Are there any fees for paying off my TruePillars business loan early?

No, you will not be charged any early repayment fees or exit penalties if you choose to settle your loan in full before the term ends. You are only required to pay the outstanding principal and any interest accrued up to the date of settlement.

Do I need to provide a personal guarantee for a TruePillars business loan?

Yes, directors or business owners are generally required to provide a personal guarantee as part of the security requirements. This agreement makes the individual personally liable for the debt if the business is unable to meet its repayment obligations.

How long does the TruePillars loan auction process take?

The auction process typically lasts between four and seven days while investors bid to fund your loan request. Once the auction is fully funded and you sign the final documents, funds are usually transferred to your account as early as the next business day.

Can I apply for a TruePillars business loan if I have just started a new business?

No, your business must have at least six months of trading history to be eligible for a loan. You are also required to show a minimum monthly turnover of $6,000 and provide documentation for existing business purchases.

What types of assets can I use to secure a TruePillars loan?

You can secure the loan using a general security agreement over your business assets or specific equipment. Unlike traditional banks, TruePillars does not strictly require you to provide residential or commercial property as collateral.

How does my risk rating affect the interest rate I pay?

Your risk rating directly determines your interest rate, which typically ranges from 8% to 24% per annum. TruePillars calculates this rating by assessing your financial history, monthly turnover and overall creditworthiness before presenting it to investors.