Frequently Asked Questions

 

What are your loan amounts and terms?
We can source a loan from our partners ranging from between $5,000 to $400,000 in unsecured business funding to SMEs. The repayment terms are very flexible and depend on the monthly turnover of your business. Terms available range from 3 months through to 24 months.
How long does the approval process take?
The online application is easy and only takes minutes and your pre-approval will usually be given within 24 hours.

(However, this time frame is dependent on receiving the required documents in a timely manner.)

How long before I receive the funding?
Once your application has been approved, we can have the funds in your account within 48 hours.
How long before I receive the funding?
Once your application has been approved, we can have the funds in your account within 48 hours.

If your case is urgent we will work out a solution that suits you.

Our partners have multiple products available:
Merchant Cash Advance for businesses that accept credit card/EFTPOS sales. Get access to a lump sum amount and repayments are then debited on a daily basis. No fixed monthly repayment requirements, this means your repayment will depend on your sales and cash available. This allows your cash flow to remain strong.

Business Loan A suitable product for any business and doesn’t require credit card/EFTPOS processing. Get access to a required large amount and your repayments are debited on a daily basis. No fixed monthly repayment requirements, this means your repayment will depend on your sales and cash available. This allows your cash flow to remain strong.

What information we need from you
Bank statements for the last 6 months or 6-12 depending on your financial requirements Merchant statements for the last 4 to 6 months Driver’s license for the owner of the business Proof of ownership Business in operation for a minimum of 6 months. Minimum turnover of at least $6,000 a month.
What are the application costs?
Usually Zero. Some of our partners do not charge an application fee and you are under no obligation to take the loan that you are offered.
What industries do we lend to?
We support businesses from all industries.
Are there any restrictions on how I use the funds?
You can use the cash for any business purpose you like. A few ways our customers have used the funds:

  • Improve cash flow
  • Pay off any expenses
  • Renovations
  • TAX or BAS payments
  • Purchasing stock
  • Marketing
  • Hiring extra staff
  • Upgrading equipment
What we offer that no one else can
You can use the cash for any business purpose you like. A few ways our customers have used the funds:

  • Improve cash flow
  • Pay off any expenses
  • Renovations
  • TAX or BAS payments
  • Purchasing stock
  • Marketing
  • Hiring extra staff
  • Upgrading equipment
What is the interest rate payable?
We don’t use interest rates for funding solutions. Our partners however offer an agreed total payback amount. This amount depends on the type of business you operate and the term you require the business finance for. This way your business knows up front the total costs, allowing you to manage your cashflow effectively.
What can I use as security?
The most common asset to use as security is commercial or residential property. Some lenders will also allow you to borrow against other assets such as vehicles, your savings, business equipment or other valuable items.
Can I sell the asset I used as security?
In order to sell the asset that you are using as security you will need to get the lenders approval. They may or may not allow you to secure you loan against another asset, depending on your individual circumstances.
How do I apply for a secured business loan?
Begin by finding the right lender, loan and rate. You can do this by talking to one of our lending specialists on 1300 569 422
What if I don’t have an asset?
If you don’t have real estate or a physical asset to offer as security, you could explore using savings, invoices, or guarantees. Alternatively, you can explore your unsecured loan options.
Can I get a secured business loan with bad credit?
While many of the large banks may be hesitant to offer funding to businesses with a bad credit history, alternative lenders may still be an option. What is considered a “bad credit score” differs from lender to lender and is one of many factors that is evaluated in your application, so just because you have low credit score does not mean you do not qualify for a secure business loan.
What is the secured business loan interest rate?
Interest rates differ from lender to lender and business to business. Factors that will influence your interest rate include your cashflow, repayment terms, credit history, collateral value and more.