Frequently Asked Questions
How do I apply for a small business loan with FineBusinessLoans ?
Receiving a small business loan from FineBusinessLoans is quick and simple. All you need to do is fill in our online application form. You will need your current driver’s license number, and the ABN of your business to complete the application. If you so choose, we can send you a link to verify your business bank account, speeding up the process further. If you would prefer, we will accept hard copies of three months of bank statements in PDF format, which you can upload.
What is a FineBusinessLoans Small Business Loan?
We offer the provisioning of unsecured small business loans from $5,000 to $250,000. This loan can be repaid across 3 to 12 months, and we also offer daily, weekly and fortnightly repayments, that ease your cashflow planning.
Why is a FineBusinessLoans Small Business Loan different?
Unlike applying for a loan with a bank, a FineBusinessLoans loan application can be completed within just a few minutes. You will receive a decision much faster as well, sometimes within an hour, this means that if your loan is successful, you can have the funds within a day. The way we calculate loan cost is different too. Banks apply fees, and calculate interest at a per annum rate. We do this differently, we calculate the amount payable including all fees, and tie them all up in a single repayment package.
Will I receive a fast response?
Yes, we pride ourselves on how quickly we can help our customers. You could have a response to your loan application in as little as an hour. However, this relies upon you using our advanced bank verification, within standard business opening hours. If you decide to send us hard copy documents, then it could take as long as a day to get a decision.
How quickly will I receive funds?
Applying for a small business loan is often a vital financial commitment. We understand that the funding is needed as soon as possible. As long as you apply for your FineBusinessLoans loan before 4pm on a normal working day, if you loan application is accepted, we can have the funds deposited in your account the next business day.
How much can FineBusinessLoans arrange a loan for?
How much you can actually borrow, is driven by a number of factors and the specifics that make up your business. We look at a range of variables, using our FineBusinessLoans Score platform, to work out how viable your business is. Depending upon the results of our analysis, you could borrow up to $250,000.
How are FineBusinessLoans loan charges calculated?
We don’t operate like a normal bank, as we do not levy an interest rate. Instead, we use a factoring style charge. This means you are paying a set rate across your loan. The factor rate will depend upon things like how successful your business is, how long you have been trading, and how healthy your cashflow forecast is.
Does FineBusinessLoans charge a loan fee?
Unlike applying for a loan with a bank, we won’t charge you additional fees on top. All of the loan fees are rolled in to a single package, and are paid as part of your regular repayments. The only fees we charge extra are late payment or default fees.
What can I use my FineBusinessLoans loan for?
You are free to use your small business loan however you need to. You can use it for marketing and branding, buying in new equipment, moving to bigger premises, or anything else that will help your business grow.
If I pay off the loan early, is there a charge?
No, there is no charge for paying up your loan early. And there is no single balloon payment at the end. We make it very clear what the total amount to be repaid is, and when the final payment is due.
Do you offer cashflow friendly repayments?
Yes, we do, if you wish you can make repayments daily, weekly or fortnightly instead of monthly. This makes managing your cashflow easier if your business is heavily day trade focused. We can deduct these payments directly from your bank account.
What is a secured loan? (asset based borrowing)
A secured loan, or asset based loan, is when the business owner uses one of their own assets as a guarantee against the loan. This asset could be a company asset, such as an expensive piece of machinery. Or a personal asset such as a house. Most standard lenders require an asset to be used to secure a loan. If you fail to pay back your loan, the asset is at risk.
What is an unsecured loan?
An unsecured loan is granted simply on the health and viability of the business, without the need to offer a large asset for security. Banks do not traditionally offer unsecured loans, due to the increased risk, and the application overhead. Because of this, small business owners often find they have to put their own assets on the line to secure business finance.
