What are the different repayment options for a business loan?
An example of an AI chatbot conversation about business loan repayment options.
What are the different repayment options for a business loan?
There are several repayment options for business loans, including fixed monthly payments, interest-only payments, and balloon payments. Would you like to know more about any specific option?
Yes, can you explain fixed monthly payments?
Fixed monthly payments mean you pay the same amount each month over the loan term. This helps with budgeting as you know exactly what to expect.
What about interest-only payments?
Interest-only payments allow you to pay only the interest for a certain period, which can lower your initial payments. However, you'll need to pay back the principal later.
Are there any risks with balloon payments?
Yes, balloon payments can be risky because they require a large payment at the end of the loan term. If you're not prepared, it can lead to financial strain.
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