Helping you with all your Term Loans Needs
A long term loan which is paid back with regular payments over time, including interest. This type of loan is extremely flexible and can be used for almost any business purpose. A mortgage is the best known example of a term loan.
The most common type of business loan, traditional term loans are what most people think of when they look for a loan. The bank or other financial institution loans you a lump sum of money, usually secured against collateral, and you pay that money back, principal and interest, with regular payments over a set time period. Interest can be fixed or variable, depending upon the amount of the loan and what the loan is for. The most common type of term loan, and the one we’re all familiar with, is a mortgage for a home or commercial property. Term loans work the same way.
While these loans usually come from a bank, there are other lending institutions available. Priority Lending has a comprehensive list of these lenders. Some lenders will only deal with certain types of businesses, while others focus on specific geographic areas and this is where we cna help.
If you qualify for this type of loan, you can use the money for anything your business needs, from equipment to expansion to covering short term cash shortages.
Cities and Regions We Serve
Our team serves clients from all across Canada and the USA.
- Western Pennsylvania
- Pittsburgh Pennsylvania
- All Across The USA
- Toronto and the GTA
- British Columbia
- All across Canada
Term Loan Frequently Asked Questions...
What do I need to qualify for financing?
- Minimum credit score: 620
- Minimum years in operation: 2
- Minimum revenue: $100,000 annually
What are the benefits of this?
- Set payments at regular intervals
- Can be used for a wide variety of purposes
- Relatively low interest rate
- Long repayment schedule
Term Loan Industry Examples
- Purchase of inventory
- Purchase of shopfront or warehouse space for a retail or wholesale operation
- Vehicles and radios for a courier company
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