Key takeaways
- You get the full amount up front.
- Payments are predictable, which makes budgeting easy.
- Online term loans move fast but run shorter than bank loans.
How business term loans works
A term loan gives you a fixed amount up front, repaid on a set schedule. It fits planned projects: a new location, a big hire, a vehicle or a buildout.
Online term loans in our network run from $5K up to $1.5M, with terms up to 24 months. Longer, cheaper money usually means SBA or bank lending, which takes more time.
Published terms for business term loans
| Lender | What they offer | Speed | Published minimums | Source |
|---|---|---|---|---|
| OnDeck | $5K to $400K, terms up to 24 months | Funds can arrive the day you are approved | 12 months in business, $100K revenue a year, FICO 625 | OnDeck website |
| Fora Financial | Up to $1.5M with terms up to 18 months and prepayment discounts | Approval decisions in as little as 4 hours | Fora weighs growth potential over credit score | Fora Financial website |
| Bluevine (not in our network) | Term loans up to $500,000 through Bluevine’s lending partners | The online application takes minutes | Set by each partner | Bluevine (not in our network) website |
Checked Oct 23 2026. Lender terms change often.
When a term loan is the right call
Pick a term loan when you have one clear project with a known price, like a buildout, a vehicle or a new hire you can afford to carry. If your needs come and go, a line of credit gives you more flexibility.
Questions owners ask
How long are terms?
OnDeck offers terms up to 24 months. Fora offers terms up to 18 months with prepayment discounts.
Can I pay it off early?
Some lenders reward it. Fora lists prepayment discounts on its small business loan.
What do I need?
Usually bank statements, basic business details and ID. OnDeck lists 1 year in business, $100K annual revenue and a 625 FICO.