Repayment of loan
Some small business loans can be repaid with a simple monthly payment. In contrast, others need automated daily withdrawals from your merchant account.
Depending on the lender and loan type, you select and criteria like your business history, your payment schedule and method may vary. Usually, the stronger your business and credit, the fewer loan payments you'll have to make and the more payment processing alternatives you'll have. Conversely, the worse your credit score and overall business strength, the more frequent and determined your payment options will be.
Equifax, Dun & Bradstreet, and Experian are the three business credit reporting agencies where you can check your score. Once you know your score, you can work to improve it.
Conditions of loan extension
Your loan extension terms will differ depending on your choice of lender and loan type. It would be best if you inquired with your lender about possible options.
Early payoff
Lendio is a marketplace for lending. So you need to check where your lender stands on early payment. Some lenders will provide you a small discount if you pay off your business loan early, while others may impose prepayment penalties. Before you make hasty prepayments, you should inquire with your lender about any applicable fines and reductions.
