Business Loan Calculator 2017-06-22T11:57:27+00:00

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Business Loan Calculator

Our free business loan calculator allows you to easily calculate the likely costs of taking out a loan for your business in an easy to understand format.

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The ABC Finance Business Loan Calculator

Working with ABC Finance Ltd to find the perfect business loan for you couldn’t be simpler. Our team of experienced advisors are on hand to compare the best business loan rates from across the market. We’re committed to supporting SMEs across the UK and our goal is to save you money on your finance costs.

By talking through your business borrowing needs with one of our advisors, you will open up access to the whole market through one quick enquiry. So enquire online now or call us on 01922 620008 to get a free personalised quote on the best business loan for you.

Alternatively, read on below for information on what information can be input into the business loan calculator above for the most accurate results.

Loan Size

The maximum loan available to your business depends on a number of factors and will vary greatly depending on which lender is the most suitable for your business. The main factors that will influence your maximum loan are:-

  • Accounting information (turnover and net profit).
  • Credit history.
  • How the loan will change the trading position of the business.
  • Bank account conduct.
  • The ability to manage the monthly repayment comfortably.

Unsecured business loans generally have a maximum loan size of £500,000, although of course for the right application, lenders will consider more.

Where a loan is taken out and secured against property, this is known as a secured business loan. The maximum loan for secured business loans is generally £1,000,000, however much larger loans would be granted to very large and profitable businesses.

An experienced commercial finance broker will be able to quickly tell you how much your business would be eligible to borrow based on your trading position.

Interest Rates

Interest rates start at 4.9% for the lowest risk applications. When calculating your loan repayments, an interest rate of 8-12% is usually realistic.

For a company whose credit history is poorer, or have a history of previously bounced payments, a rate of 12-18% can be expected.

Term

When calculating the monthly repayments on an unsecured business loan, a term between 1-5 years is usually possible. Terms between 1-5 years are common and therefore any term between these 2 figures is realistic as long as the monthly cost is affordable.

For secured loans, terms of up to 10 years are realistic, so calculate the cost based on affordable monthly repayments up to this figure.

Speed Of Completion

Unsecured business loans are usually able to complete in 1-2 weeks where needed. Secured business loans usually take a little longer and the funds can generally be released in around 4 weeks.

Our team of advisors and processing staff work closely together to ensure your application is always completed quickly. As a result, we can ensure no time is lost between application and completion to allow your funds to be drawn down as quickly as possible.

At ABC Finance, we have access to other business borrowing products that allow funds to be drawn down on the same day. If you require funds urgently, speak to an advisor and we will start work immediately on your application.

Applying For Your New Loan

Each lender will have a slightly different application process, and depending on how quickly you need to complete the application, this may vary slightly. Below is a breakdown of the steps involved in a successful business loan application:-

  1. Talk through your needs with an expert (either lender or reputable broker) who will talk through the loan to assess the application. They will take down the details mentioned above, such as turnover, net profit, account conduct and credit history.
  2. Assuming the application is viable, you will then receive a quote in writing detailing the interest rate, fees, and headline borrowing terms, along with what documents are required to submit a full application. The answers given in step 1 will determine which products you would qualify for and of course, which is the most suitable for you.
  3. The documents will be completed and submitted to the lender (if submitted through us, they will be submitted alongside a comprehensive report on the reasons for the loan and the positives of the application).
  4. The lender will assess the application and if happy, submit the loan to the ‘credit’ team. Their job is to thoroughly assess the application and if appropriate, ‘sign-off’ the loan. This stage generally takes between a couple of hours and 48 hours.
  5. Once agreed by credit, the loan offer is issued. Now it’s time for you to look over the offer, make sure you’re happy with everything, and sign and return all documents requested by the lender.
  6. Once you’ve accepted the offer, the process is complete. The funds will be sent to your account within 24-48 hours. The funds raised are now in your account and ready to benefit your business.

To find out more about business loans or to get a free personalised quote, enquire online now or call us to talk to an advisor. Our team of experts will be able to assess your application quickly and provide you with full written terms.

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