Finty

ScotPac Line of Credit

Line of credit

ScotPac’s Line of Credit gives you access to funds when you need them, offering the agility your business deserves. With flexible drawdowns and transparent fees, you can grow your business on your terms.

Written byDavid Boyd
Establishment fee
Not published
Monthly fee
$85
Borrow
$50,000 to $500,000

Interest rate a year, from

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Loan details

Rates

Interest rate (a year)
19.95%
Rate type
Fixed
Security
Not published
Type of finance
Line of credit

Limits and fees

Loan amount
$50,000 to $500,000
Loan term
Up to 2 years
Establishment fee
Not published
Monthly fee
$85

How it compares

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

Most you can borrow

$500,000

Typically you can borrow up to $2,000,000.

Pros and cons

Pros

  • One rate for everyone. Everyone approved gets 19.95%, 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.
  • 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 lower limit. Up to $500,000, less than the typical $2,000,000, so it may not cover a larger purchase.

Similar loans

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