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Business Loan Rate Comparison Tool

A real-time rate comparison tool for business loan quotes

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Cormac Scanlan
Maker
@cormacscanlan · CTO, designer & web nerd @ Fleximize
Hi Producthunters! This rate comparison tool helps business owners compare business loan quotes that they’ve received from various lenders. With the majority of business lending in the UK being unregulated, lenders are not obliged to disclose their annual interest rate or other comparable rate of funding. This makes it difficult for businesses to compare the cost of borrowing from two or more finance providers, especially when they’ve presented their rates in different ways. We created this tool because we believe that business owners should know exactly how much they’ll be paying before committing to a business loan. The tool lets business owners enter the details of a quote that they’ve had from one lender, including the rate that it is based on. It will then convert the quote it into all other rates, such as monthly interest rate and yield. This means a business owner can easily compare a number of quotes that are based on different rates. For example, a business owner might have received two quotes, one that’s based on a factor rate of 1.35, and another that’s based on a monthly interest rate of 3%. By inputting the details of the first quote into the rate comparison tool, they’ll discover that a factor rate of 1.35 is equivalent to a monthly interest rate of 3.37%, making the first quote more expensive than the second. Our rate comparison tool was built from the ground up as a PHP-based Craft CMS plugin, and uses Vue.js to deliver real-time calculations, without the need to refresh the page. Any questions, give us a shout!