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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.
Interest Rates: Depending on credit, ~2%-13%
Loan Terms: Varies
Low interest rates
Predictable monthly payments
Helps build business credit
Longer wait times to get your money
Requires strong credit history
Tends to require specific collateral