Business Term Loans through Lends Well

Start your application today and get SBA 7(a) funds 3x faster than the industry average.

Decision as fast as 24 hours and funds in as few as 3 days

Flat 6% interest rate

*Based on WSJ prime as of 6/8/20.
Rate is prime +2.75%

Loan amounts from $25k-$500k

Applying won’t affect your credit score!*

Get a Term Loan made exclusively for small businesses

Every day, thousands of successful business owners struggle to get loans to grow their businesses, battling endless streams of paperwork and complex loan options. We believe small businesses deserve better.

Apply through Lends Well network of partner lenders to get a term loan exclusively made for small businesses. Your dedicated loan specialist will work with you to find a loan tailored to your needs.

Since 2011, Lends Well has helped businesses in over 700 industries access the capital they need.

Over $10 billion lent to 5,000 small businesses national.

Pros and Cons of a Business Term Loan

Pros

  • You’ll have a set repayment schedule, making it easier for you to control your cash flow.

  • You can use a term loan for almost any business purpose - buying inventory, hiring, consolidating debt, and more.

  • You can build business credit by paying off a business term loan.

Cons

  • You typically need good to excellent credit to qualify.

  • Shorter-term loans are typically more expensive than longer-term loans.

You deserve better business finance

Lends Well was created with a big idea: to revolutionize the outdated lending system and build a better deal for small businesses. With one 6 minute application we can help you find the right financing options for your needs, from lines of credit to term loans, cash advance and even Small Business Administration (SBA) loans.

Let's get started.

01

Start your online application

Apply online in 6 minutes with one simple application.

02

Review your options

Your dedicated Account Manager will contact you as soon as possible to review your needs and help you find the best funding option for your business.

03

Get funded

Get a decision in as little as 24 hours and funding as soon as the next day accepting an offer.

Quick Facts

Loan Amount

$50,000

Use of proceeds

Consolidate Debt

Industry

Hair salon

Laurie Ash

Hair Colour Center

''Every step was much quicker than I thought it would be...When I got my offer, I understood why it was what it was. And it was much lower than what I was paying with my credit cards.”

Get a term  loan through Lends Well to:

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Business Term Loans Frequently Asked Questions

What is a business term loan?


A business term loan is perhaps the most straightforward type of financing that you can access as a small business owner. The way a term loan works is that an approved borrower would receive a lump-sum upfront from their lender and would repay the loan in a predetermined repayment schedule, or over the term of their loan.




What can I use a term loan for?


You can use a term loan for almost any business purpose. A term loan is designed to help you meet many types of short- and long-term business goals. Some examples include: hiring more staff, buying equipment, expanding locations, or renovating an existing location.




What kind of businesses are best suited for term loans?


Term loans can be a good option for established businesses with good credit history and at least a few years of operating history under their belt. Term loans can also be a faster option for businesses looking to take out larger loans but don’t want to wait for the longer Small Business Administration (SBA) loan application process.




Is there an application fee?


Lends Well and our network of lending partners do not charge an application fee. However, you should be aware that some lenders may charge an application fee to cover the cost of reviewing your application.




Do I have to provide collateral?


It depends. In some cases, term loans will require collateral, such as personal or business assets, based on the lending partner you’re matched with and the duration of the loan. While it is best to check with your lender, you can expect that long-term loans (loans between three and 10 years), which can be used for a major investment such as an expansion, may require some type of collateral.




Can I prepay and is there a prepayment penalty?


Many lenders will accept prepayments but may charge a prepayment penalty or fee. While some lenders have programs that may waive prepayment penalties, like Funding Circle, you should check with your lender before deciding whether or not to prepay your loan. The terms of prepayment will depend on which of Funding Circle’s lending partners you choose to borrow from.




How does repayment work?


The repayment period can be anywhere from three (3) months to ten (10) years. Similar to a mortgage or auto loan, you repay a term loan with fixed payments over a fixed period of time, or term (hence the name), in weekly, bi-weekly or monthly installments.




What are the pros of a term loan?


One of the most attractive aspects of a business term loan is it’s payment predictability. Since you’re paying a fixed amount over a fixed period of time, it makes predicting cash flow much easier compared to some other financing options. Other benefits include the flexibility you have in using your loan proceeds, and the fact that you can improve your business credit by making your payments in full and on time.




What are the cons of a term loan?


Term loans are typically a better fit for more established businesses that have been in operation for at least a few years. If you’re a start-up or you’re still working on building up your business credit, a term loan may not be the best option for your business.





  1.  If your business is organized as a general partnership, your credit score may be impacted.

  2.  Approval and funding times may vary by lending partners.

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Copyright © Lends Well 2021. All rights reserved.

1 Lends Well may partner with other lenders to provide a full range of loan options to qualified borrowers. Approval and funding times may vary between lending partners.