Small Business Lender Review - BusinessFuel
Overview
Business Fuel know the challenges for small business when it comes to securing finance. Their Managing Director has been lending to Australian businesses for more than 12 years, and they’ve funded more than $100 million worth of loans to Australian SMEs.
They provide business loans from $5,000 to $250,000 to help small and medium business owners across a range of industries.
They have a simple online application process, which means minimal documents and a prompt decision. And they have team of helpful and experienced Lending Managers who take the time to listen and tailor funding to meet your business needs.
Features
- Short-term loan you can use for any business purpose
- Borrow between $5,000 and $250,000 – as a general rule Business Fuel can fund up to 100% of your average monthly sales
- Weekly or monthly repayment options
- Fast application – funds could be in your account within 48 hours
- Redraw facility
- Team of Lending Managers to support you through the application process
- Secured or unsecured business loans
Summary
| Name | Business Fuel Business Loan |
|---|---|
| Min Loan Amount | $5,000 |
| Max. Loan Amount | $250,000 |
| Minimum Loan Term | 3 months |
| Maximum Loan Term | 18 months |
| Loan Security | Secured or Unsecured |
| Interest Type | Factor Rate |
| Repayments | Weekly or daily |
Qualification criteria
| Type | CRITERIA |
|---|---|
| Minimum turnover | $10,000 per month |
| Minimum trading period | 6 months |
Cost
Business Fuel offer a flat fee structure that you will pay off as part of your weekly or monthly repayments. The rate will be calculated at the start of your loan, using a factor rate, which is a multiple of your full loan balance.
The rate will be based on a number of factors, including how much you need to borrow, how long you want to borrow for, and the nature and creditworthiness of your business.
You may also find you can borrow more, at a more favourable rate, if you are able to offer security.
There are no hidden fees and charges for Business Fuel business loans – no application fees, set up costs, early termination penalties or account keeping fees.
How to apply
You can apply online for a Business Fuel business loan in just a few minutes. You’ll need to provide:
- Information about your business
- 6 months’ business bank statements
- Photo I.D for directors / borrowers
- Documents relating to any assets you are offering as security for your loan.
Once you begin the application process you will speak directly to the people who make the funding decisions. These Lending Managers can tailor your loan to suit your unique business needs.
How Does Business Fuel Compare?
| Lender | Product | Term | Loan Range | Interest Type | Fees | Security | Repayments |
|---|---|---|---|---|---|---|---|
|
Business Fuel Business Loan | 3 – 18 Months | $5k – $250k | Factor Rate | None | Secured or Unsecured | Weekly or monthly |
 |
Prospa Business Loan | 3 – 24 Months | $5k – $300k | Simple interest rate | Establishment fee | No asset required up to $100k | Weekly or fortnightly |
 |
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 Flexible Business Loan | 6 – 24 Months | $5k – $500k | Percentage | 2% Draw down fee, plus $3.85 direct debt fee per week | Unsecured | Weekly |
 |
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 Small Business Loan | 6 – 24 Months | $10k – $250k | Percentage | Establishment fee of 2.5% | Unsecured | Daily or weekly |
 |
Beyond Merchant Capital Unsecured Business Loan | 9 – 12 Months | $10k – $500k | Factor Rate | None | Unsecured | Daily or weekly |
 |
Moula Business Loan | 6 – 12 Months | $5k – $250k | 0.75% to 2% per fortnight | None | Unsecured | Fortnightly |
 |
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 |
