Term Loan APR Calculator
The easiest way to think of online term loans is that they are “bank loans reimagined for the digital age.”
Compared to bank loans, the application process is a lot more pleasant. The interest rates are higher than what banks would offer but it’s more accessible and convenient. Some common term loan providers are Funding Circle, Dealstruck, and Fundation. Learn more about term loans and read lender reviews in our free ebook, The Ultimate Guide to Financing Your Business in 2017. Download here.
When you get a term sheet for a term loan, you will likely be quoted an interest rate, repayment term (between 1-5 years), and other associated fees, such as an origination fee or monthly administration fee. First calculate the dollar amount of the added fees, then plug your terms into the calculator below to find out the true cost of your loan offer.