Before obtaining a line of credit, use our Line of Credit calculator to determine how much your business will need to pay. Just remember interest is only attributed to the funds you have drawn rather than the full line of credit.
For example, Tom’s Bakery is approved for a $100K line of credit at a 6% interest rate with a repayment term of 100 weeks.
You select to gain access to the full amount in just one draw. In this instance, the Line of Credit calculator would show you owe $4,614. You would pay this number monthly over the next 100 weeks.
