By linking your bank information to the application, you will receive a much more in depth health check analysis. We can crunch your numbers for you in a way that help you understand your business more deeply.
Line of Credit
What is a Line of Credit and how is it different to a loan?GoldApple2021-10-05T06:26:54+10:00
The key difference between a small business line of credit and a small business loan is that, as you repay the line of credit, the funds you’ve repaid are available to redraw again up to the credit limit. Additionally, you only pay interest on the funds you draw down on the line of credit, rather than paying interest on the full amount at time of approval.
How much cash can I access?Sarah Leaman2021-10-12T10:48:44+10:00
The cost structure of our lending is straightforward. We don’t charge any interest. Instead, loan fees are assessed based on the information you provide and data sources you connect.
Fees are 2% – 9.75% of your selected small business loan amount the first 2 months and 1% for each of the remaining 4 months. Every month, for six months, you pay back 1/6th of the total amount plus the monthly fee. There are no early payment fees. In fact, early repayment will shorten the length of your small business loan and save you on future monthly fees.
What is an “unsecured” line of credit?Sarah Leaman2021-10-05T06:27:15+10:00
There is no charge to send a payment request. When the customer pays either via Phone Payments or via the payment link, there will be a charge of 1.6% + 30c (excl GST) per transaction (Visa and Mastercard transactions). You can chose to accept this charge yourself or pass this onto the customer.