What is a term loan?
Term loans are loans disbursed in a lump sum. Borrowers will receive the entire loan amount up front and will pay back the loan over a set period of time, which is known as the loan term. Depending on the…
Read moreHow does a term loan work?
When you receive a term loan with our lenders, you’ll receive your loan amount in a lump sum upfront. Depending on your agreement with your lender, you’ll pay back the loan amount in installments at a fixed interest rate. The…
Read moreDoes my business qualify for a term loan?
To be eligible for a term loan with our lenders, you must meet the following requirements: Your business must be at least 90 days old and have income Your business must be for-profit You must have a personal credit score…
Read moreHow much can I receive with a term loan?
When get connected to a lender through Opportunity Business Loans, your term loan amount can be anywhere from $3,500 to $75,000.
Read moreCan I pay off my term loan early?
Yes. Our lenders have no hidden fees and will not penalize you for paying off your term loan early. Customers who want to save money on interest can make additional pre-payments without penalities.
Read moreDo you report my payments to credit bureaus?
Yes, our lenders report your payments to credit bureaus. As you make your payments on time, you will be able to improve your credit profile.
Read moreWould I be able to get another loan?
In many cases, our lenders will only give one loan at a time. However, once your first loan is paid off, you can apply for another loan and may qualify for lower fees, lower rates, and a higher loan amount….
Read moreWhat if my business needs more than $250,000?
If your business is in need of financing of more than $250,000, we recommend looking into invoice factoring financing. Our invoice factoring will give your business the flexibility to receive financing up to $5,000,000. Read our section on invoice factoring…
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