Considering Business Term Loans?
Our flexible business line of credit could be a better alternative.
Select the amount you wish to borrow:
Choose your repayment term
How frequently do you want to make payments?
Apply for a credit limit up to $50,000
Get next-business-day funding after approval
Borrow any time through your online account
Term loans can come in different shapes and sizes; they can be given for individual use or as small business loans. Business term loans can vary in the amount of time you have to repay them (see the difference between long term business loans and short term business loans); however, a business term loan is always tied to a fixed sum of money borrowed up front with an established payment schedule. Term loans are good for larger purchases that may take a while to return value, such as buying a business or renovating your facility. But if you’re looking for a type of funding that can provide ongoing and on-hand capital for regular operating expenses, a business line of credit can be a better option.
Alternatives to Small Business Term Loans
The best funding option for you depends on your specific business needs. At Headway Capital, we offer a revolving line of credit with no hidden fees. So rather than borrowing a fixed amount of money all at once, you can borrow as much as you need (up to your credit limit) as many times as you need to, without having to reapply. Accessing your line of credit is easy — you can log in to your online account at any time and request a draw. Your money will usually be delivered to your bank account by the next business day.
Business Term Loans vs. Headway Capital Line of Credit
|Business Term Loans||Headway Capital Line of Credit|
|Borrowing Flexibility||Fixed Lump Sum||Take only what you need, when you need it (up to your credit limit)|
|Request More Funds Without Reapplying||No||Yes|
|Interest Rate||Fixed or Variable||Fixed|