It is normal to have reservations when requesting a commercial loan. Although they have their own business, many entrepreneurs are unaware of everything related to interest payments, fees and the time that a loan would entail. But you don’t have to be an expert in finance: with the Commercial Loan Calculator offered by Romina Financial, you can familiarize yourself with all the costs of a commercial loan with a few clicks.
The commercial loan calculator is a tool that will help you know the total cost of a loan and the conditions to acquire it. One of the advantages provided by this tool is that it facilitates data transparently and instantly, and is completely free to use.
Get legitimate online small business financing loan
You can see this site for legitimate online small business financing loans offered by us. And if you’re ready to take the next step, just fill out the free online application. Under no circumstances will this affect your credit score.
The response by our team will not take more than 24 hours to arrive. Finally, remember that it is essential to always read the terms and conditions to avoid inconvenience and fulfill your task: obtain a loan to grow your business.
How to use the Commercial Loan Calculator?
Enter the commercial loan calculator. Once you have it open on any mobile device proceed to enter the following information:
Desired Capital – Enter the amount you want for your loan.
Number of Fees – Select between 24 to 60 monthly installments.
Monthly Interest Rate – Select between 1% to 2.1% monthly interest.
Once you have entered all the data correctly, you just have to click on “Calculate” and all the data you want to know will appear immediately.
As you can see, using this loan calculator is really simple, and you can use it anytime, anywhere.
Key terms in the commercial loan calculator
Annual Interest Rate : It is the amount of interest within one year.
Total Interest Payable : Refers to the payment of total interest, that is, while the loan is in force.
Closing Fee: It can be said that it is the amount paid to obtain the loan. This is subtracted from the initial amount the same day the transfer of funds is made.
Transfer Fee: This is the bank’s charge for making a direct deposit of funds. Normally other lenders deduct this amount from the loan, but not with Romina Financial: there is no transfer fee!
Paperwork Charge: Financial institutions generally charge an amount for paperwork, but Romina Financial does not charge it because it is an online operation.
Loan Cost: It is the total money you must pay. This amount includes charges for closing, transfer (in this case, zero), and paperwork (zero).
What you should keep in mind before applying for a loan
Remember that to get a loan before you must make sure that the monthly payments do not exceed 80% of your monthly income. In other words, if your monthly income (after paying rental expenses, salaries, etc.) is $ 1,000, your monthly payment for the loan should not be more than $ 800.
You must also verify that the cost of the loan does not exceed the expected benefit of the investment. That is, if the benefit you expect from your investment is 5%, and the cost of the loan is 5%, it is definitely not a good idea to ask for the loan.