How much do you need?
We’ll start with a brief questionnaire to better understand the unique needs of your business.
Once we uncover your personalized matches, our team will consult you on the process moving forward.
Here are 6 options for you
Lender | Best for | Max loan amount | Min. credit score | Next steps |
---|---|---|---|---|
Credibility Capital - Online term loan with Fundera by NerdWallet | Best for Term loans from online lenders | $500,000 | 650 | with Fundera by NerdWallet |
Funding Circle - Online term loan with Fundera by NerdWallet | Best for Term loans from online lenders | $500,000 | 660 | with Fundera by NerdWallet |
OnDeck - Online term loan with Fundera by NerdWallet | Best for Term loans from online lenders | $250,000 | 600 | with Fundera by NerdWallet |
SBA 7(a) loan with Fundera by NerdWallet | Best for Term loans backed by the government | $5,000,000 | 650 | with Fundera by NerdWallet |
SBA CDC/504 loans with Fundera by NerdWallet | Best for Term loans backed by the government | $5,000,000 | 680 | with Fundera by NerdWallet |
SBA Express loan with Fundera by NerdWallet | Best for Term loans backed by the government | $500,000 | 650 | with Fundera by NerdWallet |
Our picks for
Term loans from online lenders
Credibility Capital - Online term loan
$500,000
650
6.99-24.99%
Funding Circle - Online term loan
$500,000
660
10.13-36.00%
OnDeck - Online term loan
$250,000
600
9.00-99.00%
Our picks for
Term loans backed by the government
SBA 7(a) loan
$5,000,000
650
5.50-8.00%
SBA CDC/504 loans
$5,000,000
680
2.60-3.20%
SBA Express loan
$500,000
650
7.75-9.75%
How Much Do You Need?
- Purchasing equipment or inventory.
- Renovating an existing location or expanding to a new location.
- Purchasing real estate.
- Hiring new employees.
- Working capital.
- Refinancing existing debt.
Business term loan example
Short-term loans
Medium-term loans
Pros
- You can borrow large amounts of money to finance expansion or growth.
- Long repayment terms can make big investments more affordable.
- Repaying term loans on time may help you build business credit.
- Loans at online lenders can be approved and funded quickly, usually within a few days to a week.
- Qualification requirements for online lenders may be looser than those for traditional banks.
Cons
- Less flexibility than business lines of credit, as payments begin immediately after funding.
- Shorter term loans may carry high costs and frequent repayments, although this depends on the lender.
- SBA loans are low cost but carry strict requirements and can take a while to fund.
- Collateral may be required — this would be an asset, such as equipment or real estate, that the lender can sell if you can’t make payments.
- Evaluate your qualifications. Check your credit score, annual revenue and time in business. These are three of the key requirements lenders will look at to determine whether you qualify for a loan.
- Compare lenders. Decide which type of lender is best for your needs. Online lenders may have more flexible qualifications and faster funding times, but higher interest rates. Banks and credit unions, on the other hand, can offer more affordable rates, but their products can be harder to qualify for.
- Prepare your documentation. Once you’ve decided which lender is right for you, prepare the documentation for your application. Common required documents include business financial statements, business and personal tax returns, business and personal bank statements and business legal documents.
- Complete and submit the application. Follow the lender’s instructions to complete the application and provide all necessary documents. Take advantage of any assistance the lender offers to guide you through the application process.
To recap our selections...
Small-Business Term Loans: Compare Your Top Options
- Credibility Capital - Online term loan: Best for Term loans from online lenders
- Funding Circle - Online term loan: Best for Term loans from online lenders
- OnDeck - Online term loan: Best for Term loans from online lenders
- SBA 7(a) loan: Best for Term loans backed by the government
- SBA CDC/504 loans: Best for Term loans backed by the government
- SBA Express loan: Best for Term loans backed by the government