Bank Loan vs. Alternative Lender Business Loan Comparison - Work Toolz

Bank Loan vs. Alternative Lender Comparison

Bank Loan Details

Offered Loan Amount ($):

Annual Interest Rate (%):

Loan Term (Months):

Origination Fee (% of offered loan amount):

Other Upfront Fees ($):

Prepayment Penalty:

Estimated Time to Funding:

Typical Credit Profile Required:

Alternative Lender Loan Details

Offered Loan Amount ($):

Annual Interest Rate (%): For factor rates, convert to an equivalent APR if possible.

Loan Term (Months):

Origination Fee (% of offered loan amount):

Other Upfront Fees ($):

Prepayment Penalty:

Estimated Time to Funding:

Typical Credit Profile Required:

Side-by-Side Loan Comparison

Feature	Bank Loan	Alternative Lender
Enter loan details in Tab 1 & 2 and click "Compare Loans" to see results.

General Considerations

Bank Loans: Typically offer lower interest rates and longer repayment terms, potentially for larger amounts. However, they usually involve a more rigorous application process, stricter credit and documentation requirements, and longer funding times. Often a good choice for established businesses with strong financial profiles.
Alternative Lenders: Often provide faster funding with more flexible eligibility criteria and simpler applications. This speed and flexibility may come with higher interest rates, higher fees, and shorter repayment terms. Can be suitable for newer businesses, those with less-than-perfect credit, or businesses needing funds quickly.
Always Review Carefully: The figures presented are estimates based on your inputs. Always thoroughly review the terms, conditions, and all associated costs of any loan offer before making a commitment. Pay close attention to how APR is calculated by the lender and any prepayment penalty clauses.