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Lloyds Commercial Fixed Rate Loan: What You Need To Know In 2023

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Lloyds Commercial Fixed Rate Loan: What You Need to Know in 2023

What Is a Fixed Rate Loan?

A fixed rate loan is a type of loan where the interest rate remains fixed for the duration of the loan. This means that the amount you pay each month will remain the same during the entire loan period. Fixed rate loans are often used by businesses to finance larger purchases or investments, such as new equipment or a property purchase.

Lloyds Commercial Fixed Rate Loan

Lloyds Bank offers a range of fixed rate commercial loans. These loans are designed to help businesses manage their cash flow by providing a fixed, known payment each month. The loan can be used to finance a range of business purchases or investments, such as new equipment, property purchases, or expanding a business.

Benefits of the Lloyds Commercial Fixed Rate Loan

The Lloyds Commercial Fixed Rate Loan provides a range of benefits for businesses. These include:

  • Fixed rate: The interest rate remains fixed for the duration of the loan, which makes it easier to budget for the loan payments.
  • Flexible repayment: The loan can be repaid over a period of up to 10 years, allowing businesses to find a repayment schedule that suits their cash flow.
  • No early repayment fees: There are no early repayment fees, so businesses can pay off the loan early without incurring extra costs.
  • No personal guarantees: The loan does not require a personal guarantee, so businesses can access the loan without having to put their personal assets at risk.

Requirements for the Lloyds Commercial Fixed Rate Loan

The loan is available to businesses that meet the following criteria:

  • The business must be a limited company registered in the UK.
  • The business must have been trading for at least two years.
  • The business must have a turnover of at least £50,000.
  • The business must have a good credit record.

Conclusion

The Lloyds Commercial Fixed Rate Loan is a great option for businesses looking to finance larger purchases or investments. The loan offers a range of benefits, including a fixed rate and flexible repayment schedule, with no early repayment fees or personal guarantees. However, businesses must meet certain criteria in order to be eligible for the loan.


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