Finty
RedZed

RedZed Super Commercial

Term loan

Term loan from RedZed, with rates from 7.75% a year.

Written byDavid Boyd
Interest rate a year, from
7.75%
Establishment fee
Not published
Monthly fee
$25
Borrow
$100,000 to $3,000,000

Monthly repayment

$100,000 over 5 years

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What it would cost

At the lowest published rate of 7.75%, including the monthly fee. The rate you are offered depends on your business, and the establishment fee is not included.

Monthly repayment
$2,041
Total repayments
$122,442
Interest and monthly fees
$22,442

Loan details

Rates

Interest rate (a year)
7.75%–8.09%
Rate type
Variable
Security
Not published
Type of finance
Term loan

Limits and fees

Loan amount
$100,000 to $3,000,000
Loan term
Not published
Establishment fee
Not published
Monthly fee
$25

How it compares

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

Monthly fee

$25

A typical monthly fee is $25.

Most you can borrow

$3,000,000

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

Pros and cons

Pros

  • Extra repayments. Paying more than the minimum pays the loan off sooner and cuts the interest you pay.
  • No early repayment fee listed. You can pay the loan off early, or refinance, without a penalty. Check the terms to be sure.

Cons

  • Your rate isn't known until you apply. It's set by your credit history and finances, anywhere from 7.75% to 8.09%, and only some people get the starting rate.
  • A $25 monthly fee. That adds $1,500 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.