A good loan calculator can help you to determine how much you can afford to borrow, and what the monthly payments will be. It is important to remember, however, that it is only a tool, and it’s still important to speak to an expert to understand what repayments you might expect to make.
A term loan is a business loan that is typically repaid over the course of 3 months to 6 years. The loan can be used for a variety of purposes, including expanding a business, purchasing new equipment, or covering the cost of inventory.
However, it is important to note that depending on how short you want to take the loan for, you may see higher monthly repayments than other types of business loans. As such, businesses should carefully consider their needs and use a business loan calculator to compare different options before taking out a term loan.
By doing so, they can ensure that they are getting the best possible deal on their loan. If you want to learn more about the interest rates involved and how you will be charged, read our blog.
If you're looking to borrow money, it's important to understand the repayments you'll be expected to make. Our business loan calculator can be a helpful tool in working out what you can afford to borrow, and how much it will cost you in interest. Love Finance offers fixed rate loans, so the monthly interest you pay will not change across the loan term.
Here's what you need to join the Love Finance club:
Absolutely! Our business loans are perfect for small businesses looking to grow, expand, or just keep things running smoothly. Whether you’re a cosy café or a bustling boutique, we’ve got the financial support you need to thrive.
We know time is money, so we aim to get you your funds in under 24 hours. Our process is designed to be quick and hassle-free, so you can get back to what you do best—running your business!
A little bit, but nothing to worry about! We start with a soft credit check, which has no impact. If you decide to go ahead, we’ll do a hard check, which might give your score a minor nudge. It’s all part of the process, and we’re here to make it as smooth as possible.
Our repayment periods are designed to fit your business’s cash flow. You can choose from various terms from 3 months to 6 years - to best suit your financial situation. We have options for fixed monthly payments, or repayments that move with your card takings.
We keep it straightforward. Typically, we look for UK-based SMEs with at least 3 months of trading history. Being a homeowner helps, but it’s not a deal-breaker. If you’ve got a solid business, we’re interested in helping you grow.
The amount you can borrow varies based on your business needs and financial situation. We offer flexible loan amounts from £5,000 to £500,000 to suit different business sizes and goals. Let’s chat about what you need, and we’ll find the best solution for you.
60 second enquiry. 6 Questions. Instant decision. Just like that. Click below to start your enquiry.
One small request, please? If you could prepare your paperwork, we'll all be in the best position to get you funded ASAP!
Terms work case-by-case, and we'll do our best to find you the loan that fits you like your favourite comfy tee.
