Shift Business Loans
- Upfront Fee
- 4%
- Max. Loan Amount
- $2,000,000
- Loan Term
- Up to 5 years
Summary
Borrow up to $2,000,000 to support the growth of your business with a flexible business term loan.
3 things to consider about this loan:
- Variable annual rates: The rate is decided based on loan amount and circumstances and could be as low as 14.95% or as high as 23.95%.
- Fees: The term loan includes an establishment fee of up to 4% of the loan amount, plus direct debit fees and failed payment fees.
- Flexible repayments: Choose between weekly or monthly repayments.
Pros
-
Maximum loan of $2,000,000
-
No asset security needed up to $100k
-
Flexible loan terms
Cons
-
Interest rates can reach 23.95%
-
Up to 4% establishment fee
Details
Product details
| Product Name | Shift Business Term Loan |
| Min. Loan Amount | $25,000 |
| Max. Loan Amount | $2,000,000 |
| Loan Security | Secured or Unsecured |
| Upfront Fee | 4% |
| Loan Term | Up to 5 years |
How do Shift business loans work?
The Shift Business Term Loan is for businesses which have been trading for at least 2 years and have annual turnover of at least $250,000. The term loan is a business loan of up to 5 years, with personalised interest rates between 14.95% and 23.95%.
What can the Shift Business Term Loan be used for?
The funds will be deposited directly into your business bank account and they can be used for any business purpose. Typically, they are used for one-off finance needs like capital projects and business expansion.
What features does Shift offer with its business term loans?
These are some of the features you can expect with a loan from Shift.
- Varied loan amounts. You can apply for a business loan from as little as $25,000 to $2,000,000.
- Quick application. You can register and apply online. For loans under $500,000, you'll usually just need a completed application form and 6 months of bank statements.
- Fast funding. Once you sign your loan agreement, Shift transfers the funds the same day, so they should reach your business account the next business day.
- No early repayment fees. You won’t face any additional fees if you decide to repay the loan early.
How much does the loan cost?
The cost of your loan will depend on your circumstances and business data. Here’s a general outline of the costs you might face:
- Typical establishment fees are up to 4% of the loan amount.
- Direct debit fee of $3.85 per week
- A default interest fee of 5% p.a. chargeable on the outstanding principal
How to apply
Apply for a Shift Business Term Loan through Shift’s own website, shift.com.au, by filling out its online application form. This product is not currently available through Finder, so you will need to apply directly with the lender. You’ll need the following information at hand while applying:
- Personal details including your email, date of birth, home address and mobile number
- Personal identification e.g. drivers licence or passport number
- Bank account details
- Your ABN
- 6 months of bank statements
- Financial statements and a snapshot of your business’ ATO portal (for loans of $500,000 or more)
Frequently asked questions
Sources
Your reviews
Rebecca Finder
Editor, Money
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