It comes as no surprise that interest rates have spiked after the Covid-19 pandemic. The question on everyone’s mind is will they continue to increase or will we see a decrease in 2023 ?
It comes as no surprise that interest rates have spiked after the Covid-19 pandemic. The question on everyone’s mind is will they continue to increase or will we see a decrease in 2023 ?
According to CNBC, "Economic uncertainty will result in more business owners borrowing only for immediate working capital needs. Ultimately, even core capital expenditures will get hit — if they have not been already — from equipment to marketing and hiring. ”
Interest rates in 2022 ranged from 4.4% - 7%+ and this jump was quick. The rates ranged based on loan type/lender, traditional banks, online lenders, SBA loans, or Lines of Credit. Business owners are unable to control market and economic conditions as the Federal Reserve sets the Federal Funds Rate. As we saw with the pandemic, rates rose as the economy needed it and then have dropped with recession looming. If you receive a variable interest rate, your loan rates will change over time with the market conditions, whereas a fixed rate will remain the same regardless.
According to BankRate, “Interest is the cost of borrowing money. Interest is typically expressed as a percentage of the amount you borrowed that is added to your balance each year.” Another way to express the cost of borrowing money is a factor rate, which is usually expressed by a decimal. When determining the cost of repaying a loan, multiply the principal by the factor rate.
The great thing about US Credit Source is we have the ability to provide our customers with a range of offers and have relationships with banks across the country ensuring the best rates for our customers. Do not miss out on incredible opportunities. Fill out your application today.
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US Capital Source makes the application process seamless and available to every Business owner.
Submit all the necessary information to a number of potential lenders in one place! We eliminate the need to fill out multiple applications and allow you to compareloan options from different lenders. Reduce the risk of errors and time to secure a loan, as all the necessary information is collected in one application.
By submitting all the required information in one place, businesses can speed up the loan application process and receive a loan decision much faster so you can start to grow your business, more quickly.
Interest rates and repayment timeline tailored to your chosen offer. Help finance the expansion of your business.
With relationships across the country, US Credit Source is able to provide quick Lines of Credit less than two points above WSP Prime
Access working capital quick and on short-terms so you can pay back your financing sooner. Use what you need, when you need it. US Credit Source has various options for all Business Owners
Upgrade your Business with financing for Business Equipment. Equipment keeps the busy running and US Credit Source has access to fast capital for all your equipment financing needs
Receive invoice factoring and provide your business with a source of working capital to fund operations and growth.
A Government Grant program under the CARES Act. US Credit Source has helped thousands of Business Owners receive employee tax credit from 2020 and 2021
