What is a Term Loan?
A LendSpark business term loan is a loan with a fixed interest rate that is repaid in regular payments over a set period – typically 1, 2, 3 or 4 years.
The ability to repay over a long period of time is attractive for growing businesses, as the expectation is that you will continue to increase your profit over time. Term loans are a good way of quickly increasing capital in order to increase inventories, add new employees, improve marketing, etc.
What are the Benefits?
- Likely Tax Advantages Under IRS 179
- Finance Rates as Low as 5%
- Flexible Payback Terms from 3 Months – 5 years
- Numerous Types of Leases (True, FMV, $1 buyout, etc.) for All Businesses
- Fast Approvals – Often Same Business Day
- Less Documentation and Faster Funding than Other Options