Fund projects and purchases that drive your business forward.
What is a Fixed Term Loan?
A fixed-term loan is also called term loan, and it is designed to help your business meet long-term financing needs. It has fixed interest rates that do not change over time. Getting a business term loan is an excellent option because you know your costs (and monthly\weekly payments). The term length can be one to five years long.
Who Qualifies for a Term Loan?
Any business can qualify for a fixed-term loan if it has:
Generally, lenders have a set of rules to provide business term loans. Once you qualify for the term loan, the below points will determine the interest rate, length of the term, and the maximum loan amount you will get.
How to Apply for Business Term Loans?
Applying for any loan is mostly depends on the type of lender as you must go through a longer application process with many documents required while approving a loan from banks.
But thankfully, there are now many online lenders, like BitX Funding that offer business term loans at affordable rates. Online lenders have a simple online application process that is much faster to complete and process as compared to banks.
Maybe online lenders do not require all the mentioned documents but having all these ready is a safe bet.
How Do Business Term Loans Work?
It’s not surprising when a business needs extra cash. It can be for equipment upgrade, investment, or to suffer a crisis. The business term loan is probably the option business owners opt for as they are the most common and ideal loan out there.
You get a decided amount of money with a fixed interest rate. Then you pay that cash on agreed intervals. The best part of this loan is that there is nothing unexpected happens during the process, and you know everything about it.
Different Kinds of Business Term Loans Available
There are other business loan options available in case if you don’t need a fixed term loan or your business facing issues to qualify.
Depending on your business needs, credit rating, and revenue, you can select from small business loan terms or long term business finance.
At Bitx Funding you have plenty of loan options to choose from. You can visit their site and examine which loan fits right into your business needs and circumstances. They offer alternative small business loans, SBA Loans, mid-term business loans, equipment financing, and more loan options. All loan option comes with ample benefits!
Applying for a Business Term Loan
Qualifying for the business term loan can be tough, especially if you have a low credit score and no collateral to offer. A Fixed term loan comes with a lot of benefits, so to qualify, you need to provide a strong background. But if your business is strong enough and you have a strong background to show the lenders, then all you have to do is to fill up a simple form and apply. You don’t need to overwhelm yourself with a lot of paperwork and additional terms and policies of banks while working with online lenders.
In case if you cannot pay the loan, then lenders have the right to put a blanket lien on your business. A blanket lien allows a legal lender to claim to all of a borrower’s business assets, and the lender can seize all of the business’s assets up to the value of the debt. So while signing any contract with lenders, make sure you know what you are getting into.
What Will a Term Loans Cost You?
Pricing may vary depending on the lender, but most commonly you get charged with a 7.75% interest rate (starting). The loan term is generally between 1 to 5 years. You can typically take a maximum of $25k to $500k amount, but with BitX Funding, you can fund your account in between $5k to $5Million.
Why is BitX Funding the Best Option for Term Loan?
We offer fixed-term loans on easy regulations so your business can continue to reach new heights! We have already helped a lot of small businesses, and our application process is simple. Visit our site, review your options, complete the application, and get your fund as fast as 24Hours. Helping businesses is what we are all about,
BitX Funding is your online marketplace for small business loans. From SBA, start-up lines of credit, short-term loans, mid-term loans, invoice financing to merchant cash advances and lines of credit, BitX Funding is where lenders compete for your business. Our top-rated lenders focus on real-life business data and cash flow, which means you can qualify for a loan even if your credit score isn’t perfect. What differentiates us from the competition is that with a brief questionnaire our highly trained loan consultant will listen to your needs and match you with the appropriate funding. You can go at it alone and spend hours online trying to find funding for your business or you can have a one-stop experience with BitX Funding and our direct connection with the lenders.