Term Loan
One lump sum, fixed payments, zero surprises.
- Fixed predictable payments
- Lump sum up front
- Set repayment schedule
Decision as fast as 24 hours · No hard credit pull
Overview
A term loan gives your business a single lump sum up front that you repay in fixed installments over a set period. Because the payment amount and schedule are locked in from day one, you always know exactly what you owe and when. That predictability makes it one of the most straightforward ways to fund a clear, planned investment in your business.
Term loans fit best when you have a specific, one-time use of funds in mind, buying out a partner, opening a second location, or funding a defined expansion project. You borrow what the project needs, repay on a steady schedule, and the obligation ends when the loan is paid off. It works well for owners who prefer structure over open-ended flexibility.
- Fixed predictable payments
- Lump sum up front
- Set repayment schedule
Is a term loan right for you?
Great for:
- Funding a defined expansion
- Buying out a partner
- Opening a second location
- One-time equipment or build-out
How it works
How a term loan works.
You share basic business details and check your options with a soft credit pull that doesn't affect your score. Palm connects you with funding partners and you review the amount, term, and payment offered.
Once you accept, the lump sum is deposited into your business checking account. With decisions as fast as 24 hours, funding can arrive as soon as the same day you're approved.
You repay in fixed installments on a regular schedule until the balance is cleared. Payments stay the same throughout the term, so budgeting around them is simple and consistent.
At a glance
Term Loan terms.
The upside
- Predictable fixed payments
- Lump sum available up front
- Clear payoff date
- Simple to budget around
Things to weigh
- Fixed payments regardless of sales
- Best for one-time needs
- Shorter terms than long-term loans
Common questions
Term Loan FAQs.
Will checking my options affect my credit score?
No. Checking your options uses a soft credit pull, which has no impact on your credit score. A score check only happens later if you move forward with a partner.
How fast can I get funded?
Decisions can come as fast as 24 hours, and funding can arrive as soon as the same day you're approved. Timing depends on the funding partner and your documentation.
What do I need to qualify?
Baseline guidelines are around 6+ months in business, roughly $15K+ in monthly revenue, a credit score near 550+, and a business checking account.
How It Works
Funding that moves at your speed.
Apply in minutes
A short online application, no hard credit pull to see your options.
Get matched
We review your profile and match you to the financing that fits your business.
Review your offer
Talk it through with a real funding specialist. No pressure, no jargon.
Get funded
Accept your offer and receive funds, as soon as the same day.
Do You Qualify?
Our basic requirements.
Other underwriting factors may apply. Not all applicants will qualify.
Apply for a term loan.
Tell us about your business and a funding specialist will reach out with your options. About 2 minutes, no hard credit pull, no obligation.
Start Your Application