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Annual interest
As I said, annual interest is the most common way of expressing interest. At annual interest, you calculate your interest rate by taking the loan amount and multiplying it by the percentage interest rate on your business loans. What the annual interest rate indicates is how big the cost of the loan is in relation to the loan amount seen over a year.
Monthly interest
Then amortization period On business loans often quoted in months, it is common for monthly interest to be used to give expression to the interest rate. In the case of monthly interest, the percentage rate is expressed on a monthly basis instead of on an annual basis. If the interest rate on your business loan is quoted as monthly interest, you can work out what the annual rate is by multiplying it by twelve. Since the monthly interest rate will always be lower than the annual rate, it is important to ensure whether it is the annual or monthly interest rate indicated when applying for a business loan in order to make it easier to compare offers.
Nominal or effective interest
When comparing business loans, it is important not only to look at the interest rate quoted, but also to any additional costs, such as set-up fees or escrow fees. The interest rate indicated when taking a loan is called nominal interest. The nominal interest rate shows only the actual cost of borrowing money and does not take into account other costs. The nominal interest rate also does not take into account if interest payments are made more than once a year. Comparing loan offers by comparing the nominal interest rate can therefore be misleading as the total cost of two different business loans with the same nominal interest rate may differ depending on how often the interest is paid and whether other fees are added or not. The effective interest rate takes all the additional costs into account and therefore becomes a better measure when comparing the total cost of different offers. jämför företagslån är det viktigt att inte bara se till räntesatsen som anges, utan även till eventuellt tillkommande kostnader, som uppläggningsavgifter eller aviavgifter. Räntesatsen som anges när du tar ett lån kallas nominell ränta. Den nominella räntan visar bara själva kostnaden för att låna pengar och tar inte övriga kostnader i beaktning. Den nominella räntan tar heller inte i beaktning om räntebetalningar sker fler än en gång om året. Att jämföra låneerbjudanden genom att jämföra den nominella räntan kan därför bli missvisande då totalkostnaden för två olika företagslån med samma nominella ränta kan skilja sig beroende på hur ofta räntan betalas och om det tillkommer övriga avgifter eller inte. Den effektiva räntesatsen tar alla tillkommande kostnader i beaktning och blir därför ett bättre mått när du jämför totalkostnaden för olika erbjudanden.
For private loans, the Consumer Credit Act stipulates that the effective interest rate must always be stated, but for corporate loans there is no regulation, so it can be more difficult to compare. Figuring out the effective interest rate yourself can be complicated but simplified, you can use the formula: effective interest = nominal interest + fees, to factor in the total cost of the loan.
What is Froda's interest on business loans?
At Froda, there are never any additional costs in addition to the interest cost, which means that you never have to take this into account when looking at the total cost of your business loan. The exact interest rate on your business loan is personal and is stated in your offer. What you get in interest is influenced by how much money you borrow, how long the loan has, and the creditworthiness of your company. The interest rate on your business loan is fixed, but in some exceptional cases may be adjusted if there are major changes in the policy rate during the term of the loan or external events that may affect Froda's costs. This is because the policy rate and changes in the environment affect Froda's financing costs and in the event of major interest rate changes or events that affect the economic situation, we may therefore need to adjust the interest rate in order to continue offering our services. In the event that we need to adjust the interest rate, each loan will be affected individually.företagslån är personlig och framgår i ditt erbjudande. Vad du får i ränta påverkas av hur mycket pengar du lånar, hur lång löptid lånet har samt ditt företags kreditvärdighet. Räntan på ditt företagslån är fast, men kan i vissa undantagsfall komma att justeras ifall det sker stora förändringar av styrräntan under lånets löptid eller omvärldshändelser som kan påverka Frodas kostnader. Det beror på att styrräntan och omvärldsförändringar påverkar Frodas finansieringskostnader och vid större ränteförändringar eller händelser som påverkar det ekonomiska läget kan vi därför behöva justera räntan för att kunna fortsätta erbjuda våra tjänster. I det fall vi behöver justera räntan kommer varje lån att påverkas individuellt.
Vanliga frågor
If you want to repay the entire loan early, you can do so by logging into My Pages and clicking on "repay the entire loan" under the "manage loan" tab. The remaining amount to be repaid will then be reserved in your account and withdrawn via direct debit within 2 banking days.
If you have the possibility to increase your loan, you can see your available loan space when you log into My Pages. If you want to increase your loan, just press the "borrow more" button next to your available space, set how much you want to increase the loan with, choose the amortization period you want, and send your application.
Yes, you can always repay your loan early, no matter how much time is left on the amortization plan.
By using direct debit instead of invoices, Froda can automate the amortization process so you don't have to pay invoices manually.
No, Froda does not charge any early repayment fees, so it's completely free to repay the loan early. You only pay interest up to the day you repay the loan, and the remaining interest cost for the term is written off.
When you make an extra amortization, the debt decreases, which also reduces the total cost of the loan. By default, the term of your loan will be recalculated and shortened to reflect the new debt. If you prefer to keep the term as it is but want your ongoing repayments to decrease, you can adjust the term under "manage loan" on My Pages.
Yes, you can activate an extra amortization on My Pages whenever you want.
If you want to make an extra amortization you can do so under the "manage loan" tab. Choose "extra amortization" and enter the amount you want to repay. The payment then automatically occurs by a withdrawal via direct debit.
Yes, in most cases, you can change your amortization rate. If you want to change your amortization rate, you can contact customer service at support@froda.se or 08-501 311 00, and we will assist you.
If you have switched to a new repayment account, it takes up to two banking days before it is activated. Once activated, direct debit and the payment plan are linked to the new account, and it is marked as "active" on My Pages.
If a payment does not go through according to the payment plan, we always try to withdraw the amount again the following banking day.
Yes, you can change the repayment account on My Pages.
As a lender should be
