Traditional Bank
‍Loans

Bank products with long approvals.

Usually lower interest rates but also takes much longer to get approved. Collateral and a high credit score are needed.

loan amount

$

5MM

minimum

financing speed

2-6

weeks

interest rate

2-13

%

depending on credit history

builds credit

YES

minimum

loan term

1-8

yrs

varies

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Traditional Bank Loans

Usually lower interest rates but also takes much longer to get approved. Collateral and a high credit score are needed.

Traditional small business bank loans originate from a bank. These can come with a lower interest rate, but they also have the lowest acceptance rates, a very long application process, and tend to require collateral. These are generally in the form of installment loans, also known as term loans, wherein the loan is repaid in fixed installments over a specified period of time, usually between 1 and 10 years.

Features:

Amount: ~$1,000-$5,000,000

Interest Rates: Depending on credit, ~2%-13%

Loan Terms: Varies