As business cash advances become increasingly more popular, so do term loans. These are loans from sources that are often referred to as Alternative SBA lenders. They do not have the stringent approval requirements SBA loans have, but they do want to see some of the same things as SBA loans require.

These loans can range from 12 months to 10 years. Rates are usually lower than 20%, often ranging from 8%-16%. Higher risk industries and business owners with lower credit may have higher rates. For the better programs to get approved you will need to have good credit scores of 680 or higher. But most importantly, you must supply tax returns that show increasing revenue from year to year and some types of net profits. If your tax returns do not show net profits, you will not qualify for this program.

Term loans and credit lines are two of the best types of financing you can get. With this program getting a lower rate and longer term means you have more manageable payments than many other loan programs available today.