Cost of waiting calculator
What is waiting for the loan really costing you?
Four quick sections, all your own figures. It adds up what the business loses for every week the money isn't there, and shows the week the wait overtakes the cost of the loan you're holding out for.
One question
Have you already applied with HomeSec?
Not yet? The application takes a few minutes, there is no credit check to send it, and a Lending Manager calls you back.
Common questions
What should I put in for lost profit?
Profit, not turnover — what the money would actually leave in the business each month after costs. If new equipment would let you take on two more jobs a week, it is the margin on those jobs. If the money clears a debt, it is the interest, penalties and the cost of the creditor stepping up action. A conservative figure you believe is worth more than a big one you don't.
What counts as the cost of making do?
Whatever you are spending each month to get by without the money: hiring equipment, paying overtime, outsourcing work you would normally do, late fees, a payment plan's instalments, default interest under a contract. It is often the number people forget, and it keeps running for every week of the wait.
Why are one-off losses spread across the wait?
To keep the running total simple and honest. A price rise or a lapsed discount lands at some point during the wait, not on day one, so the chart spreads it evenly rather than front-loading it. The total at the end is the same either way.
What is the break-even week?
The week in which the running cost of waiting passes the total cost of the finance on your quote. From that week on, the wait has cost more than the loan itself — before you even count what the faster money would earn.
Does HomeSec see what I type?
No. The calculator runs in your browser and nothing you enter is sent anywhere. The only thing that reaches us is the short form under the calculator, and only if you choose to send it.
Want the short version? The 60-second check on the cost of business loan delays.