Average Business Loan Rates for 2023 Understanding Business Loan Rates can help you choose a better financing option. According to recent figures from the Federal Reserve, the average interest rates for business loans range between 4.9% and 9.83% . Expect traditional banks to charge from 6.75%, while alternative lenders, including online lenders like My Canada Payday loans, charge interests ranging from 3.5% to 30.12%. However, these rates differ depending on several factors, including Business Loan Rates type, qualifications of the borrower, and lender conditions. Below are a few things you should know about Business Loan Rates and fees for 2023 ; 1. What Determines Loan Rates? Interest rates on business loans are a figure the lender charges for funding your business. Ideally, it should be a percentage of the total amount borrowed. The following factors affect interest rates charged by lenders. Lender – Entrepreneurs can source business financing f...