What are the repayment terms of the Loans and Lines of Credit?
Most Clients will end up getting a Line of Credit instead of a Loan because the payments are lower and it gives them more flexibility to charge and pay back as they please. Monthly Payments on Lines of Credit will be 1% to 3% of the outstanding balance, so if you borrow $50,000 your monthly payments would be between $500 and $1,500 per month, a good part of which will be principal, and another part interest, depending on your interest rate. Monthly payments on Loans will vary depending on the Term of the Loan, which can vary from 24 months to 84 months, so if you borrow $50,000 at 12% interest (for example) your monthly payments would be between $882 and $2,353 for 84 and 24 month terms, respectively.
