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Then there are some points you should pay attention to when applying for business loans. One point to consider carefully is the term of a small business financing loan. The term of the loan represents the duration of the loan that you take out. When you take out a loan you promise that the borrowed money will be repaid within this period.
The duration of a business loan is generally between 1 and 20 years. The purpose of your loan and your current financial situation generally determine which period is appropriate. We recommend that you always match the duration of the business financing to the investment you are making. Most parties agree a weekly or monthly amount on which you have to pay interest, but it is also possible that you have to pay an agreed amount per quarter. Always look carefully at the terms and conditions of the financing party.
The investment objective
With many financing parties, maturities have been set. The period is based on the investment objective. By looking at your financial situation and the amount of the loan, a fixed amount per period is agreed in consultation with you that you must pay off.
Advice on the duration of a business loan
It is difficult to estimate exactly how long you will need to repay your loan. Financing parties indicate a maximum term when you must repay a loan. Of course, it is always possible to pay off the loan faster. If your company has had a stable turnover for a number of years, you may be able to determine more easily the period within which you can pay off your loan. Are you a starter? Then you have no insight into the figures. It is often a lot harder to make an estimate. In any case, it can certainly be recommended to present your plan to another person, such as a specialist. He or she can give you advice, which may make you a better choice regarding the termination of a business loan. The specialists of a financing party can also always advise you on the duration of a business loan. Always listen carefully to this.
Which party is best for you?
By using our handy comparison tool you gain insight into the differences between the financing parties. Indicate in the tool what amount you want to borrow and the term you would like. The different parties that meet your wishes and requirements appear on the screen, so that you immediately have insight into which parties match the most with your preferences. Always read carefully what the conditions are. For example, do you want to be sure that you can repay without having to pay a fine? Then look for a provider where you can repay without penalty. So always read all the conditions carefully because you will not be confronted with surprises.