Business Loan Interest Rate: Factors Affecting Your Borrowing Cost
The interest rate on business loans varies depending on factors such as loan type, credit score, business turnover, and lender policies. Generally, interest rates range from 8% to 24% per annum, with secured loans offering lower rates due to collateral backing. Unsecured business loans tend to have higher rates due to the increased risk for lenders. Borrowers can secure competitive rates by maintaining good credit scores, stable business revenue, and a strong financial profile.
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