To be able to survive, the men and women in business may have to be smart and agile, or they wouldn’t be able to progress in the business world of today. Each step in handling the activities of the business requires creativity that separates you from the rest, even when it comes to applying for funds or upgrading your services.
It is essential to know what kind of business you are running and what type of loan you will need for it so that you do not end up being bankrupt. Before you delve into getting your business a suitable credit, you might want to look into some vital stats to get yourself the idea of the whole game of business loans.
Since business loans are not depending on everyday mathematics, you need smart ways to calculate your business loans. Thanks to this rapidly growing technological world of today, you, as a businessman or woman, have now smart-calculators to help you. These calculators are programmed to help you with different kinds of business loans, and you can opt for a specific calculator for the type of loan your business needs. These calculators help you with estimating the amount of loan your business needs along with the interest and the minute details about payment of it.
- SBA Loan Calculators
To start, you will need SBA Loan Calculators if you are opting specifically for an emerging business since it has always been difficult for new companies to get loans smoothly from traditional banks. The SBA loans range from 5000 USD to 5 million USD with various schedule options for repayment. The only thing to worry about these loans is the lengthy and strict application process, but it is all worth it.
- Invoice Financing Calculator
The invoice financing calculator helps you with getting the math down for invoice financing or factoring Loan. This loan lets you sell the outstanding invoices for an advance which can be between 60 pc to 90 pc. Through this, you connect the company which is giving you the loan to your client. Once your client provides the amount on the invoice to the company, the company earns the percentage of the amount decided. The greatest thing about these loans is that they are easy to get and keep the cash flowing.
- Merchant Cash Advance Calculator
Merchant Cash Advance (MCA) calculator is to help you keep your daily and weekly loans in check. The great thing about these loans is that the companies who provide it give you the whole amount altogether. Also, these loans only take a couple of days to get approved. Your credit card transactions may have a certain percentage – all you need to do is to provide the company with that percentage. However, with these loans, it is required of you to repay the amount with interest in no more than eighteen months which can be hard to pay. Also, the interest rate of MCA Loans is very high.
- Equipment Loan Calculator
Through the Equipment Loan Calculator, you can calculate the amount of your equipment investment and your interest you need to pay every month or year. Equipment financing allows you to get the gear you need for your business. Even though you can use your SBA or other business loans to get the required equipment, but this loan lets you pay off the debt quickly. Also, you don’t have to wait a lot for funding to come in; it only takes a few days. Another great thing about Equipment financing is that it has lower interest rates.
- Business Line of Credit Calculator
Charges that come with the business line of credit are understood and checked through these calculators. Through this kind of loan, you can borrow as much as you need at a particular moment, repay it later, and borrow more. The most exciting thing is you only need to pay the interest in the amount of money that you have borrowed instead of spending it all together. This fund acts to cover up any emergencies your business might face, so this fund gets approved fast and easy. The only thing you need to worry about are the deadlines of the payment because if you miss them, the penalties are pretty high.
- Business Term Loan Calculator
Business Term Loan Calculators help you know how much loan can you afford to get and calculate the interest and the time you might take to repay considering your financial health. These are conventional as they give you significant amounts of money altogether with lower interest rates, and with no collaterals if you have a secure credit history. Also, the repayment system is lenient, which gives you from 1 to 5 years to pay your debt. One other great thing to note about Business Term Loan is they take less time to get approved. So, if you don’t qualify for more stringent loans such as SBA, you can always opt for Business Term Loan.
These calculators work magic for your business loans. They not only simplify the repayment plans for you but also give you the right which means up-to-date information about the interest rates for different kinds of fundings and the bonus is that they are easily accessible through your smartphones. One thing you need to be very sure of before applying for a particular plan is that it fits your business needs compared to other kinds of loans because you do not want to wind up with a confused head with too much credit on it.