Term Loans & Lines of Credit
Discover the benefits, risks, and when to choose each option
Unsecured loans are lending products that do not require collateral. This means borrowers do not need to pledge assets like property or equipment. Because lenders take on more risk, unsecured loans often have higher interest rates and stricter eligibility criteria than secured loans.
An unsecured term loan is a lump sum loan that is repaid in fixed installments over a predetermined period, usually from 1 to 7 years.
Loan Amounts: Typically range from $1,000 to $100,000+ for individuals; can go higher for businesses
Interest Rates: Average between 6% to 28%, depending on creditworthiness.
Repayment: Fixed monthly payments.
Approval Time: Often within a few days, depending on the lender.
Debt consolidation
Medical expenses
Home improvement
Business expansion
Usually between $10,000 to $250,000, depending on credit profile & industry.
Typically 8% to 25%.
Can be used, repaid, and reused during the draw period
Flexible – pay interest only on the amount used.
2+ Years in business
Anyone with a 680+ personal credit score
Anyone with an EIN needing working capital
Anyone looking to avoid risking business assets
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