There are several places you can turn when your business is in need of money. Since this decision will impact your company in many ways, it’s critical to take your time.

Some business owners make the mistake of borrowing money from a loan shark or hard money lender. It sounds like a reasonable idea upfront, until you find that the terms and conditions are slanted heavily against you.

Rather than make a poor decision that could affect your business for many years to come, turn your attention to the benefits of a term loan. There are hundreds of online and brick and mortar financial institutions that offer these loans, among many other types.

Here are some of the most appealing benefits of a term loan:

  • Competitive, fixed interest rate: When compared to borrowing from a loan shark, you’ll find that your rate is much lower. This allows you to save hundreds or maybe even thousands of dollars. Furthermore, with a fixed rate, there are no concerns about your payment changing from month to month.
  • Variety of terms: Term loans typically range from 12 to 84 months, giving you the flexibility to choose the option that best suits your budget.
  • Fast funding: If you supply everything the lender requires in a timely manner, you’re likely to receive a decision within 24 to 48 hours. If approved, you can sign the final documents and immediately get your hands on the money.
  • Peace of mind: It’s stressful to enter an agreement with a loan shark, as you never know how they’ll take advantage of you. Not to mention the fact that you put yourself in harm’s way should you be unable to repay the money. Conversely, you’ll have peace of mind when you borrow from a reputable lender.

These are just a few of the many benefits of a term loan for your business. If these pique your interest, contact three to five lenders to learn more about what’s available to a borrower in your position.

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