Whether you need capital to take advantage of profitable business opportunities, repair a crucial piece of equipment, or cover operating expenses, we have you covered. When you partner with Clarify, your advisor will help you choose a loan based on your needs and goals.

Let’s explore some types of loans you can apply for through Clarify Capital.

Short-Term Business Loan

Quick Business Loans Online owners can get short-term loans that are unsecured and have no collateral requirements. With term loans, borrowers receive the loan amount in a lump sum.

You pay back the loan plus interest in fixed monthly payments within a predetermined repayment schedule. The term length is usually six months to two years.

Business Line of Credit

A business line of credit is a flexible financing option that works similarly to business credit cards (at a much lower interest rate than a credit card). With this type of financing, you get access to a revolving credit limit that you can pay and draw as needed. In addition, you only pay interest for the amount you borrow.

Borrowers who meet the criteria can get approved instantly for a credit line. Many business owners receive the funds in their business bank accounts within hours of approval. That’s why it’s a good financing solution for businesses that want fast access to cash when needed.

Invoice Financing

Invoice factoring allows you to borrow money using unpaid invoices as collateral. It’s a popular fast funding option for small businesses that sell products and services on credit. There’s no personal credit score requirement, so it’s a good financing solution for small business owners with bad credit.

In a factoring agreement, you receive up to 100% of the total invoice value in exchange for a fee. You turn over your accounts receivables to the factoring company. Then, they collect from your customers when the invoices come due.

Equipment Loan

Equipment financing allow business owners to borrow money for the purchase of machinery. You can borrow up to 100% of the cost of the equipment. Repayment terms depend on the useful life of the asset.

It’s a form of asset-based financing, which means the equipment you want to buy acts as collateral for the loan. So, lenders are less strict with minimum credit score requirements. Additionally, business lenders don’t require a personal guarantee for equipment loans — making it a great option for new businesses or startups.

SBA Microloan

Microloans are one of the loan programs available through the U.S. Small Business Administration (SBA). SBA loans have some of the lowest interest rates because they’re guaranteed. So, if a borrower defaults on the loan, the government pays the lender up to 85% of the unpaid balance.

Small business owners can borrow up to $50,000 through the Microloan program. You can apply for funding through SBA-approved nonprofit organizations. Each lender has their own credit requirements, but most will ask you to sign a personal guarantee or provide collateral to secure the loan.

A personal guarantee means you agree to be responsible for the debt. So, if your business defaults on the loan, the guarantee gives the lender the right to your personal assets.

Merchant Cash Advance

With a merchant cash advance (MCA), your business can get funding in exchange for a percentage of your future sales. It’s a quick business loan option with no collateral or personal credit requirements.

With this Quick Business Loans Online financing, you receive a lump sum based on your credit rating and past sales receipts. Then, you pay back the advance through automatic withdrawals from your credit card sales or merchant account daily or weekly.