Direct Money Unsecured Small Business Loan
Who else wants an unsecured business loan of $5,000 to $35,000, with access to funds on the day you apply?
Max. Loan Amount
3 to 5 years
|Product Name||Direct Money Unsecured Small Business Loan|
|Min. Loan Amount||$5,000|
|Max. Loan Amount||$35,000|
|Loan Term||3 to 5 years|
What to know about borrowing from DirectMoney
You begin the process by completing and submitting an online application, and you don't have to worry about safety or confidentiality. As part of the application process you can expect DirectMoney to carry out an online credit check, it goes through your bank records, and you also have to complete a legally required identity verification process. DirectMoney relies on the latest in technology to automate the entire process, and you don't have to visit any physical location to submit documents.
After DirectMoney approves your application, you'll be provided with all relevant information related to your loan through a contract, which you have to accept to receive your money. Once you accept the contract, DirectMoney transfers the approved funds in your nominated bank account.
If you submit your application before 10am on a business day, DirectMoney initiates the process of transferring approved funds that same day.
What features come with the Unsecured Small Business Loan?
- No security. This small business loan that DirectMoney offers is unsecured, so you don't have to worry about providing any form of security or collateral, which is a requirement of a number of other business loans.
- Variable loan amount. DirectMoney takes into account that small businesses can have different requirements, so it gives you the ability to borrow as little as $5,000, and as much as $35,000.
- Variable term. Since the term of the loan can have a significant impact on periodical repayments, DirectMoney gives its borrowers the option to choose between loans terms of 3 years or 5 years. What you should remember though, is that while the longer 5 years term would result in lower repayments, you would ultimately end up paying more interest.
- Repayments. You have to make monthly repayments towards your loan. Repayments come in the form of direct debits, which you set up at the time of taking the loan. This way, you don't have to remember making the payments each month.
How much will it cost my small business to borrow?
DirectMoney gives you a clear picture of just what you'll have to pay in the form of fees and charges during the course of the loan at the very onset through the loan's contract. It is ideal that you go through this document carefully so you know just what to expect as the loan progresses.
You don't have to pay any account administration fee, monthly or annual fees. Paying the loan off ahead of time does not attract any early repayment fees. You have to pay a loan establishment fee, and might have to pay late charges and payment dishonour fees.
Applying a Small Business Loan from DirectMoney
Applying for a Direct Money Unsecured Small Business Loan is easy. Before you apply, establish if you meet the required eligibility criteria as given below:
- You're over 18 years old
- You're a permanent resident of Australia
- You have good creditworthiness
- You have independent employment apart from your business or you are self-employed within your business
- You earn a gross income of at least $30,000 p.a.
To complete the application process you'll have to provide different kinds of information so DirectMoney can verify your credentials. When applying, keep the following handy:
- The name of your business, its address, and its phone number
- Financials and tax returns for the last two years
Getting a DirectMoney Unsecured Business Loan can help you take care of a variety of business-related expenses, but since other lenders also offer business loans, compare a few before applying.
Business lenders you can compare
Whilst we don't compare loans from MyCashFinance directly, use the table below to see how they compare against other loans