Business Term Loans
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.
Alternatives to Small Business Term Loans
The best funding option for you depends on your specific business needs. 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. 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’s True Line of Credit™
Borrowing FlexibilityFixed Lump Sum
Borrowing FlexibilityTake only what you need, when you need it (up to your credit limit)
Request More Funds Without ReapplyingNo
Request More Funds Without ReapplyingYes
Interest RateFixed or Variable
Apply for a Headway Capital True Line of Credit™
Headway Capital's True Line of Credit™ offers an alternative to business term loans that many business owners find to be a better fit for their ongoing financing needs. You can request funds at any time, and your money will generally be in your account as soon as the next business day. As you repay, the amount of credit available to you will replenish, so you can draw again without reapplying whenever the need arises.
Business line of credit
12, 18 or 24 months
No Hidden Fees
See our Rates & Terms for details
Weekly or monthly
Clear payment terms, interest does not compound, no penalty for early payoff
1We will not perform a hard credit pull until after you have submitted the application and signed the contract.