Whats the normal %apr from a bank for a loan these days?

Tracyk_2

I am thinking of asking for a £20k loan from the bank to buy a business.

What's the going rate these days for an unsecured loan - I have a good credit history.

How do they work out the repayments - is it capital and interest - ie £20k over 3 years is a monthly repayment of £20k + 3years int at blah % divided by 36??

CLAPTON

depends upon :-
your income
your existing debts
whether a house owner or renting
on the electoral roll
length of time at adress/bank/job

and maybe a few more


if you do an internet search for 'loan calculators' you will find them

but for e.g. 20k loan at 10% over 36 months would be about £640 a month

[Deleted User]

if its a business loan you will need a 3 years business plan,money of your own to invest from day one and security for the loan.

DesG

ANd a lot of the most competitive deals do not apply for loans for business purposes.

Cheers, Des.

Tracyk_2

Thanks guys - I just wanted a ball park figure. I'm sure I've googled loan calculators before and they always get to the end - and instead of giving you the answer - they want to email or phone you with the answer.

I'm a home owner with a lot of capital in it, no real debts to speak of etc etc. I needed the figure for the loan to complete my business plan - or to knock it out if it was too expensive.