FAST FUNDING TO YOUR BUSINESS
Small business owners no longer have to rely on traditional banks for finding small business loans. From lines of credit to invoice financing, online lenders offer a variety of financing solutions at competitive interest rates. Here are the most common types of business loans. Which is the best for your business's needs?
BUSINESS TERM LOANS
Just like with a traditional bank loan, with a traditional-term business loan, you are lent a lump sum amount upfront, which you pay back (along with fees) over a set period of time.
The best small business loans fuel growth for your business without any hassle, so you have financial flexibility for your daily operations.
With a business line of credit, you can borrow up to a maximum credit limit and only pay interest on the amount of capital that you borrow from your credit line.
With equipment financing, the lender will front you cash to help purchase the equipment outright. You then pay back the total amount lent, plus fees, for a set period of time.
Invoice financing lets you sell invoices to a lender, who fronts you a portion of the invoice amount. The remaining percent (usually 20%) is held until the invoice is paid.
With merchant cash advances, a financing company fronts you a lump sum of capital, which you repay (plus their fee) with a set percentage of your daily credit card sales.