Interest rates can vary widely on business loans and will be influenced by a number of factors, including the risk the lender sees in the trading performance of your business, the security that is available, the purpose of the borrowing and the length of time the loan is needed for. Interest rates on short-term, working capital type facilities are typically higher than for long term products such as a commercial mortgage.
The overall cost of a business loan can also be increased by arrangement fees, service charges and early repayment fees so it is important that you understand all the costs when comparing one facility or provider against another.
Talk to us about how to compare and secure the best rates for your business.