Calculate your payback amount

The calculations and results can be used as a guideline which is indicative and does not include any fees or charges by the lender. The repayment is determined after the assessment of your application.

 

Some lenders use a factor rate to determine the repayment on an unsecured business loan

Calculating the interest rates of unsecured business loans using a factor rate

 

If your business were to borrow $50,000 over 12 months at a factor rate of 1.20%

1.20 multiplied by $50,000 totals $60,000 (This is your total payback amount)

On average there are 20 business days per month.

20 business days multiplied by 12 months is 240 days (Payments are not deducted on weekends)

$60,000 divided by 240 equals $250

$250 is your daily repayment (excluding any fees and charges).

Multiplying $250 by 5 days gives your weekly payment of $1,250

Subscribe to our mailing list

News Feed

* Deferred payment offer available to new and existing approved customers on a new Prospa Small Business Loan settled between 10 June and 30 June 2019 inclusive. No loan repayments required from the eligible loan settlement date to 21 July 2019 (inclusive). Loan repayments begin on 22 July 2019. Total loan repayment term will be extended by the time equal to your loan payment deferral period. Offer only available to customers connected to electronic bank statements. Offer only available to businesses established and operating in Australia. Offer not available in conjunction with any other Prospa offer. Offer may be withdrawn without notice. Standard credit approval criteria, fees, terms and conditions apply.

** Lowest rate is 9.9% p.a. simple interest rate. It uses a risk-based pricing model to determine applicable rates using factors such as industry, years in business, cash flow and creditworthiness. Rates for small business loans range from 9.9% to 26.5% p.a. simple interest rate. The lowest rate is only available to applicants with the strongest cash flows, business experience and credit ratings. A $10,000 12-month loan with a simple interest rate of 9.9% p.a. would have a total repayment amount of $10,990 and an Annual Percentage Rate of 17.5%. Approval is subject to credit assessment. Fees, terms and conditions apply. These rates apply to small business loan product only.

Lowest rate is 14.95% Annual Percentage Rate (APR). It uses a risk-based pricing model to determine applicable rates using factors such as industry, years in business, cash flow and creditworthiness. Rates for Line of Credit range from 14.95% to 29.95% APR. The lowest rate is only available to applicants with the strongest cash flows, business experience and credit ratings.Approval is subject to credit assessment. Fees, terms and conditions apply. These rates apply to Line of Credit product only.

* Deferred payment offer available to new and existing approved customers on a new Prospa Small Business Loan settled between 10 June and 30 June 2019 inclusive. No loan repayments required from the eligible loan settlement date to 21 July 2019 (inclusive). Loan repayments begin on 22 July 2019. Total loan repayment term will be extended by the time equal to your loan payment deferral period. Offer only available to customers connected to electronic bank statements. Offer only available to businesses established and operating in Australia. Offer not available in conjunction with any other Prospa offer. Offer may be withdrawn without notice. Standard credit approval criteria, fees, terms and conditions apply.

* Lowest rate is 9.9% p.a. simple interest rate. It uses a risk-based pricing model to determine applicable rates using factors such as industry, years in business, cash flow and creditworthiness. Rates for small business loans range from 9.9% to 26.5% p.a. simple interest rate. The lowest rate is only available to applicants with the strongest cash flows, business experience and credit ratings. A $10,000 12-month loan with a simple interest rate of 9.9% p.a. would have a total repayment amount of $10,990 and an Annual Percentage Rate of 17.5%. Approval is subject to credit assessment. Fees, terms and conditions apply. These rates apply to small business loan product only.