MaxFunding Business Loans Review
Get a personalised quote on MaxFunding business loan interest rates and compare them to other small business lenders.
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MaxFunding is a leading small business lender in Australia. It provides various term loan options, equity financing and unsecured business loans. It services all industries and businesses of all stages, including startups, low doc and bad credit borrowers.
All MaxFunding’s fees and charges will be laid out in your loan agreement, and you can save interest by paying off your loan early.
MaxFunding loans at a glance
MaxFunding loan details | |
|---|---|
Finance options | Caveat loans Equity loans |
Borrowing amounts | From $3,000 up to $1,000,000 |
Loan terms | 1 – 60 months |
Unsecured loans | Unsecured loans up to $500,000 |
Interest rate | Interest rates from 1.25% per month |
Fees | No fees — simple interest rate applied against outstanding balance |
Security (if applicable) | Real estate or vehicles |
Repayment schedule | Daily, weekly or monthly to suit your cashflow |
Early repayment | You can repay the loan early or make extra repayments lower the balance |
Approval time | Get pre-approval within three minutes |
What are the interest rates on MaxFunding business loans?
MaxFunding’s interest rates are expressed as a monthly percentage rate, starting from 1.25% - 1.75% per month depending on the product. When converted to an annual percentage rate (APR) that means rates starting from 15% p.a. - 21% p.a.
These are fairly typical rates for business loans, but what MaxFunding offers over and above other lenders is range and flexibility. Expect to pay higher rates on the likes of low doc and bad credit loans but at least MaxFunding services these kinds of businesses, when many other lenders don’t.
Who’s eligible for a MaxFunding business loan?
MaxFunding has more flexible eligibility criteria than traditional banks and other non-bank lenders, meaning a wider range of businesses and sole traders can qualify for finance. Here are the minimum eligibility requirements:
- Active ABN or ACN: You must operate a business registered in Australia
- Minimum monthly turnover: Nil
- Minimum trading period: Not required for short-term finance, so both new and established businesses can apply
- Good credit score: Only required for long-term business loans
- Financial documents: Business bank statements, no tax returns/BAS
How to apply for finance with MaxFunding in three easy steps
MaxFunding comparison vs other business lenders
Lender | Product | Terms | Loan range | Interest rates | Fees | Security |
|---|---|---|---|---|---|---|
Max Funding | Small business loans | 1 - 60 months | $3K – $1m | From 1.25% per month | No fees | No security required up to $500K |
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 |
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 |
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 |