Business
Term Loan

Get an infusion of cash now, and repay over time in monthly payments.

Only available to NorthOne Account holders. Applying won't impact your credit score.

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NorthOne is a financial technology company, not a lender. NorthOne does not issue loans or make credit decisions in connection with loans. NorthOne Lending is powered by Kanmon. All loans are subject to credit approval. Your terms may vary. NorthOne Lending loans are issued by Kanmon, a licensed lender. California Loans are made pursuant to a Department of Financial Protection and Innovation California Lenders Law License. Read more about Kanmon here.

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How NorthOne’s Business
Term Loan works

Sign up for NorthOne

Apply for free online or on the NorthOne mobile app.

Apply for a NorthOne Term Loan

Get a decision in as fast as 24 hours. Applying doesn’t affect your credit score.

Choose the right offer

Get multiple offers and choose the one that works for you.

Repay each month

Automatic repay with predictable monthly payments.

Get a Business
Term Loan today

Only available to NorthOne Account holders.
Applying won’t impact your credit score.

Thank you! Your submission has been received!

Oops! Something went wrong while submitting the form.

NorthOne is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A., Member FDIC.

NorthOne Business Term Loan requirements²

NorthOne Bank Account
Your business has a NorthOne Bank Account and is in good standing.

620+ FICO Score
The applicant has a FICO score of 620.

12+ Months
You’ve been in business for over 12 months.

$2,000+ Cash Balance
Your business has a cash balance above $2,000.

NorthOne Business Term Loan FAQ

I need a NorthOne account. What are the requirements for a NorthOne Account?

To apply for a NorthOne Account you’ll need information on both the owners of the company and of the company itself.
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For the business, you'll need to have an address for the business itself. If your business is a Corporation or a Partnership you'll need your Employer Identification Number.  
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For each business owner who owns 25% or more of the business you'll need a Home Address, Contact information, as well as a Social Security Number (SSN).

More details can be found here.

Will my credit score be impacted if I apply for a Business Term Loan?

No. There is no impact to your credit score when you apply for a NorthOne Business Term Loan.

How long does it take to get approved for NorthOne Funding?

Approvals can be as quick as 24 hours from the submission of your application.

Do I have to draw the funds by a certain date?

No. There is no deadline for drawing your funds..

How do I repay the loans?

Repayment days are set based on draw date, and the repayment frequency is monthly. The number of monthly repayments is based on the length of the Term Loan you choose to take. Term Loans can be offered in timelines that can range between 6 to 12 months.

Understanding Business Term Loans

What is a business term loan?

A business term loan is an amount of money borrowed from a bank or lending institution and paid back over a specified period. Business term loans are often used for business investments in growth, purchasing of equipment, or to pay for operating expenses. These loans commonly have a determined repayment schedule and interest rate.

How does a business term loan work?

Business term loans work by giving businesses a sum of money upfront that they repay within a defined time frame typically lasting between one to five years. The terms of the loan, including interest rates and repayment schedules, are established when the loan is taken out.

What credit score do you need for a business term loan?

The credit score necessary to secure a business term loan can vary depending on the lender and loan terms. Generally, lenders seek a credit score of 620 or more for eligibility, though some may require higher scores, for more optimal loan conditions.

How soon do you have to pay back a business term loan?

Business term loans usually come with fixed repayment periods where borrowers must pay back the loan over an established time frame ranging from one to five years. The exact duration of repayment is determined by the agreement made during the loan process which can be adjusted to suit both the lender's policies and the borrower's requirements.

How much can a business get for a term loan?

Businesses have the opportunity to secure amounts through a term loan which can range from $15,000 to millions of dollars. The final loan amount is influenced by factors such as the lender’s policies, the borrower’s credit history, and the intended use of the funds.

How long is a business term loan?

Business term loans are usually paid back over a specific period which may vary from one to five years. The term itself is dependent on the loan contract and it differs from one lender to another, and could change according to the needs of the borrower.

What are the three types of term loan?

Term loans can be divided into three main groups: intermediate-term loans which have a term ranging between one and three years, long-term loans that last for three to five years, and short-term loans with less than one year terms.

What is an example of a business term loan?

An example of a business term loan includes when a small business owner borrows $100,000 from a bank so as to buy new equipment for their manufacturing firm. According to the terms of agreement for that particular loan it is repayable over 5 years at an annual interest rate of 5%..

Get a Business
Term Loan today

Only available to NorthOne Account holders.
Applying won’t impact your credit score.

Thank you! Your submission has been received!

Oops! Something went wrong while submitting the form.

NorthOne is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A., Member FDIC.

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Business
Term Loan