Unsecured long-term loans can be used for a multitude of business purposes and can come in many shapes and sizes.
One of these options is an APR based long-term loan with monthly payments where businesses owners with can qualify for up to 8 times their monthly revenue and make a minimum monthly payment which comprises of a larger portion of interest than principal, making the payments smaller, however making the small minimum payment will take 10 years to pay off the loan in full with no balloon payment.
This gives a business the flexibility to put the principal to use as they grow the business without the low monthly payment affecting their cash flow.
A business can also opt to pay the loan off earlier and save on interest by merely paying the principal back.
For qualifying business owners’ terms from 3-7 years can be expected on long-term loans. These loans would be fully amortized where the principal and interest are being paid back on a monthly basis. At the end of the term, the full loan value would have been paid back to the lender based on the agreed-upon monthly payment, and nothing else owed to the lender.
These loans aren’t secured, require no collateral and can take from 3 days to fund. Contact one of our agents for a full review and free consultation.