Business Loan Fees

If these costs relate to business property, items (1) through (3) are deductible as business expenses. Items (4) and (5)(which are loan fees) must be capitalized as costs of getting a loan and can be deducted over the period of the loan.

Just like with a traditional bank loan, with a traditional-term business loan, you are lent a lump sum amount upfront, which you pay back (along with fees) over a set period of time. Learn More Maximum Loan Amount

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The fee is used to pay for processing the loan itself. Depending on the lender, an origination fee tends to run between 1 to 6% for small business loans. As an example, if you were approved for a $50,000 loan with a 5% origination fee, your fee would be $2,500. This amount is typically deducted from the funds you initially receive.

How are fees calculated? Every month, you’ll pay back an equal portion of the loan principal plus the monthly fee. Kabbage 6- or 12-month loans have a fee every month you have a balance, while 18-month loans have the loan fees accrued in full at the time the loan is funded and an equal portion of the fee is paid each month for 18 months, regardless of reduction of your balance.

How to Get Online Small Business Loans 7 typical business loan fees Origination fee. Expect to pay: 1% to 5% of your loan amount. withdrawal fee. expect to pay: $1 to $4 per withdrawal. Wire transfer fee. Expect to pay: $10 to $20 per transfer. Late payment fee. Expect to pay: Either $10 to $35 or between 3% and 5% of the amount due..

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The average interest rate for a small-business loan varies depending on your qualifications as a borrower, the type of loan you’re applying for and which lender you select. Loans from traditional lenders, such as banks or credit unions, can have annual percentage rates (aprs) ranging from 4% to 13%, while alternative or online loans can have APRs ranging from 7% to over 100%.