
Term Loans
A term loan involves a lump sum of capital borrowed upfront and repaid in regular payments over time.
Features:
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Amount borrowed is repaid in regular installment payments multiplied by a fixed or variable rate of interest
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Terms range from 12-24 months
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No prepayment penalty
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Fully amortizing
Ideal for:
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FICO scores 700+
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Owners able to provide personal guarantee of replayment and performance