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A term loan is a traditional form of business financing where you borrow a lump sum of money and repay it over a set period with fixed or variable interest rates. Term loans can be short-term (less than 1 year), medium-term (1-5 years), or long-term (more than 5 years).

Interest rates and repayment terms can vary widely depending on the lender, the creditworthiness of the borrower, and the purpose of the loan. Rates can be fixed or variable, and repayment terms typically range from 1 to 10 years. skateboard dolor brunch.

A line of credit is a flexible loan arrangement that allows you to borrow up to a specified limit. You can draw funds as needed and repay them over time. Interest is typically charged only on the amount drawn.

Eligibility typically includes having a good credit score, a stable income, and a solid business or personal financial history. Lenders may also consider your business’s financial health and cash flow.