Small Business Lender Review - BusinessLoans
Overview
BusinessLoans.com.au understand the importance of choosing the right finance partner. Staffed by banking professionals, they pride themselves on providing the highest levels of customer service. They are experts in small business finance, because small business finance is all they do.
They offer a range of simple business finance products with transparent pricing, plus a fast, online application process, a suite of handy resources and a team of Relationship Managers to support their small business clients.
Features
- Flexible short-term loan you can use for any business purpose
- $5,000 and $500,000 – sized according to your business turnover
- Weekly repayments
- Fast application – funds could be in your account within 24 hours of approval
- Convenient redraw option
Summary
| Name | Flexible Business Loan |
|---|---|
| Min Loan Amount | $5,000 |
| Max. Loan Amount | $500,000 (sized according to your business turnover) |
| Minimum Loan Term | 6 months |
| Maximum Loan Term | 24 months |
| Loan Security | Unsecured |
| Repayments | Weekly |
Cost
To set up your Flexible Business Loan you’ll pay an establishment fee of 2% of the drawdown amount. You’ll also be charged a weekly direct debit fee of $3.85. If you default on your payments, you will also have to pay additional fees and penalties ($25 per failed direct debit & 5%pa interest on outstanding principal).
BusinessLoans.com.au offer fixed rate pricing from 0.87% per month for qualifying customers. The rate of interest you’ll be charged will depend on a number of factors including the amount you borrow, the term of your loan and the risk profile of your business. (See more rates here)
Here’s an example of costs for a $20,000 loan over 7 months:
| Description | Value |
|---|---|
| Loan Amount | $20,000 |
| Loan Term | 7 Months |
| Drawdown Fee | $400 |
| Total Interest | $1,205 |
| Direct Debit Fees ($3,85 pw) | $117.10 |
| Total Costs | $1,722.10 |
How to apply
To apply for a Flexible Business Loan from BusinessLoans.com.au you’ll need to complete a simple application form to provide your basic personal and business information. You’ll also be asked to link your financial data to their systems for fast online processing.
You can speak to a Relationship Manager at any time if you need support or guidance.
If your application is approved, you’ll receive their loan terms and a loan agreement for review. Once you sign the loan agreement the funds will be wired to your business account the same day.
How Does BusinessLoans Compare?
| Lender | Product | Term | Loan Range | Interest Type | Fees | Security | Repayments |
|---|---|---|---|---|---|---|---|
|
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 |
 |
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 |
 |
OnDeck Small Business Loan | 6 – 24 Months | $10k – $250k | Percentage | Establishment fee of 2.5% | Unsecured | Daily or weekly |
 |
Beyond Merchant Capital Unsecured Business Loan | 9 – 12 Months | $10k – $500k | Factor Rate | None | 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 |
