What is the interest rate on a business loan?

What is the interest rate on a loan

What is an interest rate?

An interest rate is the percentage that you settle on your loan and depends, among other things, on how much risk the lender takes when they give you a loan.

Fixed and variable interest rates

Fixed interest rate: is determined by the bank based on a series of factors such as current interest rates and rates, the term of the loan, etc., and is static throughout the loan period. The fixed rate is typically higher than on a variable rate loan.

Variable interest rate: is usually cheaper than the fixed rate that you can get at the same time. Unlike the fixed rate, it can be changed during the life of the loan.

Loan from Qred Bank

A loan from Qred Bank is a bit like a fixed-rate loan. Similar to the fixed rate, with our fixed monthly fee, you know exactly how much you have to pay each month.

How is my monthly fee calculated?

At Qred, all applications are processed individually through a credit assessment and an overall assessment of your and the company's financial health. The overall assessment determines how much you can borrow, as well as your monthly fee. Since we have both customers with loans of DKK 50,000 and DKK 1,500,000, it is therefore not possible to give an estimate of what a monthly fee may be for you.

If you want to get an estimate, please feel free to call us. From a number of control questions, we will often be able to help you with an estimate.

What information and documents do you need for a credit assessment?
To carry out a thorough credit assessment we will need the following:

• Annual statement
• Bank Transcripts

If you want a quick response, make sure that all the requested documents have been submitted and all requested information has been filled in.
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Can I increase my loan amount?
The short answer is yes. Make sure to pay your invoices on time, as this is, among other things, a decisive factor in whether you have the opportunity to increase your loan. With good payment behavior, there is a possibility that you can increase your loan already after three months.

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Why Choose Qred Bank?

‍Our mission is to provide entrepreneurs with a banking experience that is different from the one they often get at traditional banks. Traders build the future and we support theirs.

Access to capital can be crucial to whether you can say yes to a number of clients or get hired for a larger project. Therefore, we have made sure that the money is paid out within 24 hours after you have signed your loan contract.

At Qred Bank we have chosen to operate with a fixed monthly fee. This means that you are content to pay installments on your business loan and a fixed monthly fee. In addition, you will avoid unpredictable interest rates or hidden fees.

It can happen to even the best. Sometimes expenses pile up and that can make it hard to pay on time. Call us as soon as you know you can't pay on time and we'll do what we can to find a sustainable payment solution.