Businessloans Review

William Baker

CEO

“Deciding on the best funding option for your business can be challenging. We make it easy for you.”

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“Super friendly and helpful staff. Very quick and easy process in assisting small business with cash flo”

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Small Business Lender Review - BusinessLoans

Small Business Lender Review - BusinessLoans


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Overview

BusinessLoans.com.au understand the importance of choosing the right finance partner. Staffed by banking professionals, they pride themselves on providing the highest levels of customer service. They are experts in small business finance, because small business finance is all they do.

They offer a range of simple business finance products with transparent pricing, plus a fast, online application process, a suite of handy resources and a team of Relationship Managers to support their small business clients.


Features


  • Flexible short-term loan you can use for any business purpose
  • $5,000 and $500,000 – sized according to your business turnover
  • Weekly repayments
  • Fast application – funds could be in your account within 24 hours of approval
  • Convenient redraw option


Summary

NameFlexible Business Loan
Min Loan Amount $5,000
Max. Loan Amount $500,000 (sized according to your business turnover)
Minimum Loan Term 6 months
Maximum Loan Term 24 months
Loan Security Unsecured
Repayments Weekly

 

Cost


To set up your Flexible Business Loan you’ll pay an establishment fee of 2% of the drawdown amount. You’ll also be charged a weekly direct debit fee of $3.85. If you default on your payments, you will also have to pay additional fees and penalties ($25 per failed direct debit & 5%pa interest on outstanding principal).

BusinessLoans.com.au offer fixed rate pricing from 0.87% per month for qualifying customers. The rate of interest you’ll be charged will depend on a number of factors including the amount you borrow, the term of your loan and the risk profile of your business. (See more rates here)

Here’s an example of costs for a $20,000 loan over 7 months:

 

DescriptionValue
Loan Amount $20,000
Loan Term 7 Months
Drawdown Fee $400
Total Interest $1,205
Direct Debit Fees ($3,85 pw) $117.10
Total Costs $1,722.10


How to apply


To apply for a Flexible Business Loan from BusinessLoans.com.au you’ll need to complete a simple application form to provide your basic personal and business information. You’ll also be asked to link your financial data to their systems for fast online processing.

You can speak to a Relationship Manager at any time if you need support or guidance.

If your application is approved, you’ll receive their loan terms and a loan agreement for review. Once you sign the loan agreement the funds will be wired to your business account the same day.


How Does BusinessLoans Compare?


LenderProductTermLoan RangeInterest TypeFeesSecurityRepayments
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
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
Ondeck Business Lender Logo OnDeck Small Business Loan 6 – 24 Months $10k – $250k Percentage Establishment fee of 2.5% Unsecured Daily or weekly
Beyond Merchant Capital Business Lender Logo Beyond Merchant Capital Unsecured Business Loan 9 – 12 Months $10k – $500k Factor Rate None 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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