Finty

Great Southern Bank Business+ Business+ Loan

Term loan

Whether it's to expand your business, cover expenses, or fund a big purchase, this product could help your business take the next step.

Written byDavid Boyd
Interest rate a year, from
10.95%
Establishment fee
$495
Monthly fee
$20
Borrow
$20,000 to $50,000

Monthly repayment

$50,000 over 3 years

What it would cost

At the lowest published rate of 10.95%, including the monthly fee. The rate you are offered depends on your business, and the establishment fee is not included.

Monthly repayment
$1,656
Total repayments
$59,607
Interest and monthly fees
$9,607

Loan details

Rates

Interest rate (a year)
10.95%
Rate type
Fixed
Security
Not published
Type of finance
Term loan

Limits and fees

Loan amount
$20,000 to $50,000
Loan term
1 year to 3 years
Establishment fee
$495
Monthly fee
$20

How it compares

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

Setup fee

$495

A typical setup fee is $26.

Monthly fee

$20

A typical monthly fee is $25.

Most you can borrow

$50,000

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

Longest term

3 years

3 years is the usual longest term.

Pros and cons

Pros

  • One rate for everyone. Everyone approved gets 10.95%, so the rate you see is the rate you get.
  • A fixed rate. Your repayments stay the same for the whole loan, which makes it easier to budget.

Cons

  • A $20 monthly fee. That adds $1,200 over 5 years, as well as the interest.
  • A lower limit. Up to $50,000, less than the typical $5,000,000, so it may not cover a larger purchase.
  • 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.