Finty
Gateway Bank

Gateway Bank Commercial Loan 3yr Fixed

Term loan

Term loan from Gateway Bank, with rates from 8.39% a year.

Written byDavid Boyd
Interest rate a year, from
8.39%
Establishment fee
$1,500
Monthly fee
$25
Borrow
$250,000 to $4,000,000

Monthly repayment

$250,000 over 3 years

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What it would cost

At the lowest published rate of 8.39%, including the monthly fee. The rate you are offered depends on your business, and the establishment fee is not included.

Monthly repayment
$7,904
Total repayments
$284,549
Interest and monthly fees
$34,549

Loan details

Rates

Interest rate (a year)
8.39%–8.49%
Rate type
Fixed
Security
Not published
Type of finance
Term loan

Limits and fees

Loan amount
$250,000 to $4,000,000
Loan term
Up to 3 years
Establishment fee
$1,500
Monthly fee
$25

How it compares

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

Setup fee

$1,500

A typical setup fee is $26.

Monthly fee

$25

A typical monthly fee is $25.

Most you can borrow

$4,000,000

Typically you can borrow up to $5,000,000.

Longest term

3 years

3 years is the usual longest term.

Pros and cons

Pros

  • A fixed rate. Your repayments stay the same for the whole loan, which makes it easier to budget.

Cons

  • Your rate isn't known until you apply. It's set by your credit history and finances, anywhere from 8.39% to 8.49%, and only some people get the starting rate.
  • A higher setup fee. $1,500, above the typical $26. It's usually added to the loan, so you pay interest on it too.
  • A $25 monthly fee. That adds $1,500 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.

Similar loans

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