Horizon Bank Business Loan Variable P&I
Term loan
Term loan from Horizon Bank.
- Establishment fee
- Not published
- Monthly fee
- $8
- Borrow
- $500 to $30,000
Interest rate a year, from
Not published
Loan details
Rates
- Interest rate (a year)
- On application
- Rate type
- Not published
- Security
- Not published
- Type of finance
- Term loan
Limits and fees
- Loan amount
- $500 to $30,000
- 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.
Monthly fee
$8
A typical monthly fee is $25.
Most you can borrow
$30,000
Typically you can borrow up to $5,000,000.
Pros and cons
Pros
- 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 lower limit. Up to $30,000, less than the typical $5,000,000, so it may not cover a larger purchase.