- A business loan is a financial instrument that can be used to cover both unexpected and anticipated expenses. A business loan is borrowed money that businesses use to cover costs they can’t afford on their own in the short term.
- Loans are not provided without charge. As the cost of borrowing the money, lenders charge interest on loans. Knowing whether the interest is fixed or variable is crucial. A fixed interest rate is one that doesn’t change over the course of the loan or its payback period.
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