Finty

Bank of us Business Loan

Term loan

With the choice of principal and interest or interest only repayment options, a Bank of us business loan comes with very competitive variable and fixed rate options along with other features includin

Written byDavid Boyd
Interest rate a year, from
8.19%
Establishment fee
$850
Monthly fee
$10
Borrow
From $20,000

Monthly repayment

$100,000 over 3 years

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What it would cost

At the lowest published rate of 8.19%, including the monthly fee. The rate you are offered depends on your business, and the establishment fee is not included.

Monthly repayment
$3,152
Total repayments
$113,487
Interest and monthly fees
$13,487

Loan details

Rates

Interest rate (a year)
8.19%–8.84%
Rate type
Fixed or Variable
Security
Not published
Type of finance
Term loan

Limits and fees

Loan amount
From $20,000
Loan term
1 year to 3 years
Establishment fee
$850
Monthly fee
$10

How it compares

Against the other business loans we compare. Typical means the middle half of them.

Setup fee

$850

A typical setup fee is $26.

Monthly fee

$10

A typical monthly fee is $25.

Longest term

3 years

3 years is the usual longest term.

Pros and cons

Pros

  • Extra repayments. Paying more than the minimum pays the loan off sooner and cuts the interest you pay.
  • Redraw. You can take back extra repayments later if you need the money.

Cons

  • Your rate isn't known until you apply. It's set by your credit history and finances, anywhere from 8.19% to 8.84%, and only some people get the starting rate.
  • A higher setup fee. $850, above the typical $26. It's usually added to the loan, so you pay interest on it too.
  • A $10 monthly fee. That adds $600 over 5 years, as well as the interest.
  • An early repayment fee. Paying the loan off early or refinancing can cost a fee, which cuts into what you save by repaying sooner.
  • A $40 late payment fee. Setting up automatic repayments avoids it.

Similar loans

Business loans of the same kind from other lenders that start at a similar interest rate.