How fast can I get a business loan?

With Slate Financial, many business loans fund in as little as 24 hours. MCAs and lines of credit can fund same-day. Term loans typically fund in 24-72 hours. Real estate loans range from 5 days to 4 weeks depending on the product.

Can I get a business loan with bad credit?

Yes. Products like MCAs, MCA Bailouts, and Lines of Credit are primarily based on your business revenue, not your personal credit score. If your business generates consistent monthly revenue ($10K+/month), you likely qualify for funding.

What types of business loans does Slate Financial offer?

Slate Financial offers 14 loan products including Term Loans, Lines of Credit, Merchant Cash Advances, MCA Bailout, 0% Interest Business Credit Cards, Equipment Financing, Purchase Order Factoring, Commercial Real Estate Loans, Residential Mortgages, DSCR Loans, Fix and Flip Loans, Ground-Up Construction Loans, Mergers & Acquisitions Financing, and Form 1003 Mortgage Applications.

Does applying for a business loan affect my credit score?

No. Slate Financial's initial application uses a soft inquiry that does NOT impact your credit score. A hard pull is only done after you've reviewed and accepted a specific offer from a lender.

A DSCR (Debt Service Coverage Ratio) loan allows real estate investors to qualify based on the property's rental income rather than personal income. If the property's rent covers the mortgage payment, you can qualify without providing pay stubs, W-2s, or tax returns.

How quickly can I receive funds after applying?

Most business term loans fund within 24 to 72 hours after approval and document verification. Some SBA-backed term loans may take longer due to additional government requirements. The speed depends on how quickly you provide the required documentation and the lender's processing timeline.

Do I need collateral for a business term loan?

Not always. Many term loans under $250,000 are unsecured, meaning no specific collateral is required. However, most lenders will require a personal guarantee and may file a blanket UCC lien on business assets. For larger loans, specific collateral such as equipment or real estate may be required to secure the best rates.

Can I use a term loan to refinance existing business debt?

Absolutely. Debt refinancing is one of the most common uses of business term loans. If you currently have high-interest MCAs, credit card balances, or other expensive financing, a term loan can consolidate that debt into a single lower-rate payment, reducing your total cost of capital significantly.

What is the difference between a term loan and a line of credit?

A term loan provides a one-time lump sum that you repay over a fixed schedule, while a line of credit gives you access to a revolving pool of funds you can draw from as needed. Term loans are better for specific, defined expenses, while lines of credit are ideal for ongoing working capital needs where the required amount fluctuates.

Back to all products

Term Loans

Fixed-rate business term loans with predictable payments and competitive rates for established businesses.

LOAN RANGE

$25K – $5M

TURNAROUND

24–72 hours

Best for established businesses with at least one year of operating history that need a predictable lump sum of capital with fixed monthly payments.

About Term Loans

Business term loans provide a lump sum of capital repaid over a fixed schedule with predictable monthly payments. Available from $25,000 to $5,000,000, term loans are one of the most straightforward and widely used financing products for established businesses looking to fund growth, make strategic investments, or refinance existing debt at better rates.

Unlike revolving credit products, a term loan gives you the full amount upfront so you can act on opportunities immediately. Repayment is structured over 1 to 5 years with fixed interest rates, meaning your payment amount never changes over the life of the loan. This predictability makes budgeting and cash flow planning straightforward.

Slate Financial offers term loans through a network of banks, credit unions, and alternative lenders, allowing us to match your business profile with the best possible rate and terms. Whether you need working capital to hire staff, funding to open a second location, or capital to purchase inventory in bulk, a business term loan provides the certainty and structure many business owners prefer.

How It Works

1Submit your application with business financials including bank statements, tax returns, and a profit-and-loss statement so we can evaluate your revenue and repayment capacity.
2Our team reviews your application and matches you with lenders whose programs align with your credit profile, industry, time in business, and funding needs.
3You receive one or more term loan offers detailing the loan amount, interest rate, monthly payment, term length, and any associated fees.
4Once you accept an offer, the lender completes final verification, and funds are deposited directly into your business bank account, typically within 24 to 72 hours.
5You make fixed monthly payments over the agreed term until the loan is fully repaid, with no prepayment penalties in most programs.

Who Qualifies

Minimum 1 year in business (2+ years preferred for the best rates)
Annual revenue of $100,000 or more
Personal credit score of 650 or higher (680+ for optimal terms)
No active bankruptcies; prior discharged bankruptcies considered on a case-by-case basis
Positive cash flow demonstrated through business bank statements
Willingness to provide a personal guarantee (required by most lenders)

Typical Terms

Loan Amount	$25,000 - $5,000,000
Interest Rate	7% - 30% depending on risk profile
Repayment Term	12 - 60 months
Payment Frequency	Monthly (some programs offer weekly)
Origination Fee	0% - 3% of loan amount
Prepayment Penalty	None in most programs

Pros & Cons

Advantages

+Fixed monthly payments make budgeting predictable and manageable

+Lower interest rates compared to merchant cash advances and daily-debit products

+Lump-sum funding lets you act quickly on business opportunities

+No prepayment penalty in most programs, so you can pay off early and save on interest

Considerations

-Requires more documentation than alternative products like MCAs or lines of credit

-Most lenders require at least 1 to 2 years in business to qualify

-Personal guarantee is typically required, putting personal assets at risk in case of default

-Funds are received as a lump sum, so you pay interest on the full amount from day one

Ready to Apply for Term Loans?

Fill out the application below and a funding advisor will reach out within 1 business day.

Application Form

All fields marked * are required. Your information is encrypted and secure.

Business Info

Business Legal Name *

Business Type *

Industry *

Time in Business *

Annual Revenue *

Loan Details

Loan Amount Requested *

Purpose of Loan *

Desired Loan Term *

Owner Info

Owner Full Name *

Owner Email *

Owner Phone *

Personal Credit Score *

How did you hear about us?

Document Upload

After submission, your advisor will send a secure upload link for required documents.

Credit Authorization

By checking the box below, I authorize Slate Financial and its designated partners to pull credit reports for the purpose of evaluating this funding application. I understand that:

A soft inquiry will be conducted on my personal credit (this will not impact my personal credit score)
A hard inquiry will be conducted on my business credit (this may be reflected on my business credit report)
These inquiries are used solely to assess eligibility for business funding products
My information will be kept confidential and used only for this application

I authorize Slate Financial to perform a soft pull on my personal credit and a hard pull on my business credit

🔒 256-bit SSL encrypted · Your data is never sold

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Program Highlights

Fixed monthly payments

1–5 year terms

Competitive rates

No prepayment penalty

Required Documents

Have these ready to speed up your approval:

📄6 months business bank statements

📄Last 2 years business tax returns

📄Last 2 years personal tax returns

📄YTD profit & loss statement

📄Business license

📄Driver's license (front & back)

📄Voided business check

Typical Timeline

24–72 hours

Timeline begins after all required documents are received and verified.

Need Help?

Talk to a funding advisor

📞 (843) 290-8928

Term Loans

About Term Loans

How It Works

Who Qualifies

Typical Terms

Pros & Cons

Ready to Apply for Term Loans?

Application Form

Business Info

Loan Details

Owner Info

Credit Authorization

Program Highlights

Required Documents

Typical Timeline

Frequently Asked Questions

Application Form

Business Info

Loan Details

Owner Info

Credit Authorization