Bank Loans for Small Businesses
Question
Would you borrow 100,000 @ 5.25% monthly?
I'm starting my own finance company and need to know what other business owners think. Would you borrow 100k and be willing to pay 13,583 a month for 1yr?. What do other lenders charge for business loans? Regions bank doesnt post interest rates here ( www ... ) .0525 x 100k = 5,250.00 5250 x 12 = 63,000 63,000 + the original 100k = 163,000 163,000 divide by 12 = 13,583. thanks
7 months ago - 1 answers
Best Answer
Chosen by Asker
absolutely not. You are asking for a yearly interest rate of 63%. Depending on your relationship with the bank anywhere from 4.5% - 12% annually for a business loan. Also will depend on the risk of the business and I'm sure you are aware now but banks are quite risk averse.
by Jesse K
7 months ago
Asker's Rating: 