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The bottom line

A good lender will always be willing to help you calculate an APR (all costs for one year in a single equivalent interest rate), so that you can accurately compare the true cost of different financing options.

A merchant cash advance (MCA) is generally designed as an option for businesses that need a small injection of money, quickly, for a very short period of time. Almost any business can get approved in just a few hours, but you could potentially pay for that speed and superficial underwriting process with dangerously high interest rates. Monthly versus daily payments can dramatically change the total cost of your loan, and sometimes make shorter-term cash advance rates appear less expensive than a term loan at first glance.

An SBA loan or traditional bank loan generally offer some of the lowest interest rates available. But unless you have an exemplary personal and business credit history, it can be difficult to get approved. Because their application process is infamously slow and impersonal, you can spend months jumping through hoops and waiting around only to find you’ve been denied.

A Funding Circle term loan was designed by small business owners for small businesses. It takes just a few minutes to apply and you can get a decision in as little as 24 hours after document submission. Our most creditworthy applicants receive rates that are competitive with traditional bank loans, and because we believe in an honest, transparent borrowing experience you’ll know exactly how much you have to repay each month with no hidden fees or prepayment penalties.