Easy to apply.
Simple as 1, 2, 3.
Apply for a business loan online in just 7 minutes, by following these three easy steps:
Why Compare Business Loans?
Just as every business is unique, lenders offer a diverse range of loans, each with its distinct terms, repayment options, and costs. While some lenders might quote with a Simple Interest Rate, we present your offer using APR (Annual Percentage Rate). These two can paint very different pictures of the actual cost of the loan. Simple interest might show you the basic cost of borrowing, whereas APR gives a comprehensive view, factoring in fees and other charges.
Some lenders might hit you with early termination fees if you decide to pay off your loan ahead of schedule, adding an unexpected expense. Whether you’re considering secured or unsecured loans, it’s crucial to compare to ensure you’re getting a deal tailored to your financial situation. After all, understanding the nuances between different lenders and their offerings can empower you to make an informed decision.
|Business loan from Moula (APR)
|Business loan from other lender (annual simple rate)
|Quoted interest rate
|18.95% annual simple rate
|Interest expressed as APR
|Total cost of credit
Understanding Interest Rates: How Do They Affect Repayments?
|Total amount repaid
The interest rate on your business loan plays a crucial role in determining your monthly repayments. A higher interest rate means you’ll repay more over the loan term. It’s essential to understand whether you’re getting a fixed or variable interest rate, as this can impact your repayments and the total loan amount.
Also, check out our business loan calculator for an estimate of payments and total loan cost.
Business Loan Basics
There are many uses for a business loan. You may want to grow your business, improve your cash flow, or purchase inventory.
When looking for business finance, many credit products are available, including term loans, business overdrafts, a line of credit, business credit cards or equipment finance. Some of the key questions to ask include:
- What is the interest rate? Is it a fixed rate or variable rate?
- What are the loan terms?
- What are the repayments like, and will I be able to repay the loan?
- What are the terms and conditions?
- Are there any hidden fees, including early repayment fees?
If you’re a business owner, you probably don’t have time to complete large amounts of paperwork and then wait weeks for a response. That’s why we make it easy to apply for a business loan. Instead of requiring you to complete loads of paperwork and supply a business plan, you can complete a business loan application online in under 7 minutes. Once you link your business data, we can assess your application in real-time and can provide an answer within 24 hours.
It can take 6 to 8 weeks to get an answer when applying for a traditional bank business loan. But in a fast-moving business environment, sometimes you need business funding fast. This could be to buy discounted stock, cover a short-term cash flow shortage, or purchase equipment. We’ll help you get quick access to business finance when you need it, without the long wait. Once approved, funds are transferred to your account by the next business day, letting you get on with growing your business.
Some business lenders will charge fees, such as administration fees, direct debit fees, and early repayment fees. These fees can add up significantly, and if you weren’t aware of them when you applied, can really inflate the cost of your business loan. When considering the cost of finance for your business purposes, be sure to read the fine print to understand what fees you are being charged.
At Moula, we have no hidden fees. You can crunch our numbers with our loan calculator and see exactly what your repayments will be. We also don’t have any early repayment fees, which means you can repay early anytime with no penalty or charges.