9 Little-Known Business Loan Fees Hidden in the Fine Print

courtesy of Creative Commons Google Image

Beware of Little-Known Business Loan Fees

Getting approved for a small business loan is an exciting moment. You finally have the capital you need to move the needle for your business—whether it’s capital to purchase a new piece of equipment, to finance a second store opening, or simply to cover your regular business expenses.

After putting hours and effort into searching for andapplying for a business loan, you might be tempted to just quickly review your offer, check the rates and terms, and sign on the dotted line.

Not too fast—before you accept your business loan offer, you need to carefully review what’s inside. Deep in the fine print, you might find a variety of different fees that make your loan more expensive than your interest rate makes it seem.

What fees should you keep an eye out for? Here are 9 business loan fees you need to know.

1. Application Fees

Putting together a business loan application costs you money simply by the time you put into preparing it.

But processing an application costs thelendermoney, too.

You may not have realized it, but pulling your credit score and running background checks cost the lender money. Beyond these two direct costs, simply underwriting the loan and processing all your documents is a time investment.

">

courtesy of Creative Commons Google Image

Beware of Little-Known Business Loan Fees

Getting approved for a small business loan is an exciting moment. You finally have the capital you need to move the needle for your business—whether it’s capital to purchase a new piece of equipment, to finance a second store opening, or simply to cover your regular business expenses.

After putting hours and effort into searching for andapplying for a business loan, you might be tempted to just quickly review your offer, check the rates and terms, and sign on the dotted line.

Not too fast—before you accept your business loan offer, you need to carefully review what’s inside. Deep in the fine print, you might find a variety of different fees that make your loan more expensive than your interest rate makes it seem.

What fees should you keep an eye out for? Here are 9 business loan fees you need to know.

1. Application Fees

Putting together a business loan application costs you money simply by the time you put into preparing it.

But processing an application costs thelendermoney, too.

You may not have realized it, but pulling your credit score and running background checks cost the lender money. Beyond these two direct costs, simply underwriting the loan and processing all your documents is a time investment.

Let's block ads!(Why?)

Read again 9 Little-Known Business Loan Fees Hidden in the Fine Print : http://ift.tt/2iKyZ6G

Let's block ads! (Why?)

Bagikan Berita Ini