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Unsecured Funds
No Personal Guarantee &
No Collateral Required*
Quick Funding
Get Funded Within
a few days
Simple & Easy
Past credit issues may
NOT be a problem
Fast Approvals
Within 24 hours of
application
What is a Business Term Loan?
A business term loan is a loan that your business receives in one lump sum, that you pay back in a predetermined payments with a fixed interest rate.
Funding Amount
10K – $5M
Funding Term
3 months – 10 years
Rates
Starting at 5%
Speed
1-3 Business days
Pros
- Fixed monthly payments
- Longer loan terms
- Less than perfect credit accepted
- Use for a variety of business purposes
Cons
- Same payment even when business is slow
- Possible prepayment penalties
It’s always great to have options. With online credit opportunities, you can apply for all sorts of small business loans that fit your specific needs. However, these online options don’t always give you the simplicity that you need. Sometimes, you just need to keep it simple, but you don’t want to deal with the bank. With United Capital Source, you can have the best of both worlds. Not all credit sources offer a simple business term loan, but we do. If a business term loan is the right choice for you, then contact us. Not sure if you need a term loan or another option? Don’t worry. We’ll help you find the type of financing that will work best for you and your business.
Compared to other loan types
| Loan types | Max Amounts | Rates | Speed |
|---|---|---|---|
| Merchant Cash Advance | $7.5k – $1m | Starting at 1.09 | 1-2 business days |
| SBA Loan | $50k-$10m | Starting at 5% | 3-5 weeks |
| Business Term Loan | $10k to $5m | Starting at 5% | 1-3 business days |
| Business Line of Credit | $10k to $250k | Starting at 8% | 1-3 business days |
| Receivables/Invoice Factoring | $50k-$10m | Starting at 5.8% | 1-2 weeks |
| Equipment Financing | Up to $5m per piece | Starting at 5% | 3-10 business days |
| Revenue Based Business Loans | $10K – $5m | Starting at 9% | 1-3 business days |
United Capital Source
Ready to invest in your own business? Then we’re ready to help get your business the term loan it needs. At United Capital Source, we want to help your business thrive. Start your online application with us today. Also, please feel free to give us a call, shoot us an email, or start an online chat. We look forward to working with you!
Who Qualifies
Who Qualifies for Business Term Loans?
To apply for a business term loan, you simply have to fill out an application and provide three months’ worth of business bank statements. We don’t require extensive paperwork, perfect credit scores, or try to make things complicated. As long as you run a profitable business, you have an excellent chance of qualifying for a small business loan with United Capital Source.
How to Apply
How to Apply for a Business Term Loan
Like any small business loan facilitated by United Capital Source, your application process is simple and straightforward. In just a few steps, you’ll have a completed application. Here’s what you’ll need for your loan application.
Consider Your Needs
Your application will go much more smoothly if you have a ballpark idea of how much you’ll need. Consider how you plan to use this funding over time also, to account for everything you will need.
Gather Your Documents
At United Capital Source, we like to start with documents from your past three months of business to get a good sense of where your business is. Here are the things you’ll need for your application:
- Driver’s license
- Voided business check
- Bank statements
- United Capital Source 1 Page Application
Submit Your Application
Now, all that’s left is to submit your business term loan application. At United Capital Source, we do everything we can to simplify the application process. You can call us if you want someone to guide you through the process and offer advice. Otherwise, all you have to do is apply online. You can finalize your application quickly and hear back from us within 24 hours. From there, you may even receive your funds within just a few business days.
How it Works
How Does a Business Term Loan Work?
A business term loan is the most common and easily-understood small business loan. After your application is approved, you’ll receive a lump sum of money. You’ll repay this money with interest on a fixed schedule. You might make payments daily, weekly, biweekly, or monthly, depending on your loan terms. Unlike some other business loans, you’ll pay the same amount of money in each loan payment.
Cost
How Much Does a Business Term Loan Cost?
How much your business term loan costs depends on a few factors. First, your original loan amount will obviously determine how much your loan costs. Second, your interest rate will alter that cost. At United Capital Source, our term loan business rates start at 9%. Your regular payments for your business term loan will be smaller than they would be for other types of business loans. That’s because you pay off term loans in a matter of years, not weeks or months. If you want to get an estimate of your loan payment costs, try using our business loan quote tool at the top of this page.
People Also Ask
People Also Ask
Whether you’re seeking your first business loan, or you’ve done this before, you probably still have a few questions. We’ve listed some of our most commonly-asked questions below. Check them out, and if you have any more questions, feel free to get in touch with us.
Why Choose United Capital Source Instead of a Bank?
While online business lending companies have lots of new and innovative loan options, the banks have always offered term loans. So why choose United Capital Source instead of a bank for your business loan?
United Capital Source funding programs come with all sorts of advantages that you can’t get from a bank. First of all, you don’t need a flawless credit score to get a business term loan from UCS. To the banks, your credit score is the most important thing about you. It doesn’t matter if you make consistent revenue and always make your payments on time. A bad credit score can kill your business loan application. With UCS, we look at far more than your credit score, and we have a bad credit business loan program that can help you get the funds you need.
Second, banks often require that you use your assets as collateral for your business loan. At UCS, we offer programs with unsecured funds, meaning that our business loans generally don’t require collateral.
Finally, a bank loan can come with mountains of paperwork. At UCS, we keep our paperwork to a minimum, so you can focus on your business.
Why Use a Business Term Loan Instead of a Different Loan?
With all of these loan options, why choose a business term loan? Lots of our clients choose the business term loan option, and here are the two biggest reasons why.
First, a business term loan provides simplicity. While some people need a modified repayment schedule, smaller funds, and other adjustments, a term loan is for those who want to keep things simple. You’ll always know exactly how much to pay and when to pay it.
Second, business term loans are perfect for those who want to make a big investment. While we have options for smaller, everyday needs, business term loans are best for those who want to open a new location, make a major inventory change, or maximize their business growth.
Is a Business Term Loan My Best Option?
As long as you want to make a major purchase and are ready to make long-term, steady payments, then a business term loan is probably your best bet. However, if you’re not sure, you can always have a chat with us. We can help you figure out which type of business loan product will do the most good for your company.
Most customers who were approved had
Annual Revenue
$120K+
Credit Score
600+
Time in Business
1 year+
What Documents Will I Need To
Apply For A Business Term Loan?
- Driver’s License
- Voided Business Check
- Bank Statements
- United Capital Source 1 Page Application
Business Term Loans are a great financing solution that gets you the right amount of funds for a project and predictable monthly payments over a fixed term.
Danielle Rivelli
Business Term Loans