Barclays Business Loan Calculator
What is a Business Loan Calculator?
If you are looking for a loan to help you with the costs of your business, whether that’s for a startup or for expanding an existing business, a loan calculator can help you work out the cost in a quick and non-committal way.
Although calculators are a good way to get a rough idea of what your costs will be, the actual amount you are offered will depend on other things than just the amount you wish to borrow and the duration of the repayment term. Lenders will also consider other factors such as;
Your credit rating and history, your business plan, the performance of your business, your previous accounts.
How does the Calculator Work?
It works off a very simple basis. Simply input how much you’d like to borrow and for how long. You can also input the interest rate which you are going to be paying or even work out how high the interest rate can be before it becomes unaffordable.
Once you’ve input these details, the results will show you how much you will be paying monthly, how much total interest you will pay and the total amount which you will pay back.
This provides you with a clear way to plan your finances and secure a loan.
Barclays offer:
Business loans up to £25,000:
- Fixed interest rates mean you don’t have to worry about any sudden changes, this remains for the life of the loan
- Flexible repayment terms which can range from one year to ten years, this gives you the option to make a plan which suits you
- Repayment holiday, this means you can take a 6 month break at the beginning of your loan, depending on your
Business loans over £25,000:
- Choose a fixed interest rate over 1-10 years meaning you can be sure of what you’re paying
- You can borrow over a longer period of time, anything from 1-20 years
- An extended repayment holiday, you have the option to only pay the interest for a period of up to two years
Things to consider
If you are thinking of taking on a loan of any type you need to consider that loans are long term commitments usually taking years to fully pay off. You therefore want to ensure you are getting the best loan you can to suit your specific needs.
You can use the calculator on this website to compare different loans from a large selection of providers, to help you see what the different options for you are.