Small Business Term Loan
A lump sum, fixed payment, fixed payoff date.
Talk to an underwriter at (555) 123-4567
What it is
A Sprint term loan gives you a lump sum up front that you repay over a fixed term in regular installments. Term loans make sense when you have a specific use of funds with a predictable payback — an expansion, a buildout, an acquisition, or consolidating more expensive debt. We underwrite the file, we set the terms, and we wire the funds.
A term loan is a traditional installment loan. We fund an agreed principal amount up front, and you repay it over a set term with periodic principal and interest payments. The cost of capital is expressed as an interest rate or APR, and there is a clear maturity date. The underwriter you talk to is the one who approves the file.
How term loan funding works
The path from a quick conversation to money in your account.
Submit a quick file
Send three months of business bank statements and a short application. No hard credit pull at this stage.
We underwrite in-house
A Sprint underwriter reviews the file end to end and walks you through the offer in plain English — amount, term, rate, fees, prepayment.
Sign and fund
Sign the loan documents electronically, we verify, and we wire the funds to your business account.
Is this right for you?
Honest pros and cons. Read both before you decide.
Pros
- Predictable payment makes budgeting straightforward
- Lower cost than most short-term financing products
- Build a payment history with Sprint that supports future deals
- Useful for larger one-time investments
Things to watch
- Underwriting is more involved than for short-term products
- We want stronger credit and at least one year in business
- Personal guarantee is typical
- May include a UCC filing or specific collateral
What we will need from you
A short, predictable list. Most owners gather this in under an hour.
- Six months of business bank statements
- Most recent business tax return
- Profit and loss statement and balance sheet (if available)
- Driver license for each owner with 20 percent or more ownership
- Debt schedule showing existing business obligations
Term loan questions
What owners ask us most when they are weighing this product.
What credit score do I need for a term loan?
We want to see a personal FICO of 650 or better on most term loan files, with some flexibility down to the low 600s for owners with strong revenue and time in business.
What does the underwriting process look like?
The underwriter and credit committee sit on our side of the table, so we work the file as soon as it lands and respond as the deal moves. The same person who reviews your bank statements is the person who can approve the file.
Is collateral required?
Smaller term loans are often unsecured beyond a personal guarantee from the principal owners and a UCC-1 blanket lien on business assets. Larger requests can require specific collateral.
Can I prepay without a penalty?
Many of our term loan structures allow prepayment with interest savings. Some carry a prepayment fee or a minimum interest provision. We tell you which structure applies before you sign.
Related products
Other options small business owners often weigh next to term loan.
Business Line of Credit
A revolving credit line from Sprint you can draw from, repay, and reuse as you go.
Learn moreSBA Loans
SBA-guaranteed loans from Sprint, with longer terms and lower payments for qualifying borrowers.
Learn moreEquipment Financing
Finance trucks, machinery, kitchen equipment, medical and dental gear. The equipment secures the deal.
Learn moreTalk to us about term loan.
A Sprint underwriter will look at your situation and tell you straight whether this is the right fit — or whether something else makes more sense.
By submitting your information you agree to our privacy policy. SMS messages are sent only if you opt in. Reply STOP at any time.