Many businesses have taken, and continue to take advantage of, the government backed bounce back loan scheme. The loans offer a twelve month payment holiday and interest-free period, with the next five years paid off at a 2.5 percent interest rate.
We have heard many businesses have taken the maximum they are allowed according to the loan terms, which is up to twenty five percent of turnover (max £50,000). Due to this we expect some businesses may repay a portion early or ahead of schedule if the loan is not required.
We have therefore created this tool to show the full payment schedule for a bounce back loan of any amount, along with the ability to add overpayments at any stage and see the effect on the repayments, interest charges and total costs.
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