At Lumi, we pride ourselves on offering totally transparent business loans to SMEs. Just one of the ways we do this is through offering an easy-to-use, free unsecured business loan repayment calculator, available on our website.
Today, we’re going to tell you everything you need to know about our loan repayment calculator, including its various components and how you can use it to your advantage.
The Purpose of Our Business Loan Repayment Calculator
Because our pricing is fair, straight-forward and transparent, we encourage customers to crunch their numbers in our calculator to find out their weekly loan repayments – before they apply for the loan.
The calculator lets you select your desired loan amount (from $5,000 – $100,000) and repayment period (from 3 – 12 months), so you can gain a more comprehensive idea of what your weekly repayments will look like.
The 3 Components of Our Business Loan Repayment Calculator
As we mentioned above, there are three main components to our calculator: the amount you wish to borrow, the term you wish to repay it within, and your estimated weekly repayment amount.
The amount you wish to borrow: simply input how much ($) your small business wants to borrow from Lumi. In order to determine this amount, you’ll first want to work out what you need the funds for.
The term you wish to repay your loan within: this is an amount between 3 – 12 months, as Lumi offers short term, unsecured business loans. The shorter the term, the larger your weekly repayment amount will be, as you are dividing it by fewer weeks.
Your estimated weekly repayment amount: This figure may fluctuate slightly, but it gives you an excellent estimate of how much you can expect to repay on a weekly basis. Before signing off on your loan, you will have received all of the information and documentation necessary, including your final weekly repayment amount.
Try Our Loan Repayment Calculator for Yourself
If you’re considering an unsecured business loan for your small-medium enterprise, then why not try our loan repayment calculator for yourself? Crunch some numbers to gain an estimate of your weekly loan repayments and once you wish to proceed, fill in our easy online application form or chat to a member of our team on 1300 00 LUMI. Best of luck!