Does Your Business Need a Loan or Line Of Credit?
Business loans are available in many shapes and sizes, but it's not always easy to know exactly which one is right for you.
Business loans are available in many shapes and sizes, but it's not always easy to know exactly which one is right for you. Before choosing between a fixed-term loan or a line of credit, take a look at the major differences between the two.
A term loan is often a lump sum payment that's repaid at a fixed rate. These loans are perfect for making a single major investment, like for a real estate purchase or business acquisition.
Business loans might also be available as a line of credit. With flexible borrowing and repayment terms, a line of credit can work well for evening out cash flow and other short-term needs.