Long-term business loan offers have become more common in recent years as a result of the rise of Fintech Online Business Lenders. Long terms are those that last longer than two years. Rates vary widely and can range from 6.00 percent to 28 percent, depending on the company’s credit and financial situation. To qualify and get approved, expect to give a lot of evidence, as the rates and terms are appealing. Approval rates for these programs range from 15% to 25%, indicating that only the healthiest and most successful enterprises are accepted. Short-term loans have less severe credit requirements. To be eligible, your business must have been in operation for at least two years.
Long Term Business Loan Info:
- Rates: Interest rates start at 7% and go up from there.
- Loan Term: 2 to 5 years, with the possibility of a 10-year extension.
- Fee:Â Origination Fees range from 1% to 3% of the total.
- Payments: Monthly or bi-monthly basis, depending on your credit score.
- Standards: Credit history must be excellent and extensive.