A term loan is a monetary loan that is repaid in regular payments over a set period. Term loans usually last between one and ten years but may extend longer in some cases.
A term loan usually involves an unfixed interest rate that will add additional balance to be repaid. Excellent Credit and financials are required. Term loans can be long-term facilities with fixed payments, while short and intermediate-term loans might require balloon payments.
A term loan is a loan issued by a bank or Tier 1 lender for a fixed amount and fixed repayment schedule with either a fixed or floating interest rate. Typically, 1, 2, 3, and 4-year fully amortizing loans which are paid back monthly. Annual interest rates starting at 6.99%.
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