The term loan is the most common type of business loan. In this loan the interest rate is fixed over a set period of time, meaning that borrowers know exactly how much they will repay each month to completely pay off the loan in the pre-determined period of time.

Be careful when shopping for a business loan, especially if you have a small business. There are predatory lenders who target small businesses with excessive fees and high rates. If you feel uncomfortable about a loan you're considering, go somewhere else.

The Small Business Association is a great way to get business loans to help start or grow your business. The loans are guaranteed, which means that they're paid back even if your business fails, so lenders love them. In most cases, however, there are stringent requirements you'll have to meet.