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 is a term loan different from a line of credit?

A term loan provides a one-time lump sum that you repay over a fixed schedule. You know the exact amount, payment, and payoff date from the start. A line of credit provides ongoing access to a revolving pool of funds that you can draw from and repay repeatedly. Term loans are better for one-time investments with a known cost (equipment, expansion, real estate). Lines of credit are better for ongoing or unpredictable expenses (cash flow gaps, inventory fluctuations).

What can I use a business term loan for?

Business term loans can be used for virtually any legitimate business purpose. Common uses include purchasing equipment, expanding or renovating your business, hiring new employees, building inventory, launching marketing campaigns, acquiring another business, refinancing existing debt, and funding general operations. The key requirement is that the funds are used for business purposes.

How long does it take to get a business term loan?

Through Slate Financial, many business term loans can be approved within 24 hours. The speed depends on the loan amount, the lender, and how quickly you provide the required documentation. Smaller term loans with fewer documentation requirements are typically the fastest. Larger loans or those requiring more extensive underwriting may take a few additional days. Our team works to make the process as fast as possible.

Do I need collateral for a business term loan?

Not always. Many business term loans are available as unsecured loans, meaning no collateral is required. Unsecured term loans are evaluated based on your business revenue, cash flow, and creditworthiness. Secured term loans, which require collateral like equipment or real estate, may offer better terms because the lender has reduced risk. Slate Financial offers both options and can help you determine which path is best for your situation.

Fixed Payments. Predictable Terms.

Business Term Loans - Predictable Payments, Clear Terms

Business term loans provide a lump sum of capital with a fixed repayment schedule. Know exactly what you owe each month, when the loan ends, and plan your business growth with confidence.

Apply for a Term Loan (843) 290-8928

Fixed Payments

Fast Approval

All Credit Considered

$5M

Max Loan Amount

1-5 yrs

Repayment Terms

24hrs

Approval Speed

Fixed

Predictable Payments

Understanding Term Loans

What Is a Business Term Loan?

A business term loan is one of the most straightforward forms of business financing. You borrow a specific amount of money, receive it as a lump sum, and repay it over a predetermined period with regular payments. The repayment schedule, payment amount, and end date are all established upfront, so there are no surprises.

Term loans are popular because of their simplicity and predictability. Business owners can plan their budgets with confidence, knowing exactly how much they owe each month and when the obligation ends. This makes term loans ideal for planned investments like purchasing equipment, expanding to a new location, or funding a specific growth initiative.

Slate Financial offers business term loans across a range of amounts and repayment periods. Whether you need a short-term loan for an immediate need or a longer-term loan for a major investment, our lending network has options to fit your business.

Loan Options

Types of Business Term Loans

Short-Term Loans

Repayment terms typically under 18 months. Ideal for immediate capital needs like inventory purchases, bridge financing, or taking advantage of time-sensitive opportunities. Faster approval and more accessible requirements.

Best for: Immediate capital needs and short-term projects

Medium-Term Loans

Repayment terms from one to three years. A solid middle ground that balances manageable monthly payments with reasonable total cost. Good for business growth initiatives that will generate returns within a few years.

Best for: Business expansion and growth investments

Long-Term Loans

Repayment terms from three to five years or longer. Best for large capital investments like real estate, major renovations, or significant equipment purchases. Lower monthly payments spread over a longer period.

Best for: Major investments and long-term growth

Use of Funds

What to Use a Business Term Loan For

Business Expansion

Open new locations, renovate existing spaces, or expand your operational footprint with capital that you repay over a predictable schedule.

Equipment Purchases

Acquire the equipment your business needs with a fixed payment plan. Know exactly what you owe each month until the loan is paid off.

Working Capital

Fund daily operations, hire new staff, or build inventory with a lump-sum infusion that gives your business room to grow.

Debt Consolidation

Combine multiple high-cost obligations into a single term loan with one predictable payment. Simplify your finances and potentially lower your total cost.

Advantages

Benefits of Business Term Loans

Predictable Monthly Payments

With a fixed payment schedule, you know exactly how much you owe each month. This makes budgeting and cash flow planning straightforward.

Lump-Sum Capital

Receive the full loan amount upfront so you can make the investment, purchase, or payment you need without waiting.

Build Business Credit

Consistent, on-time payments on a business term loan strengthen your credit profile, qualifying you for larger financing in the future.

Flexible Loan Amounts

Term loans are available in a wide range of amounts, from modest sums for small projects to millions for major investments.

Multiple Term Options

Choose a short, medium, or long-term repayment schedule based on your business needs and cash flow capacity.

Clear End Date

Unlike revolving credit, a term loan has a defined payoff date. You know when the loan will be fully repaid, making long-term planning easier.

Eligibility

How to Qualify for a Business Term Loan

We keep requirements accessible so more businesses can qualify. Here is what lenders typically look for.

Time in Business

6+ months for most programs

Monthly Revenue

Consistent business revenue

Credit Profile

All credit scores considered

Business Plan

Clear purpose for the funds

Documentation

Bank statements and business ID

Collateral

Not always required

Get Started

How to Apply for a Business Term Loan

Submit Application

Complete our online application in minutes. Provide basic business information and tell us how much you need.

Document Review

Our team reviews your financials and matches you with the best term loan options from our lending network.

Choose Your Terms

Review your offer with clear terms, payment schedule, and total cost. No hidden fees or surprises.

Get Funded

Accept your offer and receive funds deposited into your business account, often within 24 hours of approval.

Explore other financing options:

Business Loans SBA Loans Equipment Financing Lines of Credit Working Capital MCA Bailout

FAQ

Business Term Loan Questions

Ready to Get a Business Term Loan?

Get the capital your business needs with predictable, fixed payments. Apply online or call us to discuss your term loan options.

Apply Now (843) 290-8928