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With Credibly’s small business loan payment calculator, calculate your weekly loan payment in seconds. Fluctuating rates, limited options, and cash flow concerns can make it difficult to plan ahead when it comes to financing your small business.
Our loan payment calculator simplifies the process, providing clarity on weekly payments. Whether you need a loan for new equipment or expanding your business operations, Credibly’s business loan calculator is tailored for small businesses – fast and hassle-free.
Simply input your average monthly deposit amount, desired loan term, and desired loan amount to see the weekly payment.
Small business loan calculator
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- Disclaimer
This calculator is for general information purposes only and assumes a preset factor rate. Inaccurate information will produce inaccurate results. Using this calculator does not guarantee you or your business a small business loan.
How does the calculator work?
Here’s how it works:
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Input your data
To get started, enter the average monthly revenue you deposit into your business bank account. Use the slider to explore options for your desired loan term and how much your business needs as well.
- Note
Loan amount
This is the total amount of capital you’re seeking to borrow.
Loan term
This is the duration over which you plan to repay the loan, usually expressed in months.
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Calculation
The calculator uses these inputs to determine your estimated regular repayment amount.
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Output
The output consists of your estimated weekly payment.
- Here's an example
Let’s say you want to borrow $25,000, and $25,000 is your average monthly deposit in your business checking account for the past three months, and the loan will be over a 12-month term. Here’s the simplified process the calculator might use:
Weekly payment = P * r / n
Where
- P is the principal amount
- r is the monthly interest
- n is the number of payments
In this case, the weekly payment would be $735
The calculator works out the figures to provide an estimated weekly repayment amount.
How to get a business loan in 4 easy steps
Seeing your estimated weekly payments can help you figure out if you’re ready to take on business financing. If you’re interested in finding out how much you qualify for, we make it easy to do so!
- Fill out our pre-qualification form by clicking on the button below.
- Complete the application and submit any required documents.
- Find out if you've been approved as fast as 4 hours after completing the application.
- Review your offer and sign the contract. Your requested funds can be transferred into your bank account as fast as 24 hours after approval.
Why choose Credibly?
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More lenders, more options
If Credibly is unable to approve you for financing, we can help you get approved with our lending partners, increasing your chances of getting access to the funding you need. -
Credit flexibility
You don't need to have perfect credit in order to be approved for business financing from Credibly. -
Faster funding process
With our streamlined process, you get your funds faster compared to traditional banks. -
Substantial loan amounts
Credibly's financing options go up to $600K, which means we have the funds to fuel your business growth.
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- Disclaimer
This calculator is for general information purposes only and assumes a preset factor rate. Inaccurate information will produce inaccurate results. Using this calculator does not guarantee you or your business a small business loan.
Which type of business loan is right for me?
When you’re exploring small business loans, term loans, lines of credit, SBA loans, and working capital loans are all options on the table. Whether you’re looking to invest in equipment, fund an expansion, or bolster your cash flow during slow seasons, there’s a small business loan suited to your specific needs.
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Working capital loan
Working capital loans are shorter term loans (6 to 18 months) and aren’t intended for large investments ($600K+) or long-term expenses. They’re designed to finance the day-to-day operations of a business and are ideal for short-term expenses like inventory purchases, payroll, or unexpected costs without dipping into their cash reserves.
They can also provide a buffer that keeps your business running smoothly during times of limited cash flow or when waiting for accounts receivable (AR). Their flexibility also makes them a good alternative for covering operational costs without requiring a significant long-term commitment. -
Business line of credit
A business line of credit offers access to a set amount of funds, much like a credit card. You only pay interest on the funds you use, and it replenishes as you repay. A line of credit is particularly useful for businesses with fluctuating cash flow or seasonal expenses.
Understand your creditworthiness and accordingly prepare financial documents. Regardless of your choice – business line of credit or working capital loan – consider your repayment ability, urgency of need, and overall purpose. Use the small business loan calculator above to estimate monthly payments and ensure the loan aligns with your business’s financial strategy.
Business loan rates today
These days, business loan rates can vary widely, depending on the loan itself, the lender, the business’s creditworthiness, and market conditions. For example, a traditional bank loan might offer you a lower rate than online lenders, but it may also have more stringent requirements for qualifying and take much longer to get approved. Some lenders may also require a business loan down payment.
- Here are some current average ranges for small business loans in 2024:
- Traditional bank loans: Approximately 6% to 12%
- SBA loans: About 11% to 16% (depending on if it’s variable or fixed)
- Online lender loans: Some lenders may have interest rates starting around 6% and all the way up to 99%. Other lenders may use factor rates instead, which may start as low as 1.11.
Note that these rates are not fixed and should only be used as a general guide.
Alternative business financing options
Though most people consider traditional loans when looking for small business financing options, several alternative financing methods can suit different business needs. These options include merchant cash advances (MCAs), business credit cards, personal loans, and business grants. Each has its own advantages and borrower requirements, offering flexibility and solutions tailored to you beyond a conventional loan structure.
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Merchant cash advance
A merchant cash advance (MCA or MCAs) isn’t a loan; it’s a form of financing that provides immediate funding to businesses in exchange for a percentage of their daily credit card sales plus a fee. This option can be an advantage for businesses with high credit card transaction volumes needing quick access to capital.
MCAs are usually processed much faster than traditional loans, making them a great choice for businesses that need to rectify cash flow shortages immediately or capitalize on time-sensitive growth opportunities.
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Business credit cards
Business credit cards offer a continuous line of credit that’s accessible for those who have ongoing operational expenses or unexpected costs. They can be an ideal tool for managing cash flow and provide rewards and benefits, like cash back or travel points, which can be reinvested in your business.
Of course, business credit cards should be used responsibly because they can impact a company’s credit profile, making future borrowing more accessible and potentially more favorable.
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Personal loans
Small business owners can also consider personal loans a financing alternative because they’re more flexible regarding qualifying criteria. This may be the route if you’re an entrepreneur with a robust personal credit history, but your business credit has yet to be established. Remember that any personal loans you take out will depend on your creditworthiness, and if you default, it will impact your credit score.
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Business grants
Unlike loans, business grants are funds that typically don’t need to be repaid, which makes them an incredibly appealing option for startups and small businesses that qualify. Grants can come from places like government agencies, non-profit organizations, or private entities aimed at fostering innovation, economic growth, or serving the public good. However, securing a grant can be highly competitive and usually requires meeting the grant provider's specific criteria or objectives. This is not an ideal option for those needing quick cash.
FAQs
What can I use a small business loan for?
Small business loans are versatile and can be used for a variety of purposes including, but not limited to, the following:
- Purchasing equipment
- Hiring staff
- Expanding operations
- Increasing inventory
- Improving cash flow
What makes me eligible for a business loan?
Being eligible for a business loan typically depends on factors like your credit score, time in business, monthly deposits into a business checking account, profitability, and the type of loan you seek. Lenders use these criteria to assess the risk of lending to your business. That’s why alternative online lenders like Credibly are more attractive – yes, it’s good to have good credit, but this isn’t the only consideration when you apply for a loan.
Will I get accepted for a business loan?
Acceptance, or approval, for a business loan depends on meeting the lender’s qualifications, such as creditworthiness, sufficient collateral, a solid business plan, and, sometimes, a certain annual revenue threshold. Startups and small businesses with weaker financials may find it more challenging to get approval.
How much can I realistically get for a small business loan?
The amount you can get approved for a small business loan varies widely, depending on factors such as your business’s financial health, credit history, annual revenue, and the lender’s terms. But, generally, it ranges from as little as $500 to over $5 million.
How hard is it to get a $10,000 business loan?
Getting a $10,000 loan is typically not very difficult for a small business that meets basic lending criteria, such as a fair credit score and consistent revenue. This is a relatively small amount, so the requirements may be less stringent than for larger loans.
Can I get a 100% business loan?
Financing 100% of a business purchase, such as equipment, is rare because most lenders require some form of down payment or collateral to share the risk. The loan-to-value ratio can vary, but lenders typically finance up to 80-90% of the project or purchase cost. Researching alternative financing lenders with more flexible or relaxed qualifying criteria may be a better option if you need quick cash for your business. Be sure to check their requirements and have a solid business plan in place to show them how you plan to generate money so you can pay back what you borrow.
What is the longest business loan you can get?
The term length for business loans can vary. However, the longest loans are typically real estate or commercial mortgage loans, with up to 25 years of repayment periods. On the other hand, equipment financing loans generally have shorter terms that match the life expectancy of the equipment.
Can a Ltd. company get a loan?
Yes, a Limited (Ltd.) company can get a business loan because lenders often view Ltd. companies as separate legal entities. This can make getting a loan easier since the company’s financial history is considered instead of the owner’s personal finances.
What credit score do you need for a business loan?
Credit score requirements can differ significantly between lenders and loan types. Generally, a score of 670 or higher is considered “good” and can increase your chances of securing a business loan on favorable terms. However, if you’ve shown strong business performance in the last couple of months, you could qualify for a business loan even with a poor FICO score.
What is the easiest business loan to get?
The easiest business loans to get are often short-term loans from alternative lenders because they tend to have more lenient requirements than traditional banks. Merchant cash advances (MCAs) and invoice financing are also considered easier financing options for quick funding.
Where is the best place to get a business loan?
The best place to get a business loan varies based on your needs, your specific situation and your financing requirements. Traditional banks offer competitive rates but have strict criteria. Online lenders offer convenient and fast approvals with potentially higher rates.
Is it hard to get a loan in the US?
Getting a loan in the US depends on various factors like whether or not your business is based in the US, your credit score, collateral, business financials, and the type of loan you’re applying for. Small businesses with good credit history and solid financials usually find it easier to secure a loan. So, it’s not necessarily difficult, but it rests on many variables.
Can foreigners get business loans in the USA?**
Yes, foreigners can get business loans in the USA, provided they have a legal business established in the States. The process may require more documentation.
**Credibly can only provide business loans to US-based businesses.
Definitions
Here’s some of the terminology that can be confusing when it comes to small business loans and MCAs:
The yearly interest expense of a loan, including all fees and costs associated with securing the loan itself. Understanding the APR helps you to compare different small business loans effectively.
Similar to your personal credit score, this number represents the creditworthiness of a business, which lenders use to evaluate the risk of extending a loan or credit.
This umbrella term includes loans, lines of credit, merchant cash advances (MCAs), and equity investments to fund your business operations or expansion.
This is the process of spreading out a loan into a series of fixed payments over time, including both principal and interest.
Also known as a merchant cash advance (MCA), a cash advance is a type of financing where a business receives a lump sum of money in exchange for a percentage of its future credit and debit card sales. This advance is then remitted over time until the MCA provider receives the amount it purchased.
Assets pledged by a borrower to secure a loan or line of credit, which can be seized by the lender if the loan defaults.
Raising capital through the sale of shares in the business, usually in exchange for an ownership stake.
Used in MCAs (merchant cash advances), it’s the ratio between the remittance amount and the principal/advance amount and is used to indicate the total cost of financing.
These are additional costs associated with a loan, separate from the interest rate, which may include origination fees, application fees, etc.
The percentage of the loan amount the lender charges for borrowing their money, often dependent upon creditworthiness and market trends.
This involves selling outstanding invoices to a third party at a discount to access immediate cash.
A line of credit or short-term loan that uses the borrower’s inventory as collateral.
These are institutions or individuals extending capital to businesses with interest.
A flexible loan from a bank or financial institution with a defined maximum amount, which can be drawn and repaid as needed.
The duration over which the loan is scheduled to be paid back.
A loan with an extended repayment period, usually over the course of several years, and often used for significant investments like expansion or large equipment purchases.
The original sum of money borrowed, on which interest is paid.
A loan that’s meant to be paid back in a shorter time frame – typically 6 to 18 months – which can help manage temporary cash flow shortages.
A loan partially guaranteed by the SBA, in various forms like the popular 7(a) program, designed to help small businesses.
*Credibly’s financing products (which include working capital loans and merchant cash advances) require daily or weekly repayments/remittances.