Term Loan

A term loan can be used for many business purposes – from expansion to the purchase of new equipment to debt consolidation. This is a bank product and process so the time to funding can be quite lengthy. But with some planning ahead, a term loan can be a great option for your business.

Apply for a Term Loan

Term Loan Calculator

Amount Seeking
Desired Term
Estimated Monthly Payment
Loans up to
Term lengths between
2 - 5 years
Interest from
Funding within
90 Days
Low interest rate typical of a bank loan
Term length keeps monthly payments low

What You Need to Get Started

Minimum Qualifications

2 years in business

$250,000 annual revenue

680+ FICO

Profitable and cash flow positive


Required Documents

Completed application

2 most recent business tax returns

6 most recent business bank statements

YTD financials

Current debt schedule

Detailed use of proceeds

Ready to Get Started? Apply Now

I had several high interest business loans and the payments were really eating into my cash flow. Clear helped me secure a term loan to consolidate my debt and lower my total monthly payments by over 60%.

N Simonoff President

Frequently Asked Questions

A term loan can be used for a wide range of business purposes including expansion, inventory, equipment, acquisitions, debt consolidation, commercial real estate and working capital.

This is a bank loan with a typical bank process. It requires collateral, involves a lot of documentation and the business, guarantors and use of funds are all underwritten.

Interest rate can be either fixed or variable.

While not as difficult as an SBA loan, we consider this a fairly difficult loan to get approved for.

There typically is no prepayment penalty.

The lender typically charges an origination fee.

Payments are made monthly.

Real estate is preferred although, in some cases, other assets such as inventory and equipment can be used.