Finty
Summerland

Summerland Business Loan

Term loan

Borrow funds for a Commercial or Business purpose with a variable or fixed interest rate.

Written byDavid Boyd
Interest rate a year, from
7.54%
Establishment fee
$800
Monthly fee
$8
Borrow
From $30,000

Monthly repayment

$100,000 over 5 years

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What it would cost

At the lowest published rate of 7.54%, including the monthly fee. The rate you are offered depends on your business, and the establishment fee is not included.

Monthly repayment
$2,014
Total repayments
$120,822
Interest and monthly fees
$20,822

Loan details

Rates

Interest rate (a year)
7.54%–9.79%
Rate type
Fixed or Variable
Security
Not published
Type of finance
Term loan

Limits and fees

Loan amount
From $30,000
Loan term
1 year to 5 years
Establishment fee
$800
Monthly fee
$8

How it compares

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

Setup fee

$800

A typical setup fee is $26.

Monthly fee

$8

A typical monthly fee is $25.

Longest term

5 years

3 years is the usual longest term.

Pros and cons

Pros

  • 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

  • Your rate isn't known until you apply. It's set by your credit history and finances, anywhere from 7.54% to 9.79%, and only some people get the starting rate.
  • A higher setup fee. $800, above the typical $26. It's usually added to the loan, so you pay interest on it too.
  • A $8 monthly fee. That adds $480 over 5 years, as well as the interest.

Similar loans

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