Compare These Top Vendors for Term Loans
Get $5,000 to $1 million in just 3 Business Days. Must own the business for a minimum of one year. Call (877) 491-7537
Directory of resources and experts for bad credit business loans. Quickly find providers of business financing options, no matter what your credit level.
www.business.com/finance/bad-credit-business-loans/Provider of short term loans for business purposes.
www.business.com/finance/short-term-loans/Business directory to 401k rollover information and advice.
www.business.com/finance/401k-rollover/Retirement industry advisers and consultants.
www.business.com/finance/retirement-consultants/Companies that provide retirement plan benefits, including 401k plans and pensions. Get information on corporate retirement plans, or how to offer retirement benefits for employees.
www.business.com/finance/retirement-plans/401(k) plans allow employees to save for their retirement by contributing a portion of their wages to an individual account. Employers can also contribute to 401(k) plans in the form of employee benefits; be sure your 401(k) vendor can manage your employees’ investments wisely.
www.business.com/finance/401k/Source: /guides/401-k-plans-key-terms-33062/
Learning about 401(k) plans key terms is a good place to start if you're considering starting up a retirement fund for your employees. From automatic enrollment to matching, after-tax and pre-tax contributions, 401(k) plans have several terms you may want to know before beginning one of these programs. Read More »
Source: /guides/401-k-plans-industry-overview-21253/
The 401k plan grew from a little known tax code loophole--which is where the 401k name came from--to the most common way workers invest for their retirement. This industry possesses trillions of dollars in allocated 401k retirement plan contributions. Read More »
Term Loans
If you want to apply for short or long term personal loans, you should follow these steps:
1. Gather your financial data. You will need to submit your credit score, proof of income and other loan information before a company will consider your long term loan application. This demonstrates your ability to pay them back and represents the risk level they take on. It's best to have all the necessary information available before applying.
2. Apply for long or short term loans with various companies. Keep your options open and apply to a couple of different companies so that you can easily compare results.
3. Research the terms of your short or long term loan before you agree. Make sure you understand the interest rate and the terms of repayment. Choose the company that offers the best deal.
Apply for short term personal loans to cover unexpected expenses
Occasionally, you may come up a bit short when you have unexpected expenses. Short term cash loans may be what you need to get through a rough patch. You can even find short term loans for bad credit.Use long term loans to cover major expenses
Some expenses, such as a mortgage or education, require a large amount of money. In order to keep your good credit, you need a long term loan that will allow you to take your time when paying back large sums.Find a long term personal loan with a 5 to 10-year payback plan
Sometimes, you may have financial needs that are not as immediate as what you'd use a cash advance for, but they don't require the amount of money that a very long term loan requires. You need to find something in the middle.- Always pay your term loans back on time. This builds good credit and will allow you to be eligible for lower interest rates next time you apply for a loan.
-
Get Multiple Quotes!
Briefly describe your project and get matched with the top vendors!
-
Tips & Advice for Term Loans
If you're a small business owner who needs working capital, a term loan may be the answer. Term loans are usually supported by an asset, such as equipment or machinery purchased for use by the company, or inventory that the company sells. Repayment of this type of loan is usually spread over a specific period of time, and divided into an equal number of payments.
Term loans include both intermediate and long-term loans. Intermediate term loans are usually repaid in one to three years and often take the depreciation of the asset used as collateral into consideration.
Long-term loans are typically repaid in three to ten years, although they can be granted a repayment period of up to twenty years. The assets of a company are used as collateral for these loans, and are often repaid quarterly as opposed to monthly, although monthly payments are also possible.
Term loans are most often granted to small businesses with a proven track record of stability and profit. The approval process can be grueling, and banks base their decision upon your credit history, your ability to repay the loan, the collateral used, your current business capital, and your business plan. Interest rates on term loans vary, but are typically just a few points above prime.
For additional resources and information about term loans, please reference Business.com.
-
Related Solutions & Vendors
- Balloon Payment Refinancing
- Business Loan Calculator
- Business Loan Rates
- Commercial Business Loans
- Commercial Leasing
- Debt Financing
- Debtor-In-Possession (DIP) Financing
- General Commercial Lenders
- Hotel and Motel Financing
- Lease Financing for Small Businesses
- Mezzanine Lenders
- Minority Business Funding
- SBA Loan
- Small Business Equity
- Unsecured Business Lines of Credit
