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To borrow ____ over a ____ year term your monthly payment will be ____ at an interest rate of ____.
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When it’s time to scale up your business, there’s usually additional money required, whether for stock, rental, equipment or even new staff. You could be using a credit card, or your overdraft temporarily to keep your business going – but that might not be enough – and it’s often subject to high, if not punitive, rates of interest in the mid or long term. If you don’t have the kind of money you need to hand, then you might be thinking about a business loan to give the business the boost it needs, with less painful consequences to the long term prospects of the business. Whether you’re thinking about investing in stock, opening a new business premises or even just needing to purchase the basics that you need, such as computer equipment, then you’ll need to make sure that you can afford to cover the repayments first.
With so many different loan providers, it can be tricky to know which is the best deal, and how much you realistically want to – or even are able to – borrow. Working out how much repayments are going to be, as well as the total amount you’ll need to repay can be painful – compound interest isn’t for the faint hearted! Hours of sitting at your desk checking your business figures, as well as doing complex calculations can be tedious and is time that you can better spend working on making your business a success.
Using our business loan calculator means you’ll be able to easily adjust the required loan amount, the annual interest rate percentage, the length of the term and any additional monthly payments that you expect to be able to make. The information will be instantly shown, and you can use it for a baseline when evaluating offers, and to spot hidden fees. It’s quick, simple, and convenient. You’ll be able to make the best decision for your business, then to make your loan application with the lender that suits you best. Once that’s done, you can get back to work, focusing on what you do best.
Our free business loan calculator frees your time, so you can sell more.