Fixed Term Loan

Fixed-Term Business Loan Program Description

The fixed-term loan is different from both a traditional bank loan and a business cash advance. It differs from a bank loan because approval and funding takes slightly over a week and credit scores can be lower than those required for bank loans.

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And it differs from business cash advances in that the effective interest rates are about half those of so-called merchant cash advances and payments and term are fixed.

If you'd like to compare these to a business business cash advance or a low-credit business cash advance, you can visit those pages and view the business cash advance calculators.

Comparison of our Fixed-Term Loan and Business Cash Advance Programs

Fixed-Term Business Loan
Business Cash Advance

A business loan with a fixed interest rate and term.

Not a loan, an asset purchase

For a $20,000 loan, typical payback is $23,800 over 6 months for daily payment of $132.

For a $20,000 advance, typical payback is $27,600 over 6 months for a daily payment of approximately $153.

No need to change credit card processor.

Typically must change credit card processor.

No interruption to credit card activity. Will collect a fixed daily payment from your business bank account.

Cash advances typically intercept your credit card receivables at the merchant processor and take a fluctuating percentage of your daily credit card volume.

Successful repayment of this loan will be positively reflected in your credit history.

Successful repayment of a cash advance will not be positively reflected in your credit history.

Basic Requirements

In order to qualify, some basic needs must be met:
  • In business for 1 year or more (2 years for certain programs)
  • Annual Revenues over $100,000
  • Credit Card dollars per month over $10,000 (as low at $3,500 for certain programs)
  • Average Business Checking Account balance over $3,000 (as low as zero for one program)
  • FICO score 600 or better (can be lower for certain companies with very large cash flow)
  • Separate business location

Industries That Qualify Most Easily

Main Street small, growing businesses with walk-in customers and many transactions.
  • Retailers
  • Restaurants
  • Medical and Dental clinics in general practice
  • Food Markets, especially boutique focused
  • Automobile parts stores

Industries That Sometimes Qualify

  • Internet Retailers
  • Gas Stations
  • Oil & Fuel Equipment / Suppliers
  • Motocycle Dealerships
  • Floor covering stores
  • Auto Accessory stores
  • Travel Agencies
  • Cell Phone Retail Stores
  • Specialty tradesmen like plumbers, electricians

Businesses With These Characteristics Are More More Likely To Be Approved For a Business Cash Advance

  • FICO score below 600
  • Low balances in checking account
  • In business less than one year

Learn more about the next steps

  1. Documentation required for a Fixed-Term Business Loan
  2. The next steps for obtaining a Fixed-Term Business Loan






 
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Questions?

Please feel free to contact us at 510-962-3070 or 877-221-3003 if you have any questions about applying.