Term Loan

A term loan is a type of financing that requires specific qualifications and documentation for approval. To be eligible for a term loan, applicants typically need a credit score of 600 or higher (FICO), a minimum of one year in business, and a monthly revenue of at least $20,000. Funding amounts for term loans range from $25,000 to $1,000,000, with a relatively quick time to fund of 7-10 days. The interest rates for term loans can be as low as 10%, depending on the business profile and case.

When applying for a term loan, there are stipulations to meet for funding approval. These may include providing 3 months of business bank statements, a voided check for the business account, a valid government-issued identification, financial statements based on the size of the deal, and a signed business application. It's important to note that funding requirements may vary based on the size of financing and the specific lender's criteria.