Small Business

Is a term loan a good option for covering my business taxes?

Sometimes you need help paying your business taxes. Maybe you’re short on cash after relocating your business or paying for a huge inventory order in advance, for example.

Whatever the case, if you need more working capital to help pay your taxes, consider your financing options. There are myriad solutions out there, but one of the fastest and most affordable is a Funding Circle term loan.

Our loans were designed by small business owners to help other small business owners thrive. We believe in smarter, more accessible small business lending, which is why we pride ourselves on fair rates, a speedy process, and excellent service.

Here are six reasons to consider our loans to help finance your taxes:

1. Easy online application

Unlike filing taxes or gearing up to apply for a bank loan, you don’t have to mentally prepare yourself for our loan application process. It’s simple and convenient, and you can apply online in less time than it takes to make breakfast.

Plus, our advanced technology and talented underwriters help expedite the approval process, so you could get a decision just 24 hours after submitting your documents.

2. Minimal paperwork required

Gathering the necessary paperwork to do your taxes is overwhelming enough without having to compile additional documents for a loan application. This tax season, we can help you save time and sanity.

Unlike a bank or SBA loan, which often requires you to submit balance sheets, bank statements, revenue sheets, proof of collateral, and a business plan (to name a few), we only require the documents you probably already have out for tax season, like your tax returns, bank statements, and debt information.  

3. Straightforward payment

Paying taxes can be complicated, but paying off your loan shouldn’t be. At Funding Circle, you can count on a straightforward, transparent payment process. We offer fixed annual interest rates and once-monthly payments, so you know exactly how much you’re spending.

Plus, there are no hidden fees or prepayment penalties — just one origination fee. If business picks up post-tax season and you can pay off your loan early, you won’t get hit with extra fees. You’ll only pay interest on the time you borrow, so you can allocate the funds you save toward protecting yourself for next tax season.

4. Quick decision

When there’s an impending tax deadline, you don’t have the luxury of waiting up to 90 days to receive a response from a lender. At Funding Circle, our team of trained underwriters is working around the clock to review your information and make decisions. On average, we approve a business loan every four minutes.

After you submit your application and necessary documents, you could receive a response in as little as 24 hours and get the funds in your account in as few as five business days once you’re approved. This could help you file your taxes on time — if not early — and save yourself stress and hassle.

5. Flexible loan terms

Whether you want to pay off your loan as early as possible or need extra time to minimize your monthly payments, we’re here to help. Our loan terms are flexible, so you can borrow anywhere from $25K to $500K over a period of six months to five years. The best part? Our rates are competitive with those of traditional bank loans, starting at just 4.99%.

6. Stellar customer service

During the first quarter of the year, you already have to conserve substantial brainpower to file your taxes, so we want to keep things as easy as possible for you.

Right after you submit your loan application, a personal loan specialist from our team will reach out to walk you through the process and answer any questions you might have.

Consider your options

A term loan is just one of many solutions to help finance your business taxes. If your money is tied up in accounts receivable, you may want to consider invoice factoring. Or, if you have ongoing expenses you need help with in addition to your taxes, a line of credit could work well. In any case, it’s important to do your research to see what best suits your company’s needs.

And if you think the best option is a Funding Circle term loan, talk to your accountant and apply today. Our online application comes at no cost to you, and you can explore your options.

Funding Circle believes informed consumers are better consumers. We strive to provide informative and educational content useful for you and your business. However, please note that tax laws and regulations are complex and subject to change. We strongly recommend consulting your financial or tax professional regarding your specific circumstances.

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