You can use a business overdraft for almost any legitimate purpose, including managing cash flow, buying stock, covering working capital gaps, and paying contractors or suppliers.

It depends on your needs. An overdraft is ideal for ongoing, fluctuating cash flow requirements. A term loan is generally better for large, one off purchases like equipment, as it typically offers a lower financing cost.

Making initial enquiries or using comparison services generally does not impact your credit score, as these are 'soft' checks. A 'hard' check is only performed when you submit a formal application to a specific provider.

The terms are often used interchangeably. Historically, an overdraft was linked to a business banking transaction account, while a business line of credit was a standalone product. Today, they function in much the same way.

While possible, it's often not the most cost effective option. An overdraft is perfect for short term needs. A dedicated equipment loan will almost always offer a lower cost for a large, long term asset.

You can typically access between $5,000 and $2 million. Your specific overdraft limit is based on your business's revenue and financial history. The median funded overdraft through Lend is $90,000.

Historically, lines of credit were standalone products, while overdrafts were linked to bank accounts. Today, the terms are often used interchangeably, with many non-bank providers offering standalone overdrafts that function like a line of credit.

An overdraft is ideal for covering larger cash flow gaps and short term expenses, often providing bigger limits. Business credit cards are better for everyday operational spending and earning rewards, but usually have higher interest rates.

Yes, it is possible. Non-bank financial institutions available through Lend are often more flexible than traditional banks. While your initial borrowing capacity might be lower or the interest rate higher, our system finds the providers most likely to approve your application, giving you viable options. In fact, 60% of our approved overdrafts go to clients who have a managed ATO debt.

Yes, it's possible. While some providers prefer a longer trading history, many non-bank lenders specialise in finance for newer businesses. If your small business (trading 6 months to 2 years) is trading positively, you have a good chance of approval.

Repayments are based on the amount you have used. As a guide, for a $50,000 unsecured overdraft, weekly repayments might be around $350. This can vary based on your interest rate and loan term.

A director's guarantee is a standard requirement for most unsecured business finance in Australia. It is a personal commitment from the director(s) to repay the debt if the business cannot.

Yes. As your business revenue grows, you can apply to increase your limit. Lenders will typically want to see 3 to 6 months of sustained, positive performance before approving a higher facility. These increased overdraft limits can be beneficial.

For funding amounts over $250,000, lenders need a deeper understanding of your business's financial health. Providing full financials is key to unlocking these larger facilities.

Yes, specialists can guide you through a provider's process for securing pre-approval. This gives you a confirmed facility limit before you need it, providing financial peace of mind.

Our goal is to build long term partnerships. 70% of our approved overdraft clients return to us for a second financial product within 18 months. We aim to be a trusted funding partner throughout your business journey.

Non-bank lenders often have more flexible credit policies and can approve applications faster than traditional banking institutions. They may be more willing to consider applications with managed tax debt or past credit issues.