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A term loan can provide your business with a lump sum of funds to finance capital expenditures, business expansion, or working capital needs. It typically has a fixed interest rate and a repayment period of 1-10 years, providing predictable monthly payments to manage cash flow. It can help build business credit and improve overall financial stability.

Cash advance/Term Loan application processing time varies, but it’s typically faster than traditional loan processing. Some lenders offer quick approvals, with funding available in as little as 24 hours.

Early repayment of a cash advance loan does not result in a penalty. Some lenders may offer discounts for early repayment or renewing with them before the full term expires. It’s important to review the loan agreement and understand all fees and terms before accepting the loan.

To start the process the typical documents include our application filled out and the last three months of your business banking statements (all pages). In order to close (fund your account) we will need a valid color copy of your driver’s license, a voided check from the account supplied to us and proof of ownership for the business.

Origination fee: This is a fee charged for processing and approving the loan application, which includes verifying a borrower’s information. This is fee is offset by the funding amount at completion of the loan.

Annual fees: (lines of credit): Some lenders charge an annual fee to keep your business line of credit open and active.

Application fee: Lenders sometimes charge a fee for processing your loan application. Put simply, you get charged just for applying. Luckily, these fees don’t seem to be the status quo for business lenders. We rarely see banks or online lenders charge application fees.

Missed payments: This one’s simple. If you miss making a payment on your business loan, your lender might charge you a fee. Most lenders charge a fixed late fee, but many charge a percentage of the missed payment as well. If they do not charge a percentage then they will require a “make up” payment to be made. The vast majority of business loans include late payment fees. If a specified amount of payments (usually 5) is missed, you may go into default status and be charged an additional fee. For more details on how this please reference the Appendix A of the agreement and make sure to read the agreement in full.

1. Purpose of loan: Determine why you need the loan and what you will use it for.

2. Loan amount: Determine the amount you need and make sure the loan amount fits your budget.

3. Repayment terms: Consider the length of time you have to repay the loan and what your monthly payments will be.

4. Interest rates: Compare interest rates and determine which one offers the most favorable terms.

5. Terms and conditions: Read and fully understand the terms and conditions of the loan before accepting it.

Consult with a New Bridge Merchant Capital Advisor to help you make an informed decision.