News & Insights from republic bank

Express Business Loan

If you’re looking for fast funds for your small business, an Express business loan might be the right decision for you. The most significant benefit to an Express loan is getting the capital you need with a quick turnaround time.

What is an Express loan?

An Express business loan has a lower maximum loan amount than a standard 7(a) loan, but small business owners are able to access the funds within two or three days rather than five to 10 or more. Businesses can qualify for an Express loan based on business health, how long the business has been running, and personal credit history.

Funds that are granted through an Express loan can be used for any business purpose, which includes working capital, expansion, renovation, or marketing. This can be particularly helpful for small businesses in the startup phase as it allows them to access funds quickly and use them to ramp up the business.

Types of Express loans

There are two primary types of Express loans: term loans and lines of credit.

Term loans provide borrowers with a lump sum of cash upfront which is to be repaid over a predetermined period of time and with specified lending terms. Term loans also require some form of collateral in exchange for the loan and a down payment. Term loans typically offer lower payments over a longer time period and higher loan amounts.

Lines of credit, on the other hand, function a bit more like credit cards and offer more flexibility. Business owners are offered up to a certain credit limit and can choose to utilize those funds at any time and in whatever amount they choose. Once the outstanding balance is paid off, the credit replenishes, and borrowers are only required to pay interest on money that has been withdrawn. Lines of credit usually have a slightly shorter loan term as well as a marginally lower loan amount. Lines of credit also function in two phases: the draw period (typically 10 years) in which borrowers can access the funds at any time and the repayment period (typically 20 years) in which the borrower must pay the principal plus interest payments until the balance is fully paid off.

Up to $250,000 in 24 hours

At Republic Bank, we make borrowing easy so you can focus on running your business. The quick and easy application process takes just five minutes, so you don’t have to slow down in order to fund your business. Then, we provide an instant decision within 24 hours so you can keep moving forward.

Both our term loans and lines of credit have highly competitive interest rates. Our term loan has a five-year term length and loan amounts up to $25,000, and our line of credit has a two-year term with line amounts up to $175,000.

The bankers on our team care about your success and want to help you access funds that work for you, not the other way around. Start an application for an Express loan now or reach out to our team at 800-526-9127 for more information.

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