With Our Bespoke Business Loans

Unlike the banks, we don’t benefit from recommending any lender or loan. Instead, we focus on doing a great job for your business and saving you money on your business loan, so you’ll consider working with us again in the future.

You will need to pay a small fee for our service, but this will be negligible compared to the cost of your loan. Finding a cheaper business loan could save you a lot of money in the long run, and it is definitely worth knowing what is out there and what fees you can expect with each loan.

Each lender will have different requirements, so you might be ineligible for some lenders depending on the nature of your business.

Here are some potential minimum requirements for your average business loan:

• Australian-registered business with an ABN or ACN
• 6-12 months in business
• Annual turnover of $50,000
• Personal credit score of 650
• Personal income 1.25 times greater than personal expenses
• Potential collateral

These won’t apply for all business loans, so if you don’t meet one or more of these requirements, there is still hope. The first 3 of the above list will be pretty much universal, so try to meet those requirements first.

If you need money now and aren’t yet meeting these criteria, come and talk to us about your options.

A business loan lets you borrow money to cover business costs and help you grow your business.

This can come in many forms such as:

• Business overdraft loans – a loan that allows you to overdraw an approved amount of funds from your transaction account, with interest being charged on the overdrawn amount.
• Line of credit – an agreed amount of credit you can draw from if necessary.
• Secured business loan – a loan that requires security against the loan in the form of an asset, such as property.
• Unsecured business loan – a loan that does not require any collateral, which may result in smaller loan amounts or higher interest rates.
• Fixed rate loan – Similar to fixed rate home loans and other types of fixed loans, a fixed business loan has a steady interest rate throughout the life of your loan.
• Variable rate loan – A variable business loan, on the other hand, will have an interest rate that is subject to change. These changes could be due to decisions made by your lender, or the official tax rate set by the government.

There are lots of types of business loans, designed to suit different needs and situations. We can help you choose the right one for you, and find the lender who will give you the best rate.

Business fees can vary between lenders, especially regarding amounts. Here are some of the fees you can expect:

• Upfront fee – one-off set up cost that you will pay for the establishment of your loan.
• Ongoing fee – you will be charged for the administration over the life of your loan
• Prepayment penalty – fee for prepaying on your loan balance, to protect the lender from loss of paid interest.
• Late payment fee – any late payments will usually cost you around $10 to $35, or 2-5% of your outstanding balance
• Unsuccessful payment fee – similarly to late payments, if your payment fails due to lack of funds or any other reason you will be charged a small fee.

The types and amounts of fees you will be charged depends on your loan. We will outline the fees for you associated with each loan, and take these into account when making a recommendation for you.

Your credit history will usually come into play when applying for a business loan. However, a bad credit score doesn’t have to mean that you can’t get a loan.

Once you’ve completed our application process, we will find you the best loan for your situation. If your situation is bad credit, we will look for lenders who aren’t put off by your credit score. This may decrease the amount you can borrow, or increase your interest rate though, so it is possible that the loan you need won’t be possible.

For more information about getting a loan with bad credit, talk to our expert brokers.

The business loan approval process can take around 10 to 15 days, but some lenders can do this process much faster. If you need fast approval for your business loan, we will take this into consideration and give you recommendations that fulfil your requirements.

Different lenders will ask for different things during the application process. However, when you choose us for your business loan, we will handle the application process for you and make it as easy as possible.

We will first discuss what you need from your business loan. This can be done face-to-face or over phone/email correspondence, whatever works best for you. We will then present the best loan options available for you, and collect the necessary documents and information.

We deal with the bank for you, so once this is done your part will be over. We will then take your details to the lender you choose and do the application process for you.