Banjo Business Loans
- Upfront Fee
- up to 3% for the 36 month loan term
- Max. Loan Amount
- $1,000,000
- Loan Term
- 6 months to 3 years
Summary
Borrow between $20,000 to $1,000,000 with terms up to 3 years. An origination fee applies and rates are based on your individual circumstances.
This unsecured business loan by Banjo has a minimum borrowing amount of $20,000 with a maximum of $1,000,000. Loan terms are short, ranging from 6 months to 3 years. Banjo’s application process is quick, and funds are disbursed within 24 to 72 hours. Your interest rate will be determined by the health and qualify of the business and the purpose of the loan. An upfront origination fee up to 3% applies for loans with a 36-month term. This fee is less, depending on the length of your term. As an example loan of $1,000,000, with a 36-month term, your monthly repayment may come up to $45,000, with the loan costing a total of $1,620,000.
Details
Product details
| Product Name | Banjo Business Loans |
| Min. Loan Amount | $20,000 |
| Max. Loan Amount | $1,000,000 |
| Loan Security | Unsecured |
| Upfront Fee | up to 3% for the 36 month loan term |
| Loan Term | 6 months to 3 years |
| Requirements |
|
How does a loan from Banjo work?
Applying for financing through Banjo Loans involves you filling out a simple online form. As part of the process you'll need to provide various key details, including your accounting information, which can help you be approved for a loan.
If you're approved, you'll receive the funds within 72 hours. You can then manage your loan using the Banjo dashboard.
What features does Banjo Loans offer?
The features of Banjo's small business loan include:
- Receive your funds quickly. If approved, you should receive your funds within 24 to 72 hours.
- Generous loan amount. You can borrow up to $1,000,000, making it suitable for a range of small business needs.
- Repayment options. Choose to make your repayments weekly, fortnightly or monthly.
- Flexible lending criteria. Banjo performs credit analysis and determine an interest rate that reflects the health and quality of the business and the purpose of the loan. Banjo also do not require any security over personal assets.
- Account management. You're able to manage your account using the customised Banjo dashboard. You can also use this to view your account history and apply for another loan.
Is there anything to consider before applying?
As larger loan amounts are on offer, it's important to only apply for as much as your business needs. You will receive a full list of fees and a rate when you apply. Be sure to review these carefully to ensure your business can afford the loan.
How you can apply for a Banjo Loan
Applying for a Banjo Loan is easy, and to get started you can click "Go to Site". The following eligibility criteria will need to be met:
- You have a registered Australian business
- The business is at least two years old and has at least $500,000 p.a. in revenue
- You can provide six months of bank statements
If you meet the above criteria you are eligible to apply. Make sure you have these on hand to complete the online application:
- Your ABN or ACN
- Identification details for the directors
- Your driver's licence and a photograph
- 6 months of banks statement and active ABN
- The business' accounting information and banking details
Banjo loans offers a flexible solution for small businesses to consider, but as there are many financing options on the market, make sure to compare your options before you apply.
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