Business Financing Options Chart
BANK LOANS | OTHER LOANS | |||||
LOAN AMOUNT How much money do you need? | $250k+ | $5,000 – | $25k – $500k | $500 – $50k | 5-25% of future transactions/invoices | $250 – $25k |
CREDIT SCORE NEEDED Do you need good credit? | High Good personal or business credit required | High FICO SBSS score for pre-screen | Moderate Less important, but impacts rate | Low Less important, but impacts rate | Very Low Bad credit usually OK | Moderate Moderately important, impacts rate |
INTEREST RATES How much does it cost? | Low 5% – 10% APR | Low 6% – 13% APR | Moderate 7% – 30% APR | Moderate 8% – 15% APR | Very High 15% – 150% APR | High 13% – 25% APR |
TURNAROUND TIME How fast can you get the money? | Slow 2 – 4 months | Slow 1 – 4 months | Fast 2 – 14 days | Medium 1 – 3 months | Fast 1 – 7 days | Average 1 – 3 weeks |
REPAYMENT TERMS How long do you get to pay it back? | Long 1 – 20 years | Long 5 – 25 years | Medium 1 – 5 years | Medium 1 – 5 years | Short 3 – 12 months | Very Short 30 days (paid in full) |