Shift Business Finance Review
Get a personalised quote on Shift business finance interest rates and compare them to other small business lenders.
$50000
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Shift is a specialist lender with a proprietary online platform providing financing and payment options for SMEs in one place. Shift’s technology enables real-time loan processing, and businesses can get a trade account to manage payments to suppliers on their terms. Shift has a team of specialists available to consult.
Shift services all industries, including retail, wholesale, professional services, hospitality, construction, etc.
Shift business finance at a glance
Shift loan details | |
|---|---|
Finance options | |
Borrowing amounts | Up to $2 million |
Loan terms | 12 – 72 months |
Unsecured loans | Up to $200k |
Interest rate | From 13.95% - 23.95% p.a. |
Fees | $499 establishment fee on vehicle finance, or 3% of loan amount on term loans $495 - $795 annual fee on credit lines |
Security (if applicable) | Real estate or other business assets |
Repayment schedule | Weekly or monthly |
Early repayment | No early repayment fees |
Approval time | Pre-approval within 24 hours |
What are the interest rates on Shift business finance?
Shift’s interest rates vary depending on which product you’re applying for. On a business overdraft or term loan, expect to pay between 14.95% - 23.95% p.a. On overdrafts interest is only charged on funds drawn down, not the entire line of credit.
For an equipment line, rates are slightly lower, ranging from 13.95% - 16.95%.
Who’s eligible for a Shift business loan?
Like most lenders, Shift provides finance to established businesses that can provide business bank statements. Here are the eligibility criteria for most finance products.
- Active ABN or ACN: You must operate a business registered in Australia
- Minimum annual turnover: $250,000
- Minimum trading period: Two years
- Good credit score: Required with most finance options
- Financial documents: Bank statements for the last six months. For loans over $300,000, you’ll also need to provide a snapshot of the ATO portal
How to apply for finance with Shift in three easy steps
Shift finance comparison vs other business lenders
Lender | Product | Terms | Loan range | Interest rates | Fees | Security |
|---|---|---|---|---|---|---|
Business Fuel | Business loans | 6 - 36 months | $10K – $500K | Percentage rate determined on application | Upfront flat fee & drawdown fee structure | Unsecured up to $200K |
Shift | Business loans and credit lines | 12 - 72 months | Up to $1m | From 13.95% p.a. | 3% establishment fee | No security required up to $200K |
Prospa | Small business loans | 3 - 60 months | $5K – $500K | Quoted on application | 3-3.5% establishment fee | No security required up to $150K |
OnDeck | Small business loans | 6 – 24 months | $10K – $250K | Determined on application | 3% (of loan amount) establishment fee & 2% fee for loan renewals | Unsecured up to $250K |
Moula | Business finance | 12 - 36 months | $10K – $250K | From 15.99% p.a. | Up to 4% establishment fee | No security required up to $250K |
Shift | Business loans | 12 - 60 months | $2K – $1m | From 13.95% p.a. | 3% establishment fee | No security required up to $500K |
Max Funding | Small business loans | 1 - 60 months | $3K – $1m | From 1.25% per month | No fees | No security required up to $500K |
Spotcap | Business finance | 3 - 36 months | $10K – $500K | Quoted on application | Upfront fee | Secured |
Lumi | Small business loans | 3 - 36 months | $10K – $750K | Quoted on application | 2.5% - 3.5% establishment fee | Unsecured up to $300K |