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How to Get a Term Loan

What it is

A term loan is a common secured commercial loan to a business owner or company that has a fixed maturity, often three to 10 years. This type of loan carries an interest and is usually repaid with regular periodic payments. If the term loan is in the form of a line of credit, the funds are drawn down shortly after the agreement is signed. With this type of loan, a borrower tends to use the newly available funds soon after they become accessible in order to purchase longer-term fixed assets. These are also commonly used for working capital, business expansion investments, and company acquisitions.

With term loans, the amount owed can be repaid in a series of annual, semi-annual or monthly payments, depending on the length and amount of the term loan. Payments can be equal total payments, equal principal payments or equal payments with a balloon payment. The interest on a term loan will be higher than the rate on an operating loan or short term loan to reflect the risk associated with the longer term.

Who it's for

Many businesses will require some extra money at any given time to finance a variety of business needs. Term loans are for businesses looking for a loan for which the borrower's interest rate cost is pre-determined, there exists some flexibility in terms of length and amortization that can be structured to suit an individual business, and cannot be recalled by the lender unless default has occurred.

What you need to do to apply

Applicants for term loans will require a statement of personal financial status, statements of any business financial statements, any past business tax returns, a credit rating report, and documentation of any collateral.

Apply for a Term Loan

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