Boost Finance Short Term Business Finance

Need cash in a pinch to help grow your business? Boost Finance Short Term Business Finance can help with that!

The main feature of this loan is that it is a secured loan. This allows you to put assets that you own against it. These assets can include the cash flow of your business, residential or commercial property, as well as other high value assets such as jewellery, artwork or a boat. There is a variety of security that is offered and you are able to split the loan amount between the different types of security that you can personally offer. So if you’re worried that your residential property might not be enough security for the amount you need, you can split it against the strong cash flow of your business. How handy!

How does Boost Finance Short Term Business Finance work?

You are able to apply for a short-term business finance solution from Boost Finance online or via phone. The amount you are able to borrow for your business starts at $20,000 and ends at $1,000,000. The interest rate on this loan starts from 1% per month. The loan terms are short and start from a minimum of 3 months and extend to a maximum of 12 months. Once your loan application has been approved, you can expect the funds to be in your nominated bank account in as little as 24 hours.

Features of the Boost Finance Short Term Business Finance

Some of the features of this loan include:

  • Short loan terms. The loan terms available start from 3 months and end at 12 months.
  • Large borrowing amount. You are able to borrow a minimum of $20,000 and a maximum of $1,000,000 to fund your business dreams.
  • Secured loans. This short-term loan is secured. This means that you have to put an asset forward as security in case you are unable to pay for the loan.
  • Varied loan security. You are able to secure this loan through real estate and strong cash flow as well as other high value assets you might own, such as boats, jewellery or artwork. The funds can be purely based on the cash flow of your business.
  • Fast fund turnover. You can expect to receive your funds in the 24 hours after your loan application has been assessed and approved.
  • Low interest rates. You can benefit from low interest rates that start from as little as 1% per month. However, as this loan is short term, you can expect a higher interest rate to be charged.
  • Flexible repayments. These repayments can be tailored to the cash flow of your business. Specifics as to when you need to repay can be discussed with your Boost Finance specialist.
  • No fees for early repayments. There are no fees if you decide to pay off your loan early.
  • Pre-paid interest periods are available. You can benefit from interest-free periods for six months.

How much does the loan cost?

Some of the fees that will be applicable for this loan include:

  • A direct debit dishonour fee. You can expect to pay this if Boost Finance tries to take funds out of your account but they are not there. Be aware of these charges.
  • Late payment interest. This can be charged on the amount that you owe and haven’t paid off on time.
  • An establishment fee. This will be paid at the start of your loan term. It can be a flat number or a percentage of the amount you’ve asked to borrow.
  • A monthly charge. This charge is for Boost Finance to look after your account. It’s an account-keeping fee.

The fee list above is what you can expect to pay with a loan through Boost Finance. The specific numbers that apply to your loan will be provided to you once your application has been approved. Although the charges might seem small, they will add up over the term of your loan and are something to keep in mind.

How to apply for the Boost Finance Short Term Business Finance

Boost Finance has a list of what you need to apply for its short-term loan. Click on “Go to Site” and ensure you meet the following requirements:

  • You need to have a registered company. It can be shown through an ABN or an ACN.
  • You need to be an Australian resident.
  • You need to demonstrate how the loan will be repaid. This can be done through bank statements, cash flow statements etc.
  • You need assets as security. If you do not have assets as security for this business loan, you will not be considered.

Some of the documents you need to provide are:

  • Your Australian driver’s licence. This is so you can prove to Boost Finance that you are who you say you are.
  • Proof of assets. This can be done by obtaining a copy of your mortgage and showing that you own the assets that you are putting forward as security.

Take advantage of Boost Finance’s short-term finance option to help your business grow. Compare other short-term business loans and ensure the one you choose meets your needs.

Comparison of other business loans

Whilst we don't directly compare Boost Finance Short Term Business Finance, compare other business financing options.

Rates last updated February 24th, 2018
Name Product Min Loan Amount Max. Loan Amount Loan Term Application Fee Product Description
Prospa Business Loan
0.25 to 2 years
Apply for up to $250,000 and receive your approved funds within one business day. Note: Businesses must have a turnover of more than $5,000 per month and be able to demonstrate 6 months of trading history.
NAB QuickBiz Loan
1 to 3 years
An unsecured business loan from $5,000 that can be processed in 1 business day. Businesses that apply and are approved before 30 April 2018 are eligible for a discounted interest rate of 12.95% p.a.
Moula Business Loan
0.5 to 2 years
Small business loans of up to $250,000 approved and funded within 24 hours.
Transparent fees and rates. Note: Business must have been operating for at least 12 months and have monthly sales of at least $5,000.
Spotcap Loans
2 years
Take advantage of a fixed interest rate and no upfront fees with this business loan, available up to $400,000. Note: Business must have been operating for at least 18 months and have turnover over $200,000.
Sail Unsecured Business Loan
1 year
2.5% origination fee
Apply for up to $5,000 even if you have bad credit. Note: Business must have been operating for at least 6 months and have turnover over $50,000.
OnDeck Business Loans
0.5 to 2 years
$0 (2.5% origination fee)
Apply online for up to $150,000 with OnDeck and receive approved funds in one business day. Flexible Business Loan
0.5 to 1 years
1.5% Initial draw down fee
A 100% online business loan with amounts available from $5,000. Flexible eligibility criteria and transparent rates and fees.

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