Finty
Police Credit Union

Police Credit Union Secured Non-Property Term Loan Fixed

Term loanSecured

1yr fixed Secured Commercial Term Loan

Written byDavid Boyd
Interest rate a year, from
7.85%
Establishment fee
$500
Monthly fee
Not published
Borrow
Not published

Monthly repayment

$100,000 over 5 years

Apply now

What it would cost

At the lowest published rate of 7.85%. The rate you are offered depends on your business, and the establishment fee is not included.

Monthly repayment
$2,020
Total repayments
$121,228
Interest
$21,228

Loan details

Rates

Interest rate (a year)
7.85%
Rate type
Fixed
Security
Secured
Type of finance
Term loan

Limits and fees

Loan amount
Not published
Loan term
Up to 5 years
Establishment fee
$500
Monthly fee
Not published

How it compares

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

Cost of $20,000 over 5 years

$4,746

Interest and fees at its starting rate. Typical is $4,517.

Setup fee

$500

A typical setup fee is $500.

Longest term

5 years

3 years is the usual longest term.

Pros and cons

Pros

  • One rate for everyone. Everyone approved gets 7.85%, 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.
  • No early repayment fee listed. You can pay the loan off early, or refinance, without a penalty. Check the terms to be sure.

Cons

  • Secured against an asset. That usually keeps the rate down, but the lender can take the asset if you can't repay.

Similar loans

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