Best For: With amounts ranging from $10,000 to $350,000, Credibility Capital loans are best for businesses with established financial histories and high credit scores who want to finance large investments such as equipment or property.
- Competitive interest rates
- Quick to fund, with an average of seven days to disbursement
- Will match borrowers who don’t qualify to lenders that may be more likely to approve their application
- Not available in Nevada, North Dakota, South Dakota or Vermont
- New business owners or owners with poor credit may have difficulty qualifying
- Loans require a UCC-1 filing
Interest Rates: APRs with this lender start at 8% with a maximum of 25%.
How To Qualify: To qualify for one of their loans, your business should have a minimum annual revenue of $250,000 and at least 18 months of operation under its belt. You should also have a personal credit score above 680, be a U.S. citizen and have no commercial or personal bankruptcies within the last five years.
Loan Example: If you borrow $100,000 with an APR of 9% and repayment term of two years, your minimum monthly payment will be $4,568.47
Qualifications For a Long Term Business Loan
There are a few major factors that lenders look at when evaluating your long term business loan application.
Cash and credit: Lenders will consider your annual revenue, as well as your financial and business credit history.
Insurance: Having proper disaster or other insurance for your business can increase your chances of approval for a long term loan.
Business Plan: By looking at your business plan, lenders can better understand the sustainability of your business as well as your financial goals.
Taking out a loan for your business needs can be immensely helpful if you are looking to expand or make major purchases. While making your decision on which loans fit your needs and qualifications, it’s important to look at your credit score and company’s financial history. One of the biggest factors in making a decision on a loan is evaluating the affordability of the repayment term. Depending on the amount that you want to borrow, a repayment term of three to five years might be more ideal than a 10-year term. As you research and figure out which option is right for you, make sure to compare multiple lenders’ offers and thoroughly understand each aspect of your agreement.