overdraft cost per month

[avalanche]

Does anyone have a rough idea of how much a business overdraft would cost per month on £10,000 & £50,000?

 

[Newchodge]

That would depend on the terms agreed. The better question may be whether anyone knows where a business overdraft of £10,000 or £50,000 may be obtained.

 

[KAC]

Overdrafts are intended to cover short term borrowing requirements. Banks like to see the balance fluctuating and if it sometimes goes into credit, better still.

If you have a need for long term finance, banks normally prefer loans.

Cost will depend upon security available, track record and your credit rating.

As @Newchodge has said, availability is another matter

 

[avalanche]

I'm more interested in a rough cost to be honest, I dont actually need one but considering charging some of my customers for credit so was hoping someone may have had one at some point
but thanks for the reply's

 

[KAC]

Why not use the statutory interest rate https://www.gov.uk/late-commercial-payments-interest-debt-recovery/charging-interest-commercial-debt. It's a good starting point

 

[ethical PR]

I'm more interested in a rough cost to be honest, I dont actually need one but considering charging some of my customers for credit so was hoping someone may have had one at some point
but thanks for the reply's

I would have thought the obvious people to ask would be your bank.

 

[MartinCivil]

It is going to vary from lender to lender. We have a 25k facility available to us and the interest rate is approx 10%. We have never had the need to use yet but a move was made away from more costly invoice factoring