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 get a trade account to manage payments to suppliers on their terms.
There’s additionally a team of specialists available to consult.
Shift services all industries, including retail, wholesale, professional services, hospitality, construction, etc.
Shift at a glance
| Lender — Shift | Shift loan details |
|---|---|
| Shift finance options | Small business loans Equipment line Vehicle finance Business overdrafts |
| Borrowing amounts | From $2,000 up to $1,000,000 |
| Loan terms | 12 – 60 months |
| Unsecured loans | Unsecured loans up to $500K |
| Interest rate | From 13.95% - 22.95% p.a. |
| Fees | 3% (of loan amount) establishment fee |
| 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 |
Our verdict: Shift’s proprietary technology takes the guesswork out of applying for finance. Rates and fees are on par with other business lenders, but you get the added benefit of having all your credit and payment options in a single account. This makes it easier to manage cashflow throughout the year and at tax time. There are no early payment fees, meaning you can save interest on your finance by making additional repayments.
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
Here’s how to apply for Shift finance in three easy steps:
1. Start your online application by entering your business registration information and contact details. Submit all other relevant identification documents like your driver’s licence or passport number.
2. Link your business bank account via the proprietary online process for real-time processing. Shift has Relationship Managers on call to answer any questions at any stage of the application process.
3. Once your application is approved, you’ll get the funds deposited directly into your business bank account within 24 hours.
Shift comparison vs other business lenders
| Lender | Product | Terms | Loan range | Interest rate | Fees | Security | Repayments |
|---|---|---|---|---|---|---|---|
|
| Business loans | 12 - 60 months | $2K – $1m | From 13.95% p.a. | 3% establishment fee | No security required up to $500K | Weekly or monthly |
 | Small business loans | 1 - 36 months | $2K – $1m | From 1.50% per month | No fees | No security required up to $30K | Flexible |
| Small business loans | 3 - 36 months | $5K – $500K | From 9.99% - 26.50% p.a. | Establishment fee | No security required up to $150K | Flexible |
| Business finance | 3 - 36 months | $10K – $500K | Upfront fee | Secured | Weekly | Weekly |
| Small business loans | 3 - 36 months | $5K – $500K | Percentage rate determined on application | 2.5% - 3.5% establishment fee | Unsecured up to $300K | Weekly or monthly |
| Small business loan | 12 - 24 months | $5K – $250K | From 15.99% p.a. | 2% establishment fee | No security required up to $250K | Flexible |
| Business finance | 6 - 36 months | $10K – $500K | Percentage rate determined on application | Upfront flat fee & drawdown fee structure | Unsecured up to $200K | Weekly or monthly |
