Small Business Lender Review - MaxFunding
Overview
As one of Australia’s leading small business funding facilitators, Max Funding understand what you go through as a small business owner. They appreciate that every business is different and has its own unique set of objectives and challenges. With that in mind, they strive to tailor each loan to the borrower.
Max Funding have provided loans to more than 8,500 Australian SMEs in more than 130 industries, and they have a team of friendly lending specialists to help you – each member of their team has been recruited for their knowledge and expertise within the finance industry.
They offer two different types of products: Fast business loan from $2,000 up to $50,000; Equity Business Loan from $50,000 up to $1,000,000. The online application process and a pre-approval time of just 5 minutes. They have flexible funding criteria to suit emerging businesses, and you can tailor your repayment schedule to suit your cash flow.
Features
- Secured/Unsecured business loan you can use for any business purpose
- Borrow between $2,000 to $1,000,000
- Tailored repayment plan
- Fast online application – pre-approval time of just 5 minutes
- Interest rates from 1.5% per month
- Line of credit facility
Summary
| Name | Fast Business Loan | Equity Business Loan |
|---|---|---|
| Min Loan Amount | $2,000 | $50,000 |
| Max. Loan Amount | $50,000 | $1,000,000 |
| Minimum Loan Term | 1 month | 1 month |
| Maximum Loan Term | 36 months | 36 months |
| Loan Security | Vehicle or Real Estate | Real Estate |
| Repayments | Tailored repayment plan | Tailored repayment plan |
Qualification criteria
| Type | Secured Loan Criteria |
|---|---|
| Minimum turnover | Nil |
| Minimum trading period | Nil (planning, new and established businesses) |
| Security | Vehicle / Real Estate |
Cost
Max Funding offer interest rates from 1.5% per month, but the actual rate you are offered will depend on various factors such as your credit rating and risk profile, how much you want to borrow and how long you need your loan for.
Max Funding believe in transparency. All fees and charges will be laid out in your loan agreement, and if you are able to pay off your loan early, you’ll save interest.
How to apply
You can complete a simple, obligation-free application form online and get pre-approval / confirmation of eligibility within just 5 minutes. Max Funding will not conduct a credit check unless you proceed to the next stage.
You’ll then need to provide supporting documents – 6 months of bank statements and your drivers’ licence. You can upload copies of your bank statements or provide read-only access to your online banking to speed up the verification process.
Once your application has been reviewed you will be sent a loan contract to sign electronically. Once that is signed, the money will be deposited directly into your bank account the same business day.
How Does MaxFunding Compare?
| Lender | Product | Term | Loan Range | Interest Type | Fees | Security | Repayments |
|---|---|---|---|---|---|---|---|
|
Max Funding Business Loan | 1 – 36 Months | $2k – $1m | From 1.5% per month | Fees are laid out in loan agreement | Secured | Tailored |
 |
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 |
 |
Moula Business Loan | 6 – 12 Months | $5k – $250k | 0.75% to 2% per fortnight | None | Unsecured | Fortnightly |
 |
Beyond Merchant Capital Unsecured Business Loan | 9 – 12 Months | $10k – $500k | Factor Rate | None | Unsecured | Daily or weekly |
 |
Business Fuel Business Loan | 3 – 18 Months | $5k – $250k | Factor Rate | None | Secured or Unsecured | Weekly or monthly |
