Beyond Merchant Capital Review


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Small Business Lender Review - Beyond Merchant Capital

Overview

Beyond Merchant Capital was created by entrepreneurs who really understand the challenges of running a business.

They specialise in working with small to medium sized merchant businesses with a turnover of at least $10,000 a month. They offer unsecured business loans up to $500,000 with flexible payment terms.

They have a quick and easy online application process, and a simple assessment process that could result in approval within 24 hours and funding within 48.

Features

  • Unsecured business short term loan you can use for any business purpose
  • Borrow between $10,000 and $500,000, tailored to your business needs
  • Daily or weekly repayments
  • Fast online application – pre-approval possible within 24 hours
  • 80% approval rate
  • Interest cost fixed up-front

Summary

Name Beyond Merchant Capital Unsecured Business Loan
Min Loan Amount $10,000
Max. Loan Amount $500,000
Minimum Loan Term 9 months
Maximum Loan Term 12 months
Loan Security Unsecured
Interest Type Factor rate
Repayments Weekly or daily

Qualification criteria

Type Criteria
Minimum turnover $10,000 per annum
Minimum trading period 6 months

Cost

Beyond Merchant Capital use a factor rate rather than an interest rate to calculate the amount you’ll pay for your business loan. This is common practice for short-term loans of up to 12 months.

Rather than being charged interest as a percentage of your decreasing loan balance, it will be calculated up-front as a multiple of the amount you borrow. The factor rate they charge will depend on many factors, such as the amount you want to borrow, the term of the loan and how creditworthy Beyond Merchant Capital believes your business to be.

Beyond Merchant Capital do not charge set up, administration, direct debit, late payment or cancellation fees – all your costs will be charged in the single factor rate, which will be added to your loan balance and repaid in instalments.

How to apply

Beyond Merchant Capital have an easy online application process that takes just a few minutes to complete.

To apply, you’ll need to provide

  • Photo identification for the owner(s) of the business
  • Evidence that you have been operating an Australian business for more than 6 months
  • Evidence that you generate a minimum turnover of at least $10,000 per month
  • Access to your bank statements data via Proviso or:
  • Bank statements for the last 3 months
  • Merchant statements for the last 6 months

Once Beyond Merchant Capital receive your details they will contact you within 24-48 hours to inform you of the outcome. If your application is approved, they will deposit the funds in your account within 24 hours of receiving the signed loan agreement.

How Does Beyond Merchant Capital Compare?

Lender Product Term Loan Range Interest Type Fees Security Repayments
Beyond Merchant Capital Business Lender Logo Beyond Merchant Capital Unsecured Business Loan 9 – 12 Months $10k – $500k Factor Rate None Unsecured Daily or weekly
Prospa Business Lender Logo Prospa Business Loan 3 – 24 Months $5k – $300k Simple interest rate Establishment fee No asset required up to $100k Weekly or fortnightly
Spotcap Business Lender Logo Spot On Business Loan 1 – 24 Months $10k – $250k Percentage, but only on balance drawn Drawn on fee (% of credit limit) Unsecured Weekly, fortnightly or monthly
GetCapital Business Lender Logo GetCapital Flexible Business Loan 6 – 24 Months $5k – $500k Percentage 2% Draw down fee, plus $3.85 direct debt fee per week Unsecured Weekly
Businessloans Business Lender Logo Flexible Business Loan 6 – 24 Months $5k – $500k From 0.87% per month 2% Draw down fee, plus $3.85 direct debt fee per week Unsecured Weekly
Ondeck Business Lender Logo OnDeck Small Business Loan 6 – 24 Months $10k – $250k Percentage Establishment fee of 2.5% Unsecured Daily or weekly
Moula Business Lender Logo Moula Business Loan 6 – 12 Months $5k – $250k 0.75% to 2% per fortnight None Unsecured Fortnightly
Business Fuel Business Lender Logo Business Fuel Business Loan 3 – 18 Months $5k – $250k Factor Rate None Secured or Unsecured Weekly or monthly
MaxFunding Business Lender Logo Max Funding Unsecured Business Loan 1 – 12 Months $2k – $300k From 1.8% per month Fees are laid out in loan agreement Unsecured Weekly or tailored

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