Term Loans

There are so many different financing options out there, it can be difficult to figure out which one is best suited to your needs. We understand that this kind of decision is a big financial commitment, and our dedicated specialists are available on-hand to help you determine whether a business term loan with our agency in Michigan is the right option for you. The first question you need to ask yourself is “What do I need the loan for?” If you’re looking to finance a large purchase, or to make a specific investment in your business, then a term loan may be the right option for you.

Term loans are a good option if:

• You need access to the money quickly
• You need a large lump sum of money
• You need a long repayment period
• You have a specific expense in mind and you know exactly how much money you need

How a term loan can benefit you:

• Term loans normally allow for longer repayment periods. This means that if you need to borrow a large amount, you can have the option to spread the payments over an extended period of time.
• It is usually easier to get approved for a term loan than for a line of credit. Lenders tend to be a little bit more strict when it comes to lines of credit.
• Term loans will usually have better rates. While a line of credit may allow you for better flexibility, it also comes at a cost (interest rates and fees).

There are a number of ways a term loan can help you expand your business, depending on your individual circumstances it may be the ideal option for you. Reach out to our financing specialists to get a solution that is tailored to your needs. We help you grow your businesses in Detroit and nearby cities.

5 ways to grow your business with a term loan:

• Purchasing large equipment or machinery
• Expanding to a new location
• Funding renovations
• Financing marketing campaigns
• Investing in renovations

When you apply for a term loan with our agency, you will receive a one-time lump sum to spend on your business however you see fit. With a term loan, the set amount is provided at a fixed rate and repayment term. You will have to pay the loan back according to a set repayment schedule. This kind of loan allows you to plan out the timeline for your specific project, determine exactly how much you can afford to borrow, and set up a repayment schedule according to the fixed interest on the loan.

See also : What is a short term business loan?

Apply with Business Loans Michigan for your term loan today and receive a response within 24h! We can give you access to your funds in as little as 1-2 days. Need additional information about term loans ? If you would like to know if this is the right option for you, please reach out to our dedicated team of financial advisors. We are dedicated to helping you grow your business in Detroit and other cities.