TERM LOANS

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Finance Projects That Have an Immediate Return on Investment

• Updating or refreshing locations
• Inventory deals with a quick turnaround
• Marketing campaigns
• Seasonal hiring or inventory

Fund Larger Projects That Pay Back Longer Term

• Expansion or new locations
• Large-scale inventory purchases
• Equipment purchases
• New product development

Simple Interest calculates the total amount of interest you pay as a percentage of your loan amount. This rate excludes any fees.

For shorter terms (12 months or less), Simple Interest lets you easily see the total payback amount of your loan. Total Interest Percentage is also referred to as Fixed Simple Interest, and is not an annualized rate.

Annual Interest Rate calculates the yearly interest percentage you pay based on your average loan balance. This rate excludes any fees.

While you should always consider the total cost of a loan, for longer terms (more than 12 months) you can use the Annual Interest Rate to compare loans of similar duration.