Finty
Horizon Bank

Horizon Bank Business Interest Only Variable

Term loan

Term loan from Horizon Bank, with rates from 7.89% a year.

Written byDavid Boyd
Interest rate a year, from
7.89%
Establishment fee
Not published
Monthly fee
$8
Borrow
From $500

Monthly repayment

$100,000 over 5 years

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What it would cost

At the lowest published rate of 7.89%, including the monthly fee. The rate you are offered depends on your business, and the establishment fee is not included.

Monthly repayment
$2,030
Total repayments
$121,823
Interest and monthly fees
$21,823

Loan details

Rates

Interest rate (a year)
7.89%
Rate type
Variable
Security
Not published
Type of finance
Term loan

Limits and fees

Loan amount
From $500
Loan term
Not published
Establishment fee
Not published
Monthly fee
$8

How it compares

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

Cost of $20,000 over 5 years

$4,749

Interest and fees at its starting rate. Typical is $4,473.

Monthly fee

$8

A typical monthly fee is $25.

Pros and cons

Pros

  • One rate for everyone. Everyone approved gets 7.89%, 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 $8 monthly fee. That adds $480 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.

Similar loans

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