Frequently
Asked Questions
Applying won’t affect your credit score
Frequently
Asked
Questions
Applying won’t affect your credit score
To qualify for a small business loan, typically the business needs to have been trading for at least six months, have a monthly turnover of at least $5,000 and be able to service the loan repayments.
In most cases, the entire process from loan application to decision takes less than an hour. Small business loan approvals can be approved fast due to the technology used by our lend. For example, electronic bank statement transaction history can be analysed in seconds and credit engines are used to automate most of the decision metrics.
An unsecured business loan is a type of business loan that does not require the business owners to provide security as collateral. This means you do not have to offer your assets such as property, vehicles and equipment as security to the lender. If you default on the loan, the lender can’t automatically take your property or other assets.
A business line of credit is a financing arrangement where you can borrow cash several times until you reach a fixed credit limit. Many business ventures come without a clear price tag, and a line of credit gives you the option to adjust how much funding you commit to.
No, regardless of whether you live in WA, SA, NSW, VIC, TAS, QLD or even NT, you will be assessed the same way, but do note if you live in a tourist “hot spot” your business may have seasonal income which will be assessed differently.
Yes, most lenders will allow you to pay out your loan early, and even offer repayment discounts. If you feel you might be in a position to pay the loan out early, or at least want the flexibility to do so without penalty, you need to choose a lender with this as an option.
Because you are asking to borrow tens of thousands of dollars to your business. A lender needs to feel comfortable to lend their money to you. To get that level of comfort, the lender needs access to your bank statements as this gives a true picture of your business.
It depends on a number of factors, including:
How long you have been trading. Most lenders like to see that you have been trading at least 6 months.
Your industry: Lenders will lend to most industries, but some are more favourable than others.
Your financials: As mentioned, lenders will want to see your bank statements to make a decision. They want to assure that you can afford to service a loan.
No, the application process is quick and simple with our panel of lenders. They just want to ensure you can service a loan without hurting your business – responsible lending. If you’ve been trading for six months and you’re making a profit it can be a simple process to get a business loan. It costs nothing to find out.