Business Loan Calculator
Find out how much you could borrow before applying for a business loan. Understanding how business loans work can save you money and help you stay within your budget.
How much will you borrow?
Understanding How Much You Can Qualify For
Business Earnings and Start Date:
Recent Bank Deposits:
Home Based Businesses:
Payments for Small Business Loans
There are a variety of factors that could impact your small business loan payments, including:
Total Loan Amount
There are a variety of fees associated with obtaining a business loan. You might not encounter all of these, but it’s good to be prepared for additional costs. These fees could include:
- Origination Fee: covers the approval and processing of your loan.
- Service Fee: covers the maintenance of your account.
- Late Fee: charged when a late payment is made on your account.
- Prepayment Penalty: a fee that may be charged if you pay off your loan early.
Interest rates vary from lender to lender, however there are a few common forms of interest associated with most loans.
- Annual Percentage Rate (APR): refers to the compounding annual interest on your loan. Loan APR also includes other loan fees and closing costs.
- Annual Interest Rate (AIR): Similar to APR, this rate includes the compounding annual interest of your loan but does not include any other fees.
- Factor Rate: shows the total cost of financing the loan as a decimal figure by multiplying the original loan amount. This rate does not include any loan fees.
Finding Business Loans
After assessing your business needs and figuring out how much you need to borrow, it’s time to start looking for the right place to obtain your loan, and well, you’re already here reading this page, so you’re on the right track! Let’s review some of the alternatives.
Bank loans are usually the most traditional route of funding for businesses, and qualifying and obtaining one can be a long and tedious process. If you’ve been a long time customer of a certain financial institution, you may qualify for a better rate there than if you were to choose another route of funding. The downside of going to a single bank is you don’t get competing offers. The lenders on our network compete for your business, ensuring you get the most competitive rate for your situation.
Online business loans are becoming more prominent and offer fast funding and fewer borrowing requirements. SnapCap specializes in finding alternative funding. We pride ourselves on connecting businesses with the funds they need, faster than they would find them through traditional means. If this is the route you want to go, you’re already on the right site. You can start your loan search from this page.
The U.S Small Business Association offers loans issued through banks. With SBA loans, there is generally less of a risk to lenders, making the approval process easier for those looking to apply. SBA loans also have rate caps to ensure that loan costs stay relatively low, making this loan a highly desirable option. There are specific requirements that must be fulfilled to qualify for SBA loans.
We Know Small Business
Over the last decade, we’ve helped secure nearly $1B in total funding, and we’ve learned a thing or two about business financing. In our experience, this process works best when you’ve got a partner. That’s us. SnapCap was created to support growing businesses by connecting them with credit when they need it — without the hassle. Let’s see what we can achieve together.