Business Term Loan vs Line Of Credit: Which Is Right For You?
Once you’ve decided to apply for business finance, you need to make sure you choose the right loan product. Australian SMEs can choose between a business term loan or a line of credit. Not sure which to choose? No problem, an independent business loan marketplace will match you to the best option for your business.
These are the main differences between a business term loan and a line of credit through Become:
|Business Term Loan||Business Line of Credit|
|Good for long-term financing||Good for short-term expenses|
|Recommended for equipment, renovations, expansion||Recommended for payroll, seasonality, cash flow shortages|
Applying for a business term loan or a line of credit has the same quick and simple process through Become:
- Apply online
- If you qualify, get matched to the right lenders
- Receive money in as little as 24 hours
Disclaimer: The above information is of a general nature. Before receiving a business loan you should consider the loan agreement and finance documents provided by the lender, and whether the loan is suitable for your business.