Business loan options
There are many different types of business loans available in the market today which require the borrower to put up some form of security such as their business premises or home.
Using a residential property as security can significantly reduce the interest rates charged. Fixed rate business loans have payments that are set against a fixed interest rate, and remain the same for the life of the fixed rate term, which can provide certainty around repayment amounts. Some lenders will allow additional repayments on fixed rate loans. This can be a good option for a business where cash flow has improved and there is an opportunity to pay off the loan sooner and reduce the interest incurred.
A variable rate business loan offers greater flexibility, but like a variable rate home loan, the rate can fluctuate.
If you’re looking for a business loan, talk to your mobile lender expert. They can help you understand the options available and do all the leg work in sourcing you the business loan that’s right for you.