What does it cost to borrow £30,000?

Why the cost varies

Borrowing £30,000 has no fixed price. What you repay depends on the rate you're offered — set from your accounts and any security — the term you take, and the fees on the deal. At this level lenders often want to see filed accounts and clear affordability, which can sharpen the rate. A stronger company over a shorter term pays materially less than a newer one over a longer term. See how your rate is set.

Working out your total

Turn any quote for £30,000 into a real cost with three numbers: the rate, the term and every fee. On a reducing-balance loan, the monthly payment times the number of months is the total repayable; subtract the £30,000 borrowed and you have the cost of borrowing. Add any up-front fees not already in the payment. That fully-loaded total — not the headline rate — is what to compare. See comparing true cost.

Keeping the cost down

Two levers cut the cost of £30,000 most: the shortest term your cash flow can sustain, and the lowest rate your accounts support — which you influence by strengthening the application and, where suitable, offering security. Overpaying once the loan runs does the same on a reducing-balance product. See cutting the cost of borrowing.

Work out the exact total for your rate and term on the true cost calculator, and for a firm figure on {amount_label}, apply to Credicorp — a quote doesn't commit you.