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 $150 million worth of loans to Australian SMEs.
They provide business loans from $10,000 to $200,000 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
- Borrow between $10,000 & $200,000 for any business purpose
- Borrow up to 100% of your average monthly sales
- Loan terms between 3 and 18 months
- Secured or unsecured business loans
- Funding available within 24 hours
- Direct access to the decision makers
- Redraw facility
Summary
| Name | Business Fuel Business Loan |
|---|---|
| Min Loan Amount | $10,000 |
| Max. Loan Amount | $200,000 |
| Minimum Loan Term | 3 months |
| Maximum Loan Term | 18 months |
| Loan Security | Secured or Unsecured |
| Interest Type | Simple Interest |
| Repayments | Weekly, Fortnightly or Monthly |
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, fortnightly or monthly repayments. The rate will be calculated at the start of your loan, using a simple interest rate
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 is also a small draw down fee which is based on the loan amount and there are no hidden fees and charges for Business Fuel business loans – no 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
- Your ABN or ACN
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 | $10k – $200k | Simple Interest | Drawdown fee % of Loan Amount | Secured or Unsecured | Weekly, Fortnightly 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 Business Loan | 1 – 36 Months | $2k – $1m | From 1.5% per month | Fees are laid out in loan agreement | Secured or Unsecured | Weekly or tailored |
