Author: Daniel Tan
Written at: 10 Sep, 2023
This blog is a detailed version of what our CEO covered in the Financing Options For Your Business event.
Imagine two loans that are both $300,000 and 5 years long, but one is at 3% and the other is at 3.50% per annum. That would give you a total interest of $45,000 versus $52,500 - a difference of $7,500! While it is very important to compare around (compare easily using our marketplace!) and not pay more than you have to, finding out how to improve your credit profile and when and what loan type to go for, can also go a long way in helping you save on the interest you would have to pay.
When determining if you are eligible for a loan or at what quantum or interest rate, lenders look at these 5 things in a nutshell:
- Character
- Capacity
- Capital
- Collateral
- Conditions