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Annual Fee When shopping for a small business loan, pay attention to the annual fee that comes with the loan. The annual fee is an amount of money charged each year to the borrower by the lender to cover any administrative costs that apply to the loan. The annual fee will be defined in the loan contract. It may be a percentage of the principal or a flat fee. It is possible to find small business financing that does not have an annual fee. Before you rush out and get fee free financing, make sure that the rest of the loan meets the needs of your business. It might be worth it to pay a small yearly fee to have a loan that is more flexible to work with your small business. On the flip side, try not to get a loan with high annual fees. You are paying interest for the loan, so the loan company should not need to charge huge annual fees. More Glossary Terms Explained here |
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