When borrowing money for your business it's important to understand the repayment structures of the various loan options. It can also affect how much you can borrow.
Business Loan Calculators
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Use this business loan repayments calculator for term loans (fixed term). Where the principle and interest is paid back as a fixed amount each month over a fixed term of years.Launch Calculator
Line of Credit
The business line of credit calculator will calculate the monthly interest and repayments your business will need to pay on any amount drawn from your line of credit (LOC) facility.Launch Calculator
Factor Rate to
Want to find out the APR (annual percentage rate) you're paying? If you've been quoted a factor rate, this business loan calculator will convert a factor rate into an APR for you.Launch Calculator
Our equipment finance calculator will show you the monthly repayment amount, including the interest and principle portions payable over the term of the equipment loan.Launch Calculator
Use our merchant cash advance calculator to calculate your daily repayment amounts as a percentage of future card sales.Coming Soon
Calculating Small Business Loan Repayments
Example Repayment Schedule
With traditional loans you will pay back both principal and interest each payment. Below we have illustrated an amortisation schedule for a business borrowing $20,000 over 5 years at a 9% interest rate.
Calculating the interest rates of unsecured business loans using a factor rate
Let’s say you borrow $30,000 over 12 months at a factor rate of 1.35%
1.35 multiplied by $30,000 totals $40,500
On average there are 22 business days per month.
22 business days multiplied by 12 months is 264 days (payments)
$40,500 divided by 264 equals $153.41
$153.41 is your daily repayment (excluding any fees and charges).
How much can I borrow?
Typically with unsecured business loans you’re going to be able to borrow up to 80% of free cash flow (what’s left after all your bills are paid).
With secured lending over a longer term you will be able to borrow greater sums of money especially if you securitise the business loan against your home or other assets.
It’s not just the interest rate you need to be aware of, you also want to consider all fees and charges associated with business loans.
How long can you get a business loan for?
Small business loans range from 3 months to 3 years through online business lenders. Through the traditional banks you are able to secure much longer term loans however the process to getting a loan might be prohibitive.
What is the minimum and maximum loan amounts?
You can borrow as little as $5,000 and up to $500,000 with an online fintech lender. Typically, you are able to borrow up to one months revenue. For instance, if your monthly revenue was $40,000, you would be able to borrow up to $40,000.
With banks, you will be able to borrow as much as your cash-flow and security supports.
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