Question 1

What Is The Difference Between Traditional Business Lending And Alternative Financing?

Accepted Answer

Traditional business lending is done via traditional banks. When you are looking for a traditional bank loan, your reasons and objectives make no difference on the way the bank may assess your application. They prefer larger loans, which is why, as a small business loan seeker, you might not get a big bank’s attention. On the other hand, alternative lenders, including online investors, are mainly focused on providing urgent help to small businesses and professionals. They use technological tools to assess the borrower’s financial circumstances and decide to help – or refuse – fast. Banks, however, have a long application evaluation process, although they offer lower interest rates and service charges.

Question 2

What Would Be My Small Business Loan’s Interest Rate?

Accepted Answer

If you are looking to acquire unsecured small business loans, you should expect a higher interest rate than what a bank would offer. That’s because you probably have a new business without a stable revenue record, which means lending to you presents a higher risk to the lender. Similarly, if you have been operating your business for several years, and your business data shows steady revenue, the interest rates will go lower due to the lesser risk involved.

Question 3

Does My State Of Residence Affect The Loan Application Requirements?

Accepted Answer

No. Your state of residence has no effect on the requirements of your loan application to acquire our services. From NSW, SA, and WA to QLD, TAS, VIC, and NT, wherever you live or operate your business, we will assess your application the same way. However, you must note that if your business is located in the midst of or very close to a tourist spot, this might suggest it is a seasonal business, which will certainly influence our evaluation of your application.

Question 4

Will There Be Any Penalty If I Repay The Loan Early?

Accepted Answer

Most fintech lenders these days do not include a penalty clause in the loan contract for early repayment. However, you should always read the fine print of the contract before signing it to be sure. While some lenders might consider the value their loan provided to you as outweighing receiving their money back fast, many others may not bother you for paying them back sooner than the loan term. Furthermore, if, at the time of applying for your loan, you have good reason to believe you might be paying it back sooner than the term, then you should only say yes to a lender who hasn’t included any early repayment penalty in the contract.

Question 5

Why Must I Submit My Bank Statement With The Application?

Accepted Answer

The need for this document with your application is simply to ensure that your lender has sufficient information about your current financial commitments and situation before they decide whether or not they are willing to loan you their money. This information allows your lender to determine the current financial health of your business and make an informed decision about your application.

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