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Bs is one of the largest lending platforms for small business loans. They offer both term loans and lines of credit. Term loans are offered from $5,000 – $500,000 with various payback periods between 3 – 36 months. You pay your loan back with either fixed daily or weekly payments. Lines of credit are offered up to $100,000 and you only pay interest on what you draw (however there is monthly maintenance fee for lines of credit).
Their business loan fee structure is slightly different from that of a traditional term loan you’d find at a bank, so be sure to use the calculator below to calculate the annual percentage rate of your loan. According to the BS site, the average interest rate for their business loans is 24.6%, or 42.5% annual interest rate, which is the annual interest rate excluding origination fees.
You may be wondering, “is 24.6% interest normal for an average interest rate on a business loan?” Alternative business loan options do often come with a higher price tag than bank loans. Learn more about what you are really paying for these online business loans.