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You can choose a fixed term business loan to help cover any business-related expenses or purchases. You can borrow from $5,000 and get the stability of set repayments over 6 months to 5 years.
100% confidential application
An unsecured business loan with online application and no upfront or early repayment fees.
You can use a fixed term business loan for any worthwhile purpose, such as funding new equipment or stock, cover cash flow issues or expand your business.
Once you have found a loan to suit your business needs, you can apply with the lender. The term and size of the loan you can receive will depend on the purpose of the loan, the type of lender and the financial history of you and your business.
Online and alternative lenders approve small business loans with short repayment periods, usually between three months and five years. If you're considering a more substantial loan for purchasing property, a vehicle fleet or heavy machinery, traditional banks may provide loan options with repayment periods of up to 15 years or longer.
Once you have been approved, the lender will send you the funds and you will then make regular repayments over the term of the loan until it is repaid.
There is a range of fixed term loans loans available from both traditional and alternative lenders, so it's a good idea to compare options before applying. Here are a few factors to consider:
Consider the following factors when applying for a fixed term business loan.
If your business has outstanding invoices, invoice financing can offer your business a more consistent and reliable source of working capital. It can help you manage your business cash flow more effectively.
Compare the invoice financing products below.
Who is eligible for this loan type?
Most businesses are eligible for a fixed term loan, but some lenders have specific criteria your business will need to meet to be eligible. These can include a minimum age or turnover for your business, as well as a good credit history.
Which lenders offer fixed term business loans?
Currently there are several online and alternative lenders offering fixed term business loans, which you can compare here. The fixed term can be between three months and five years. Traditional banks often have a large portfolio of business loan products for larger amounts, although lending criteria might not be as flexible as their online counterparts.
Can I get an unsecured fixed term loan?
Yes. However, while an unsecured fixed term loan requires no assets, lending criteria and loan terms are less flexible. These are usually better suited for small business loans with shorter repayment periods.
What happens if I can't repay?
You have to let the lender know immediately if you can't make a repayment or repay your loan. Most lenders propose solutions like postponing or reducing payments. If you have a secured loan where assets have been put up as collateral, the lender will sell your assets to cover the outstanding amount.
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ive been offered a opportunity to buy out one of two partners in a business turning over $1.2 million with profit of $280 thousand
But they have very few assets to secure a loan against, what options to borrow $300 thousand are there ?
Thanks j&k
Hi John,
Thanks for your question.
We can’t really recommend a specific loan to you, but there are some options on the following pages you may want to check:
1. Unsecured cash business loans – this does not require you to attach an asset.
2. Compare Business Loans
I would suggest that you contact the lender directly so you can discuss your eligibility and possible options.
Cheers,
May