Save with balance transfers, 0% deals & platinum perks exclusive to finder
Compare cards

Business Loan Calculator

If you’re looking into financing options for your business, you should work out the costs and value of competing loans with a business loan calculator.

If you’re looking at starting a new business or financing operations or purchases in an existing one, chances are you might be considering a business loan. These types of loans are similar to personal loans except they are tailored for small or commercial business purposes and generally offer larger loan amounts. Taking out a business loan is a big commitment, so it’s important to understand the total costs of the loan when you are weighing up the benefits. To do this, you can use a business loan calculator.

Read on to find out how the calculator works and how you can use it to save money.

What is a business loan calculator?

A business loan calculator, also referred to as a personal loan calculator, can help you to understand how much a loan will cost you. This calculator helps you compare two loans against each other so you can find the better deal for your business.

How does the calculator work?

To work out how much your business loan will cost you, simply adjust the following fields to represent your intended loan:

  • Loan term. How long you need to repay the loan. If the repayments are too high you can adjust this after your first calculation.
  • Loan amount. This is the amount you intend to borrow. If the monthly repayments are too much then you can reduce this amount on the calculator to see how much you could save.
  • Bank name. Put in the name of two lenders you're considering borrowing from to easily distinguish them.
  • Fixed rate. The annual rate you're charged with the loan.
  • Fixed period. How long this fixed rate stays fixed for.
  • Ongoing rate. If your loan comes with a rate that comes into effect down the track (following an introductory period) this is where to enter it.
  • Upfront fees. Add the establishment fee (if one is charged) here.
  • Fees. If the loan comes with ongoing fees you'll need to add them here along with the frequency they're charged.
  • Discharge fee. If you're charged a discharge fee for exiting your loan early you'll need to add it here.

How to use the business loan calculator to save you money

The business loan repayment calculator doesn’t only show you how much your business loan will cost you; it can also show you how to reduce the amount you pay. Here are some ways to use the calculator to see if you can save money:

  • 1. Reduce repayments. While this doesn’t save you money in the long run, by reducing your repayments you will be able to keep money in your business for longer. This can help cash flow and can save your business money, even if you end up paying more money on your loan.
  • 2. Reduce your loan term. By decreasing the amount of time you borrow the loan amount for, you may increase your repayments but you could save a considerable amount.
  • 3. Compare your loan options. The best way to save money on a loan is to compare your options and find the best deal. When you’re comparing you should take into account the upfront and ongoing fees of the loan as well as the interest rate.
  • 4. Alter your repayments. If you have chosen a monthly repayment frequency, you may find that you can save money on interest by making repayments more frequently. If you find you need to adjust your repayments due to cash flow issues, you can use the calculator to see what making interest-only repayments will cost you.

Prospa Business Loan Offer

Prospa Business Loan

  • Borrow up to $250,000
  • Same-day turnaround
  • Repay early without penalty
Security Logo

100% confidential application

Prospa Business Loan Offer

The Prospa Business Loan allows you to borrow up to $250,000 for your business needs. The loan is available for new or existing business needs and features no upfront fee and no fees for early repayment.

  • Interest rate type: Variable
  • Application fee: $0
  • Minimum loan amount: $5,000
  • Maximum loan amount: $250,000
Go to site

Business lenders you can compare

Rates last updated July 27th, 2017
Name Product Product Description Min Loan Amount Max. Loan Amount Loan Term Application Fee
Prospa Business Loan
Apply for a business loan from $5,000 and enjoy a shorter loan term up to 12 months.
$5,000
$250,000
0.25 to 1 years
$0
GetCapital Business Line of Credit Loan
A business line of credit that allows you to earn Qantas Aquire Points
$5,000
$300,000
0.25 to 1 years
Upfront fee of 1%
Bigstone Small Business Loan
Take advantage of a tailored rate and competitive financing from Bigstone’s business loans marketplace
$10,000
$250,000
2 years
$0 until funding
Moula Business Loan
Small business loans of up $250,000 approved and funded within 24 hours. Transparent fees and rates.
$5,000
$250,000
0.5 to 1 years
$0
Sail Unsecured Business Loan
Take advantage of a convenient business loan available from $5,000. Bad credit applicants considered.
$5,000
$100,000
1 year
2.5% origination fee
businessloans.com.au  Flexible Business Loan
A 100% online business loan with amounts available from $5,000. Flexible eligibility criteria and transparent rates and fees.
$5,000
$500,000
0.5 to 1 years
1.5%

Compare up to 4 providers

Was this content helpful to you? No  Yes

Related Posts

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, read the PDS or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms and Conditions and Privacy Policy.
Ask a question
feedback