We were able to source competitively-priced bank loans like our recently executed secured term loan facility with the Import-Export Bank of Korea and ABN AMRO.

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The term of the loan guarantee to the bank RBS expires on 1 April this year.

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Risk aversion also adds to interest rate costs on short term bank loans, and with Russia considered a risk investment, loan costs inevitably rise.

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In the later stages of a growing business, the now-incorporated business might need a bank loan for various needs, including operating capital and long-term growth.

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The interest rate on the loan was less then what the grandchild would have paid at a bank, and the loan came with an "unwritten" understanding that the repayment term could be extended if needed.

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John Lamidey, chief executive of the Consumer Financial Association which represents the eight largest payday loan lenders, said most long-term debt was on credit cards and bank overdrafts and he advised anyone with long-term debt to go to Citizens Advice (CAB).

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