Skip to content

Term loans

A known amount, repaid on a known schedule. The simplest thing we place, and the right answer more often than people expect.

Amount
$5,000 – $2,000,000
Term
6 – 60 months

When it fits

  • You know what the money is for and roughly what it will return — a second location, a hire, a rebuild.
  • You would rather have one payment to plan around than a limit to manage.
  • The spend happens once, rather than every month.

When it does not

If the gap is that some months are lean rather than that you need a lump sum, a line of credit costs less, because you only pay for what you draw.

What it looks like

What arrives
The full amount, once, into your operating account
What leaves
The same payment every week or month, for the term
Security
Usually none pledged; a personal guarantee is common
Early repayment
Varies by lender — ask before you sign

What people spend it on

  • A second location, or a bigger one
  • A hire you need before the revenue arrives
  • Paying off something dearer
  • A rebuild, a refit, a rebrand

Pick this over a line of credit when you know the number. You pay for the whole amount either way, so borrowing a lump you then leave sitting costs you.

How to get one

Five steps. About ten minutes, most of it finding your statements. One file goes to the lenders most likely to fund it — you don't apply four times.

  1. 1Make an accountBusiness email, name, phone, password. Two minutes.
  2. 2Answer eleven short questionsWhere you trade, what you turn over, how much you need. It saves as you type.
  3. 3Send six months of bank statementsPDFs from your bank. This is the part underwriters read.
  4. 4Add your paperwork and verify your IDIncorporation documents, the owners, and a photo of your licence.
  5. 5Send itMost decisions come back within one business day.

How the four compare

You don't have to pick. Send one application and we come back with the one that fits. Here's how they differ.

AmountTermSecured on
Term loans$5,000 – $2,000,0006 – 60 monthsUsually none pledged; a personal guarantee is common
Revenue-based line of creditUp to $500,000Revolving—
Asset-based lending$50,000 – $2,000,000Revolving or fixedRegistered against the assets it is advanced on
Equipment financing$10,000 – $1,000,00012 – 72 monthsThe equipment itself

What it costs

In dollars, before you sign. The amount. The total you'll repay. The payment. How many payments. Multiply the last two and you're back at the total — that's the whole of it.

No rate to compound out yourself. No fee that shows up in month four. If a number on an agreement isn't obvious, call us before you sign it. That's what we're for.

How this kind of money is priced →Reading an offer line by line →
An approved Spark application: the approved amount of $55,000, and a terms card showing total payback $69,300, a weekly payment of $1,333, and 52 payments.

An approved application. Amount, total payback, payment, number of payments — the four figures, before anything is signed.

What we need to place it

The same file whichever of the four it turns out to be. Most of the ten minutes is finding the statements, which is why it is worth doing first.

See what you qualify forNo hard credit pull · a decision in one business day

Questions

The cost is quoted in dollars before you sign: total repayment, payment amount, number of payments. That figure does not move once the agreement is signed.

Still deciding? Talk to a specialist — no application required.