shorter-term loans can be expensive
Often require collateral or a personal guarantee
Can be a great way to finance a larger investment while building business credit
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