You can borrow between $5,000 and $250, 000 based upon your business health and cash flow, without providing your personal assets as security or considering the owner's personal situation.
If you complete the loan application before 4pm, and the application is approved, you could have the money in your account before the end of the business day, depending on how much you want to borrow.
You'll have a decision on your loan application within one business day once you've provided the documentation.
There's no need for an interview or an assessment of the business owner's personal financial situation - the loan is granted based on the health of your business concern.
If you apply for a business loan for $5,000 to $250, 000 with a loan term of 3-12 months, you won't need to provide security for the loan.
When you apply for this type of loan, you won't be charged traditional interest rates. You will be given a quote on the total cost to borrow the money, which includes all the interest and fees for setting up the account.
This is then broken down into a regular repayment amount based on your chosen payment frequency, daily or weekly, and the loan term.
Our business loan calculator will give you an idea of the daily or weekly repayments for the amount you need and the loan term you want to borrow it over.
To determine how much you can borrow, and what the cost of the loan will be, the lender uses a range of 400 data points to assess the health of your business
Your business will be given a factor rate which is a number between 1.15 - 1.4. This number is arrived at by considering a range of 400 data points including your industry, how long you have been in business, the health of your cash flow, and a range of other factors.
The 'factor rate' is a decimal figure based on the variables used to determine the cost of the loan to you, and the interest is charged to the principal of the loan when the loan is originated. The interest paid is tax deductible.
So for example, a loan for $10, 000 will have total repayments between $11, 500 and $14, 000 depending on the term of your loan and the score for your business health.
The only fee associated with the loan will be the establishment fee, and after this, there's nothing more to worry about, as long as repayments are made on time. There's no penalty for early repayment of the loan.
With this type of small business loan, everything is straightforward. You make your repayments daily or weekly, directly from your business account. With small regular payments that compliment your cash flow, you'll never have to worry about coming up with a large lump sum.
There are no fees for early repayment of the loan. You'll know exactly what your regular payments will be, and when the final due date it right at the start.
It's also easy to renew the loan as your business grows to ensure you have the constant cash flow you need.
An application only takes about 10 minutes, and you can do it just below.
For a loan of up to $50, 000 you'll need to have:
If you need more than $50, 000 you will also need:
This allows the lender to evaluate your business cash flow and identify what repayments you can manage without adding stress to your everyday operations.