A short term business loan can provide your company with cash to continue operating and expanding.
Before applying for a short term business loan, utilize the Lendzero Short Term Business Loan calculator to see your daily/weekly payments. Insert the information below:
Use our Short Term Business Loan calculator to estimate the cost of a short term loan, which works as a shorter version of a typical bank loan where payments are made more frequently.
For example, Tom’s Bakery wants a $100K short term business loan to buy new equipment. Tom applies for a short term business loan and receives approval for the $100K amount at a factor rate of 1.21 for 12 months.
By entering Tom’s $100K request amount, 1.21 factor rate and 12-month repayment term into the Short Term Business Loan calculator, we can see Tom would need to pay $480/day for 12 months.
The Short Term Business Loan calculator will show you the exact amount you’ll need to repay each day/week in both interest and principal.
To be clear, definitions are below.
Request amount: Total amount of debt you will owe to the lender.
Keep in mind lender could charge an origination fee upfront.
Lenders have different types of fees and there are many factors they consider when it comes to determining the amount of their fee for each short term business loan.
For example, some lenders may require a fee be paid based on the length of the repayment term. Other lenders might charge one flat fee based on the interest rate.
In addition, if you default or miss a payment, there could be an extra fee.