It is pretty common for a marketplace lender to provide little information about the terms and requirements until after the application process. This fact also applies to BusinessLoans.com, where there is little to no information about the available business loans until after the application stage. While there is little information about the loan details, we do know that the following loan types are available:
- Short-term business loans
- Long-term business loans
- Business lines of credit
- Merchant cash advances
Short-term loans are generally categorized as being 1 to 3 years, with long-term loans ranging from 5 to 10 years. A 20-year term can be available under certain circumstances, which you can discuss with a loan specialist. In general, short-term loans are considered for working capital and operational purposes, with long-term loans being used for acquiring machinery and equipment. There is no indication of what APRs BusinessLoans.com charges for short and long-term loans.
We do know that to qualify for business funding through BusinessLoans.com, your business must meet the following criteria:
- Annual revenue of greater than $100,000
- In business for at least 6 months
As with short and long-term loans, no specifics are available up-front regarding lines of credit or merchant cash advances. Due to their expense, merchant cash advances should be considered as a last resort for business funding, with APRs usually ranging from 20% to 40%.
