What is a Hybrid Term Loan?
A Hybrid Term Loan is a simple interest loan but could either be a weekly or monthly payment. These loans are underwritten using algorithms to streamline the process so funding can occur within just a few days.
How does it work?
It’s a standard simple interest loan but could have either a weekly or monthly payment.
How long does it take?
Typically it takes about 3 -4 days from start to fund, the underwriting method helps speed up the process.
Who does this make sense for?
A business that is new or had minimal poor profits 2 years prior, but on the most recent return shows a solid level of profitability. It’s also a way to get a simple interest monthly payment with less hassle if you are willing to take a higher interest rate.
How do I know if I qualify?
We collect the most recent year business and personal tax return, 6 months bank statements and application for submission. You need to show modest profitability on your tax returns to be approved. Rates will range from 10% – 23% fixed, simple interest.