FREQUENTLY ASKED QUESTIONS
Tell me about the business loan.
It is a loan of between $5,000 and $250,000 with no security required to access up to $100,000. The term of the loan is between 3 and 24 months and the cash flow friendly repayments are either daily or weekly.
How is your business loan different from a traditional business loan?
You can apply for our business loan in under 10 minutes online or over the phone, receive a same day response and the funds could be in your account in 24 hours. Traditional business loans reference an interest rate per annum plus other fees and charges. Our business loan details the total amount payable upfront including any interest, fees or charges. This is then broken down into either a daily or weekly repayment figure.
What can the business loan be used for?
Our fast and flexible funding can be used for any worthwhile purpose including business renovations, marketing, to purchase inventory or new equipment, as general working capital and many other purposes. Loans cannot be used for personal purposes.
How do I apply?
The application process is easy and fast. Simply complete the online form in 10 minutes. If you are applying for $100,000 or less, you need:
Your driver licence number
Your BSB and account number
For loans over $100,000, you’ll also need some basic financial statements, like a P&L and cash flow.
How fast will I get a response?
You can apply in ten minutes and may receive same-day approval, if you apply during standard business hours and allow us to use an advanced bank verification system link to instantly verify your bank information online. If you choose to upload copies of your bank statement, we can usually provide a decision in one business day.
How fast will I get the money?
Funding is possible within 24 hours. If you apply before 4pm on a business day, you may have the money in your account that same business day.
How much can I borrow?
The total amount of your loan will depend on the specific circumstances of your business. We consider a variety of factors to determine the health of your business and, based on this information, you may be able to borrow up to $250,000.
How do you charge for a business loan?
The business loan offers a factor rate. A factor rate is expressed as a decimal figure not a percent. It varies based on things like your industry, how long you have been in business, and the health of your cash flow. When a factor rate is used, interest is charged to the principal when the loan is originated, it doesn’t compound.
What are the fees?
The amount due from day one includes the origination fee. There are no additional fees (excluding any late payment or default fees) and no penalties for early repayment.
Is there any penalty for early repayment?
There are no additional fees for early repayment and no balloon payment at the end of your loan. Right from the start you will know the total amount due and the date of your final payment. Once you make the final payment your balance will be $0.
How do repayments work?
To help you avoid missing repayments we offer repayments that fit in with your cash flow cycle – either daily or weekly. These are automatically deducted from your nominated business account.
Is it safe to link my bank account with an advanced bank verification system?
Yes. An advanced bank verification system link is used to instantly verify your bank account information online so you can get a fast response. Industry recognised encryption standards are followed to protect your personal, sensitive and financial data and commitment to customer security and privacy is ensured through ISO27001 certification.