The Details
A short-term, unsecured loan can be a great product for a small business. Loan amounts range from $5,000 to $250,000 with the ability for funds to be in your bank account within 48-72 hours.
These new loans provide a great alternative to the hassles associated with borrowing from the big 4 banks!
Amounts: $5,000 to $250,000
Starting from as small as $5,000 and going up to $250,000 depending on the strength of your business and cashflow (see Approval page for more details).
Loan Terms: 3 Months to 1 Year
These are short term loans that are used for ‘working capital’, and hence have loan terms of 3 months to 1 year depending on your ability to service the loan and the purpose to the loan.
% Interest Rates: 25 – 40%
Interest rates vary from provider to provider, your risk profile and the loan details. On the lower end of the spectrum (25-30%) this is comparable to what a bank would charge you for an overdraft or credit card.
Purposes: In A Pickle or Take Advantage
Whilst lenders will look at all reasonable purposes for a loan, they normally fall into two core categories:
- I’m in a pickle and I need some cash to get me out: seasonal cashflow, unexpected expenses, tax debts, etc.
- Take advantage of opportunities as they present themselves: how you fund the growth of your business.
Repayment Options: Daily, Weekly and Fortnightly
Different providers offer a variety of repayment options. Some are daily, weekly or fortnightly. Fortnightly is the longest repayment option.