Finty
Community First Credit Union

Community First Credit Union BUSINESS LOAN - VARIABLE (Principal and Interest)

Commercial property

A variable business loan with competitive variable rates to help fund your business needs. Secure the loan with a residential or commercial property - different rates apply depending on security type.

Written byDavid Boyd
Interest rate a year, from
8.44%
Establishment fee
$750
Monthly fee
$10
Borrow
Not published

Monthly repayment

$100,000 over 5 years

Apply now

What it would cost

At the lowest published rate of 8.44%, including the monthly fee. The rate you are offered depends on your business, and the establishment fee is not included.

Monthly repayment
$2,059
Total repayments
$123,526
Interest and monthly fees
$23,526

Loan details

Rates

Interest rate (a year)
8.44%
Rate type
Variable
Security
Not published
Type of finance
Commercial property

Limits and fees

Loan amount
Not published
Loan term
Not published
Establishment fee
$750
Monthly fee
$10

How it compares

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

Setup fee

$750

A typical setup fee is $750.

Monthly fee

$10

A typical monthly fee is $15.

Pros and cons

Pros

  • One rate for everyone. Everyone approved gets 8.44%, so the rate you see is the rate you get.
  • Redraw. You can take back extra repayments later if you need the money.
  • No early repayment fee listed. You can pay the loan off early, or refinance, without a penalty. Check the terms to be sure.

Cons

  • A $10 monthly fee. That adds $600 over 5 years, as well as the interest.
  • A variable rate. Your repayments can rise if the lender lifts its rate, though they can also fall.
  • A $25 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.