A term loan is for a specific amount of money that has a set schedule of repayments, a specific length and set interest rate. These loans are often used by businesses because they offer access to capital with low fixed interest rates and a structured repayment schedule that can be built into a businesses future strategy.
At Idea Financial we offer term loans for businesses up to $25,000 and terms from 6 to 18 months so you can spend less time meeting with lenders and get back to running your business. This gives you the flexibility to adapt to changing markets and reinvest in your company. If you are interested in applying for a term loan, please use the apply now button in the upper right of the screen.
To qualify for a term loan you have to meet the following criteria:
- Your company must have been in business for at least 2 years. Companies that have been in business for this long can supply the necessary financial documentation to help us better understand their revenue stream.
- Your company must make at least $15,000 in monthly revenue. This helps us guarantee that your revenue channels can cover both business expenses and regular repayments.
- You must have a 650 or higher on your personal credit score.
- Your business can not be a sole proprietorship or non-profit.
If you meet these criteria and you are interested in a term loan for your business, please apply today.
To apply for a term loan, first read our section about whether you qualify. If you are able to meet these criteria, the application is easy. First, click the apply now button in the upper right-hand corner. Then fill out our easy and fast online application. There are just 3 steps, business information, owner information, and the financial review. This will only take a few minutes and funding can be rather quick.
Our application is free, easy, and will not affect your credit score. We also have dedicated business advisors who can help you along the way. Start your application now and get your term loan fast.
Term loans can be used for most business expenses. This includes expanding your business, opening new locations, managing cash flow, purchasing equipment or buying inventory. For a company trying to grow, a term loan can be a huge help. It can provide a lump sum of capital which is exactly what you need if you are trying to open a new store, hire staff and get everything in place for your business to expand.
Business term loans are also perfect if you need capital to invest in new company equipment or products. This could mean buying your best selling products in higher volume to get a discount or purchasing a piece of equipment that will make your business more efficient.
Whatever you need for your company, a term loan will likely help you pay for it. If you have specific questions, you can call our business advisors at 855 900 7838.
Yes, we do offer people multiple business loans. If you already have a term loan you can apply for a second one once the first loan is 50% paid off.
If you are interested in a second term loan and you have paid off at least 50% of the first one you can simply apply using our online form. The application process only takes a few minutes and you may be approved quickly.
We offer quick approval and funding. This means you could apply, get accepted and have access to your funds in less than 1 day.
We try to process each application as quickly as possible but if there are questions about the information you provide we may need to contact you before we can make a decision. In this case, approval may take longer. If you have questions about a loan application you can contact us at info@ideafinancial.com.
