Simple Way to Get a Mid-Term Business Loan
A Mid-term business loan is a type of term loan tucked in between short-term loans and long-term loans. The borrower has to repay the loan in 2 to 5 years with a fixed interest rate, depending upon the lender. BitX Funding provides borrowers access to a Mid-term business loan up to $500k in cash which is to be repaid on a set term. Some lenders facilitate the buyers to repay the loan in 5 years vs. a 2-year term that has a lower interest rate. With BitX Funding, the borrower has an option to credit back the loan between 1-5 years with no prepayment penalty.
If you have started a small business that has reached the self-funding stage, it is time to touch more significant landmarks. Bitx funding respects your dreams by giving you a financial boost. With Bitx Funding, you can borrow a Mid-Term Business Loan from $25k to $500k, depending on your company’s annual revenue, business credit, and personal credit score.
The following points are a deep-big theory on The Simple Way to Get a Mid-Term Business Loan.
Credit history is a record of a borrower’s credibility. A report that reveals how good/bad the customers have been in terms of paying dues timely, the banks’ associations, the number and type of accounts owed, maximum and minimum balance in accounts, and how long the account(s) had credit, and monthly income. The credit history speaks about your ability to return the loan. The lenders apply a check on the credit report before offering the loan and deciding payback terms.
The credit score is a numerical sum of your credit report. In the bank’s jargon, it is called FICO, which helps the lender to determine whether to approve the loan or not. The credit bureau labels up a numerical number for each instance in your credit report. The sum of all numbers finalizes your credit score. Usually, it should be 680 or above is the least requirement.
Customers Personal History:
Other than credit history, the borrower’s personal history is another crucial requirement. It is a record containing the necessary information to tell how legal the lendee has been. A standard personal report includes a health report, criminal history, and other legal documents like an ID card, driving license, and academic information. Lenders require the lendee’s personal history prior to sending him the loan.
Requirements and terms to get Mid-Term Business Loan from BitX Funding?
- Prime + 2.75%
- 10 years with no prepayment penalties
- Credit Minimum is 680 >
- Profitable year over year
- Minimum Revenue per Year $250,000
- Minimum Time in Business 2 Years
- No change in ownership within 2 years
BitX Funding is the online marketplace for small business owners looking to fund a project. We specialize in connecting small business owners with lenders who will compete for your business. We believe small business owners drive the economy, and we are passionate about helping your company reach its full potential.