business loans more transparent

Business Loans Are Now More Transparent

Banking, General News, 13.06.2017
A new, interactive business loan comparison tool programmed by moneyland.ch helps business borrowers compare the exact costs of business loans.

Swiss comparison website moneyland.ch has already made 14 financial product comparison tools and calculators available to consumer. These include the most comprehensive comparisons of Swiss personal loans and mortgages, and a number of solid loan and mortgage calculators. Switzerland’s first interactive business loan comparison is the latest in the moneyland.ch lineup of tools designed to help bring transparency to the Swiss financial marketplace.

Lack of transparency in business loan sector

Unlike personal loans which are subject to strict consumer credit regulations, business loans are not highly regulated. The ongoing result is an overall lack of transparency in the sector. The new comparison tool is designed to make the costs of business loans transparent and easy to compare.

The unbiased comparison lists guide interest rates based on the loan type, loan term, loan amount, type of business, year of business founding, business revenues and business profits. The tool can be used to compare working capital loans, investment loans, research loans, business growth loans, succession financing loans, takeover financing loans and refinancing loans, among others.

Online lender or bank?

Many business owners visit their current bank as a first stop when looking for business loans. Many of them are not aware that numerous online lenders provide an alternative to conventional banks. Some of these provide loans to businesses which may not qualify for standard business loans. Peer to peer (P2P) lending platforms connect borrowers directly with investors. The business loan comparison on moneyland.ch also includes established online lenders like CreditGate24, Creditworld and Lendico.

Costs of business loans

Business loans are typically a big investment, which makes comparing costs all the more important. Two main cost categories generally apply to Swiss business loans. These are interest charges and administrative fees. The comparison on moneyland.ch accounts for both of these categories and clearly lists all costs in cost breakdowns. Loan-specific algorithms are used to calculate interest and fees in relation to other factors like loan terms and loan amounts.

Loan costs and creditworthiness

The comparison lists both the minimum and maximum interest rates used by lenders. The exact interest rates and fees which apply to a specific business are dependent on the creditworthiness of the business in question. While the comparison provides a useful guide to loan costs, it is important to request multiple quotes in order to make an exact comparison based on the offers applicable to your business.

More on this topic:
Interactive Swiss business loan comparison

About moneyland.ch

moneyland.ch is Switzerland’s independent online comparison service covering banking, insurance and telecom. More than 80 unbiased comparison tools and calculators are available on moneyland.ch, along with useful financial guides and timely news. The comprehensive comparison tools help you to find the right insurance policies, bank accounts, credit and prepaid cards, loans, mortgages, trading accounts and telecom products for your needs.