Business Term Loans from Clarify Capital

A business term loan provides a fixed loan amount disbursed as a lump sum and repaid through predictable payments on a pre-determined schedule. Clarify Capital lists it among the loan types available through its nationwide lending network, alongside lines of credit, SBA loans, equipment financing, invoice factoring and merchant cash advances. Unlike equipment financing, which uses the purchased equipment as collateral, the term loan is offered as an unsecured option with no collateral required. Because it is debt rather than equity, borrowers retain full ownership of the business.

• Lump sum with fixed monthly payments
• No collateral required
• Repayment weekly, biweekly or monthly
• Listed as an unsecured loan option

Term loans through Clarify's network range from $10,000 to $5 million, with interest rates beginning at 6% APR. Repayment terms are stated as six to 36 months on the unsecured and expansion loan pages, while the homepage lists 6 to 60-month terms available and the small business loans page describes terms usually ranging from 12 to 60 months. Clarify notes that many lenders charge an origination fee, and advises asking about such fees before signing an agreement. Funding is described as available as fast as 24 hours.

• Amounts: $10,000 to $5 million
• Rates: starting at 6% APR
• Repayment: six to 36 months (up to 60 months listed elsewhere)
• Origination fees may apply depending on the lender
• Funding as fast as 24 hours

Clarify positions the term loan for one-time investments — projects with a known price tag that are expected to generate profit relatively quickly. Examples given across its pages include acquisitions, build-outs and renovations, opening a second location, equipment purchases, marketing campaigns and hiring. Term loans are also listed as one of the financing classifications that can fund a business expansion.

• One-time investments
• Acquisitions and business purchases
• Build-outs and renovations
• Equipment purchases
• Marketing campaigns and hiring
• Opening a new location

Minimum qualifications listed for unsecured funding include at least $10,000 in monthly business revenue, more than six months of business history, a business bank account, three to four months of recent bank statements, and a business located or incorporated in the United States. The small business loans page cites a 550 credit score among its minimum requirements, while the expansion loans page states a FICO score over 500. Clarify notes that most unsecured business loans still require a personal guarantee and that lenders typically file a UCC lien on the business, which generally comes off when the loan is repaid in full.

• At least $10,000 in monthly revenue
• Over six months in business
• Business bank account
• Three to four months of recent bank statements
• Business located or incorporated in the U.S.
• Personal guarantee usually required
• UCC lien typically filed by the lender

Clarify Capital operates a nationwide lending network and states that applicants are matched with lenders from it. Applications are described as taking two minutes, with same-day approval available and funding as fast as 24 hours. Each applicant is assigned a dedicated funding advisor who handles the legwork of arranging the financing.

• Two-minute application
• Matched against Clarify's lender network
• Same-day approval available
• Dedicated funding advisor assigned