5 Best Small Business Term Loans to Lower Interest Rates
Hello Sahabat LoanPlafon.id! Running a small business requires careful management of cash flow, especially when it comes to financing. Term loans can be an attractive option for small businesses looking to expand or cover expenses. With a variety of options out there, it can be hard to know where to start. In this article, we’ll be discussing the 5 best small business term loans to lower interest rates.
Chase Business Term Loan
Chase Bank offers a variety of business loans, but their Business Term Loan stands out. With competitive interest rates and repayment terms of up to 7 years, this loan can be a great option for small businesses. Chase also allows you to borrow up to $500,000, giving you the flexibility to finance your business needs.
If you’re wondering whether you qualify for this loan, there are a few requirements to keep in mind. Chase typically requires a credit score of 680 or higher, at least 2 years of business history, and an annual revenue of at least $250,000.
Bluevine Term Loan
Another great option for small business owners is the BlueVine Term Loan. With interest rates starting as low as 4.8% APR and repayment terms of up to 2 years, this loan can help you finance your business needs without breaking the bank. BlueVine also boasts a speedy application process, with funding available as soon as the next business day.
If you’re interested in applying for the BlueVine Term Loan, keep in mind that you’ll need a credit score of at least 600, at least 6 months of business history, and an annual revenue of at least $100,000.
Lendio Business Term Loan
Lendio is another popular lender for small businesses. They offer a variety of loan options, including their Business Term Loan. With interest rates starting at 6%, this loan is a great option for businesses looking to lower their interest rates. Lendio also offers repayment terms of up to 5 years and loans ranging from $5,000 to $2 million.
Keep in mind that Lendio does have a few requirements for borrowers. You’ll need a credit score of at least 680, at least 12 months of business history, and an annual revenue of at least $250,000.
Fundbox Term Loan
Fundbox is a newer player in the small business lending space, but they’ve quickly gained popularity for their user-friendly platform and competitive interest rates. Their Term Loan starts at 7.99% APR and offers repayment terms of up to 24 months. Fundbox also allows you to borrow up to $150,000, making it a great option for small businesses with varying financing needs.
To qualify for the Fundbox Term Loan, you’ll need a credit score of at least 680, at least 6 months of business history, and an annual revenue of at least $100,000.
American Express Business Loans
For businesses with an American Express business card, the American Express Business Loans can be a great option. These loans come with competitive interest rates and flexible repayment terms of up to 2 years. Plus, if you’re an American Express cardholder, you may be able to take advantage of special offers and rates.
Keep in mind that American Express does require a credit score of at least 720, at least 2 years of business history, and an annual revenue of at least $200,000.
In conclusion, term loans can be a great option for small businesses looking to finance their growth or cover expenses. By choosing a loan with a lower interest rate, you can save money in the long run and keep your business finances healthy. As always, be sure to carefully consider the requirements and terms of each loan before making a decision. Good luck on your financing journey, and see you in the next interesting article!