Business Line Of Credit

A business line of credit gives you flexible access to working capital for your business

A line of credit is a great funding product that allows access to funding if and when you need it. The interest is only payable on the amount that you draw on instead of the entire amount. If you are approved for a $100,000 line of credit and you take $10,000 to purchase some inventory then you will only pay interest on the $10,000, you can repay it later and drawdown again when you need it. A great example of a business line of credit is one without lock-in contracts or on-going fees.

Business lines of credit are best for short-term financing needs, such as payroll, seasonal expenses or temporary cash flow shortages.

Loandesk can connect you to lenders that can settle funds into your account within 5-10 working days depending on the type of security that is offered or if you funding is based purely on the strength of your cash flow.

Will you qualify for a line of credit?

Financiers are typically looking for more established business to finance with good credit history and tax payments up to date. Non-bank lenders that offer these loans will sometimes take younger business from 6+ months and upwards however rates will be higher than traditional lenders due to the increased risk.

The maximum loan amounts available, term of the credit line, and the repayment terms depend on your current business, revenues, credit rating, and many other variables.
Below are qualification points to consider:

You must have a registered company or business

Must have trading figures for 12 months

You don't have any defaults

You are using the funds for commercial/business purposes only

You cannot borrow against a non-directors asset

You can demonstrate how you will make repayments through the businesses profit

Your must be an Australian resident

To confirm all qualification, you'll need to complete your profile

Financing Overview

 

Amount you can borrow based on:
Based on business cash flows and/or assets combined.

Loan amounts:
$10,000 – $1,000,000

Loan term:
6 Months – 5 years

Interest rate:
6.5% – 36% (depending on term)

Speed:
As little as 5 days.

Lender options

 

Flexible loan terms

Ability to re-draw on loan

Ability to increase loan sizes

Interest only repayments

Ability to roll over term

GETTING STARTED

Loandesk makes finding a business line of credit quick & easy.

 

We work with a select group of carefully hand-picked lenders who are chosen based on their sound lending practices and superior customer service. Complete your profile & get matched loan options from 55+ lenders.

No hidden charges. No extra fees.

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Get approved for a line of credit

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