Finty
Queensland Country Bank

Queensland Country Bank Commercial Loan - Res Secured

Term loanSecured

Our Commercial Loan is ideal if you want to secure financing to grow the business operations, start new business ventures, maintain existing operating cashflow while expanding your business or funding for major projects.

Written byDavid Boyd
Interest rate a year, from
10.59%
Establishment fee
None
Monthly fee
$5
Borrow
From $10,000

Monthly repayment

$100,000 over 5 years

Apply now

What it would cost

At the lowest published rate of 10.59%, including the monthly fee. The rate you are offered depends on your business, and the establishment fee is not included.

Monthly repayment
$2,159
Total repayments
$129,531
Interest and monthly fees
$29,531

Loan details

Rates

Interest rate (a year)
10.59%
Rate type
Variable
Security
Secured
Type of finance
Term loan

Limits and fees

Loan amount
From $10,000
Loan term
Not published
Establishment fee
None
Monthly fee
$5

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

$6,146

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

Setup fee

None

A typical setup fee is $500.

Monthly fee

$5

A typical monthly fee is $15.

Pros and cons

Pros

  • One rate for everyone. Everyone approved gets 10.59%, so the rate you see is the rate you get.
  • No setup fee. Nothing is added to the loan on day one, so you only pay interest on what you borrow.
  • Extra repayments. Paying more than the minimum pays the loan off sooner and cuts the interest you pay.
  • 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 $5 monthly fee. That adds $300 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.
  • Secured against an asset. That usually keeps the rate down, but the lender can take the asset if you can't repay.
  • A $70 late payment fee. Setting up automatic repayments avoids it.

Similar loans

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