A business term loan is the most common type of financing that allows businesses to obtain financing without the need of any collateral. They can be used for pretty much any business need from working capital to purchasing of new equipment.
As the name suggests, a business term loan is a lump sum loan that is provided at the start and repaid over a pre-determined period of time (3 months - 5 years) with a fixed monthly instalment.
Depending on your credit quality, your interest rate might differ. For most banks, interest rates fall between 5.5% to 11% p.a, while alternative lenders start at 1-3% per month. Do note that loans typically come with a processing fee of about 1-5%.
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