Interest rates differ from borrower to borrower. Before approving you for an interest rate, we review certain criteria. These include your credit score, detailed business plan, personal investments in your business and overall financial health.
Example, for illustrative purposes:
Dr. Phillip, an established healthcare provider, needs a $300,000 loan to remodel his office. But he can't provide collateral to secure a loan. Dr. Phillip has been operating his dental practice for more than 5 years and has maintained an excellent credit score for more than 5 years. He holds a $15,000 credit card and pays $2,500 a month towards his mortgage and $500 a month towards his car lease. Considering his operating costs, assets, debts and other expenses, along with his excellent credit rating, he would qualify for an interest rate of Prime minus 0.25%.