What fees are added for business credit?
With business credit, you pay a running interest on the amount you withdraw, in this way it works like a credit card. With some lenders, there may also be requirements for a certain amortization of the amount used and that some actors also have a static annual fee.
In addition to these usual expenses, which are found at both large banks and niche banks, business loans can also have a set-up fee, which is paid at the beginning of the term. Some lenders also have a withdrawal fee of 1-3% which is paid each time you withdraw a larger amount from your credit limit.
Since interest rates and fees differ greatly, it is important to review all fees and what the total cost will be. In our service you get a fair comparison where we both calculate an effective monthly interest rate and that we report the total cost including all fees.