Submit your application
Business details plus the amount and purpose of the loan.
Funding option
Term Loan
Predictable financing for planned growth. A lump sum with fixed payments and clear terms for planned expansion or big purchases.
Written and reviewed by the BFG Funds Editorial Team · Updated October 15, 2026
- Funding amount
- $50K – $2M
- Speed to funding
- 2–5 business days
- Typical term
- 1–5 years
- Typical cost
- Fixed or variable interest; bank-style loans start in the single digits, online term loans commonly range from the low teens to 40%+ APR
Overview
Is term loan the right fit?
One lump sum, one fixed payment, one clear payoff date. Term loans are often the lowest-cost option for businesses with steady revenue and a specific, planned use of capital.
- Opening a second location or expanding space
- Acquiring another business or buying out a partner
- Refinancing more expensive short-term debt
Pros
- Predictable payments
- Longer terms keep payments manageable
- Often cheaper than short-term funding
Cons
- Stricter credit and revenue requirements
- More documentation for larger amounts
- Slower than working capital
How it works
From application to funded in four steps
Lender review
Bank statements and, for larger amounts, financials or a recent tax return.
Compare term sheets
Rate, monthly payment and total cost side by side, including any prepayment terms.
Close and fund
Sign with the lender you choose and receive the full amount by wire or ACH.
Typical time to funding for this program: 2–5 business days.
Term Loan FAQ
What is a typical term loan length?
Most business term loans run one to five years. Longer terms lower the payment but increase the total interest paid.
Are term loan payments monthly?
Bank and many online term loans are paid monthly. Some online lenders use weekly payments; your specialist will flag the schedule for every offer.
Can I use a term loan to refinance other debt?
Yes. Replacing expensive short-term balances with a longer term loan is one of the most common uses, as long as the business qualifies.
Other funding options
Business Line of Credit
Draw only what you need, when you need it. Revolving capital that refills as you repay.
Learn moreWorking Capital
Cover payroll, inventory and seasonal gaps with fast, unsecured short-term funding.
Learn moreSBA Loans
Government-backed financing with longer terms and lower rates for qualified businesses.
Learn moreTell us about your business
A few details are all we need to start. A funding specialist will look at what your business needs and come back with the options that fit — usually the same business day. There's no obligation.
- Checking your options won't affect your credit
- You talk to one specialist, not a call center
- Many decisions come within 24 to 48 hours