Whether you’re considering a business loan or a start-up business loan, our business lending calculator can help you work out how affordable a loan might be. All that’s needed is a rough idea of the loan term you want to borrow over, the Annual Percentage Rate (APR) you expect to pay, and either the amount you want to borrow or the amount you can afford to repay each month.
How much business loan can you get?
This information is an estimate and relies on certain assumptions. It is only intended as a general guide and has not considered your own personal circumstances. The actual rates and maximum borrowing offered by lenders could be different. Please ensure that you carefully check quotes with business finance lenders or brokers before proceeding with any financial product
Why use a business loan calculator?
Using a business loan calculator can be a simple and effective way to gauge how much a loan may cost you – every month in terms of expected repayments, and the overall cost of borrowing.
Our calculator can also give you an idea of how the overall cost of borrowing is affected by changes to the size of a loan, the interest rate, and the term length. By assessing how each detail affects the cost per month, you will gain a better understanding of what you can realistically borrow.
What a business loan calculator will not provide you with is the exact interest rates and borrowing limits available to your individual business. These details depend on your business and financial circumstances and will ultimately be decided by your lender.
However, once you have an idea of the rough cost of borrowing, you can more confidently move on to comparing business loans and starting your application. You will then be able to find out how much a loan will cost your business specifically.
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What is APR?
APR, or annual percentage rate, is used to reflect the total cost of borrowing over a 12-month period. It will include the interest rate, as well as any fees or charges associated with taking out the business loan. It can be used to more easily compare the cost of borrowing with different providers.
If you see a business loan advertised with ‘representative APR’, that means at least 51% of customers who have successfully applied for a loan have received that rate, or lower. However, it is important to stress that not everyone within that 51% will get the same rate.
What affects the interest rate for business loans?
The interest rate you pay on a business loan will depend on a range of factors. These could include:
- how long you want to borrow for
- your business’ credit history and your own
- how long your business has been up and running
- your business revenue and income
- your business plan and cash flow forecasts
- the type of loan you want
- how the loan will be used
Often you will not know the exact interest rate available to you until you have applied for a business loan.
» MORE: Best small business loans
Business Loan Calculator FAQs
A business loan calculator is a tool you can use to estimate the cost of a business loan and the amount you may be allowed to borrow. Other names for similar tools may include a company loan calculator, business loan estimator, or business loan payment calculator.
The size of business loan you’re allowed depends largely on how much a lender believes you can afford to borrow and repay. Your business’s financial situation, forecasts, and credit history are all usually important.
The monthly repayments on a £20,000 business loan with a 5.0% APR repaid over a 10 year term would be around £212 per month. The total amount repayable would be approximately £25,455. Ultimately, however, repayment amounts and the total amount repaid will vary depending on the term of the loan and the interest rate charged.
Unsecured business loans are generally the easiest business loan to get. This is because they can be arranged without having to put forward a business asset as security for the loan.
There are plenty of lenders that offer business loans in the UK. Meeting their eligibility criteria is key. Proving you have a financially viable business and a good credit history usually makes it easier to get a loan.
Business loans are often cheaper than personal loans in terms of interest rate. This is mainly due to business loans typically having stricter qualifying criteria and more thorough application processes, which makes lenders feel they are taking on less risk.
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