Finty
Warwick Credit Union

Warwick Credit Union Commercial Loans

Term loan

Term loan from Warwick Credit Union, with rates from 8.20% a year.

Written byDavid Boyd
Interest rate a year, from
8.20%
Establishment fee
$26
Monthly fee
Not published
Borrow
Not published

Monthly repayment

$100,000 over 5 years

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What it would cost

At the lowest published rate of 8.20%. The rate you are offered depends on your business, and the establishment fee is not included.

Monthly repayment
$2,037
Total repayments
$122,233
Interest
$22,233

Loan details

Rates

Interest rate (a year)
8.20%–8.30%
Rate type
Variable
Security
Not published
Type of finance
Term loan

Limits and fees

Loan amount
Not published
Loan term
Not published
Establishment fee
$26
Monthly fee
Not published

How it compares

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

Cost of $20,000 over 5 years

$4,473

Interest and fees at its starting rate. Typical is $4,473.

Setup fee

$26

A typical setup fee is $26.

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 8.20% to 8.30%, and only some people get the starting rate.
  • 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.