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Term Loans
Term loans are one of the most popular types of small business loans. If you've ever taken out a mortgage or financed a vehicle purchase, then you're probably familiar with the mechanics of a term loan. Term loans are delivered via a lump-sum of capital from a lender and paid off in fixed installments according to a schedule until you pay back the principal plus any applicable interest (and any fees). Repayment periods can vary from short term (6 months) to medium term (1 -3 years) to long term (7 years).
Merchant Cash Advance
Merchant cash advances aren't exactly small business loans. Instead, they're a cash advance against your future credit card revenue delivered to you in a lump-sum. The advanced amount, which can be between $2,500 to $500,000 is determined by the issuer and based on your average monthly credit card sales.Because the cash advance is repaid as a percentage of your daily credit card revenue, it may take anywhere from 90 days to two-and-a-half years to repay
Line Of Credit
A line of credit is a flexible form of short-term financing. You have a set amount of available credit that you can access as you need. With a business line of credit, you do not make any payments or pay any interest until you actually use the funds. A line of credit is ideal for unexpected expenses so that you don't have to rely on cash flow when emergencies arise.