Small Business Lender Review - Beyond Merchant Capital
Overview
Beyond Merchant Capital was created by entrepreneurs who really understand the challenges of running a business.
They specialise in working with small to medium sized merchant businesses with a turnover of at least $10,000 a month. They offer unsecured business loans up to $500,000 with flexible payment terms.
They have a quick and easy online application process, and a simple assessment process that could result in approval within 24 hours and funding within 48.
Features
- Unsecured business short term loan you can use for any business purpose
- Borrow between $10,000 and $500,000, tailored to your business needs
- Daily or weekly repayments
- Fast online application – pre-approval possible within 24 hours
- 80% approval rate
- Interest cost fixed up-front
Summary
| Name | Beyond Merchant Capital Unsecured Business Loan |
|---|---|
| Min Loan Amount | $10,000 |
| Max. Loan Amount | $500,000 |
| Minimum Loan Term | 9 months |
| Maximum Loan Term | 12 months |
| Loan Security | Unsecured |
| Interest Type | Factor rate |
| Repayments | Weekly or daily |
Qualification criteria
| Type | Criteria |
|---|---|
| Minimum turnover | $10,000 per annum |
| Minimum trading period | 6 months |
Cost
Beyond Merchant Capital use a factor rate rather than an interest rate to calculate the amount you’ll pay for your business loan. This is common practice for short-term loans of up to 12 months.
Rather than being charged interest as a percentage of your decreasing loan balance, it will be calculated up-front as a multiple of the amount you borrow. The factor rate they charge will depend on many factors, such as the amount you want to borrow, the term of the loan and how creditworthy Beyond Merchant Capital believes your business to be.
Beyond Merchant Capital do not charge set up, administration, direct debit, late payment or cancellation fees – all your costs will be charged in the single factor rate, which will be added to your loan balance and repaid in instalments.
How to apply
Beyond Merchant Capital have an easy online application process that takes just a few minutes to complete.
To apply, you’ll need to provide
- Photo identification for the owner(s) of the business
- Evidence that you have been operating an Australian business for more than 6 months
- Evidence that you generate a minimum turnover of at least $10,000 per month
- Access to your bank statements data via Proviso or:
- Bank statements for the last 3 months
- Merchant statements for the last 6 months
Once Beyond Merchant Capital receive your details they will contact you within 24-48 hours to inform you of the outcome. If your application is approved, they will deposit the funds in your account within 24 hours of receiving the signed loan agreement.
How Does Beyond Merchant Capital Compare?
| Lender | Product | Term | Loan Range | Interest Type | Fees | Security | Repayments |
|---|---|---|---|---|---|---|---|
|
Beyond Merchant Capital Unsecured Business Loan | 9 – 12 Months | $10k – $500k | Factor Rate | None | Unsecured | Daily or weekly |
 |
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 |
 |
Business Fuel Business Loan | 3 – 18 Months | $5k – $250k | Factor Rate | None | Secured or Unsecured | Weekly or monthly |
 |
Max Funding Business Loan | 1 – 36 Months | $2k – $1m | From 1.5% per month | Fees are laid out in loan agreement | Secured or Unsecured | Weekly or tailored |
