Compare Business Loans
Side-by-side comparison of business loan providers. Interest rates, fees, terms, amounts, and approval times from major lenders.
TL;DR
Business loan providers vary significantly in rates, fees (0% to 5% opening fee), amounts, terms (3 to 120 months), and speed (same-day to 2 weeks). Online lenders are faster but often pricier. Banks offer lower rates but slower processing and stricter requirements.
Why Comparing Matters
Business loan rates and fees vary significantly between providers. A company approved at 9.5% by one lender may receive 7.2% from another for the same amount and term. Opening fees range from 0% to 5%. Approval speed ranges from same-day to two weeks. Comparing at least three providers before committing typically saves 15% to 30% on total loan cost.
Typical savings
15–30%
By comparing 3+ providers
Opening fee range
0–5%
Varies widely between lenders
Approval speed range
1h–2wk
Online vs. traditional banks
What to Compare
Effective annual rate (todellinen vuosikorko): the single most important number, including interest and all mandatory fees in one comparable percentage. Total repayment amount: the actual euros you pay back over the loan's life. Monthly payment: what you need to afford each month. Opening fee: one-time upfront cost from 0% to 5%. Approval speed: from same-day to two weeks. Flexibility: early repayment options, payment holidays, ability to increase the loan. Minimum requirements: revenue, operating history, and credit requirements vary widely between providers.
- ✓Effective annual rate (todellinen vuosikorko)
- ✓Total repayment amount in euros
- ✓Monthly payment affordability
- ✓Opening fee (0% to 5%)
- ✓Approval speed and flexibility
- ✓Minimum requirements (revenue, history, credit)
Types of Providers
Traditional banks (Nordea, OP, Danske Bank): competitive rates, strictest requirements, slowest processing (1 to 2 weeks), personal relationship. Best for established companies with strong financials. Online lenders (various fintech providers): moderate to higher rates, faster processing (1-2 hours), simpler applications, more flexible requirements. Best for speed and convenience. Finnvera: not a direct lender but provides government-backed guarantees that help you access bank lending on better terms. Peer-to-peer and marketplace lenders: rates vary, a growing market. Best for companies between bank and online lender requirements.
Traditional Banks
Competitive rates, strictest requirements, slowest processing (1–2 weeks). Best for established companies with strong financials.
Online Lenders
Moderate to higher rates, fast processing (1–2 hours), simpler applications. Best for speed and convenience.
Finnvera-Backed
Government-backed partial guarantees that help newer or higher-risk companies access bank lending on better terms.
P2P & Marketplace
Rates vary, growing market. Best for companies between bank and online lender requirements.
Frequently Asked Questions
- Which lender has the lowest rate?
- Traditional banks typically offer the lowest rates at competitive rates for well-qualified companies with collateral. Without collateral, the best online lender rates are also competitive. Your actual rate depends on your company's financials.
- Should I choose the lender with the lowest interest rate?
- Not necessarily. Compare the effective annual rate, which includes all fees. A lender offering 6% interest with a 4% opening fee may cost more than one offering 8% with no opening fee. Also consider flexibility, speed, and customer service.
- How many lenders should I compare?
- At least three. This gives you enough data points to understand the range of offers available. One bank, one online lender, and one marketplace lender is a good mix.
- Do comparison sites charge a fee?
- FinanceCompany does not charge businesses for comparing loan offers. We receive a referral fee from lenders when you successfully obtain a loan through our platform. This does not affect your rate or terms.
- Can I negotiate the terms after receiving an offer?
- Yes. If you have competing offers, share them with your preferred lender and ask them to match or beat the terms. Banks in particular have room to negotiate on rates and fees for good customers.
- How often do rates change?
- Fixed rates in loan offers are valid for 14 to 30 days. Market rates shift based on the ECB reference rate and Euribor. If rates are rising, locking in a fixed rate quickly can save money.
