Finty
Gateway Bank

Gateway Bank Commercial Plus 3yr Fixed

Term loan

Term loan from Gateway Bank, with rates from 8.64% a year.

Written byDavid Boyd
Interest rate a year, from
8.64%
Establishment fee
None
Monthly fee
$25
Borrow
$4,000,000 to $10,000,000

Monthly repayment

$4,000,000 over 3 years

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What it would cost

At the lowest published rate of 8.64%, including the monthly fee. The rate you are offered depends on your business, and the establishment fee is not included.

Monthly repayment
$126,555
Total repayments
$4,555,973
Interest and monthly fees
$555,973

Loan details

Rates

Interest rate (a year)
8.64%–8.74%
Rate type
Fixed
Security
Not published
Type of finance
Term loan

Limits and fees

Loan amount
$4,000,000 to $10,000,000
Loan term
Up to 3 years
Establishment fee
None
Monthly fee
$25

How it compares

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

Setup fee

None

A typical setup fee is $26.

Monthly fee

$25

A typical monthly fee is $25.

Most you can borrow

$10,000,000

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

Longest term

3 years

3 years is the usual longest term.

Pros and cons

Pros

  • No setup fee. Nothing is added to the loan on day one, so you only pay interest on what you borrow.
  • 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 8.64% to 8.74%, and only some people get the starting rate.
  • 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.