Take advantage of the quick online application process offered by Ferratum Business and get the capital you need to grow your business.
If your business has been operating for more than 12 months and earns at least $75,000 annually, you can consider using this Ferratum Business Loan to help grow your business. The loan is designed for working capital and can be used to increase inventory, expand a physical business or hire more staff. You can apply for a loan up to $150,000.
Find out more about this loan and if it's right for your business in this review.
|Product Name||Ferratum Business Loan|
|Min. Loan Amount||$2,000|
|Max. Loan Amount||$150,000|
|Application Fee||2.5% origination fee|
|Loan Term||6 to 18 months|
How does the Ferratum Business Loan work?
You are able to apply for a maximum of $150,000 to grow your business and hire the people you need. There are transparent terms, with up to 1.5 years available. You are required to pay monthly. The online application takes five minutes and you will hear back as to whether your application is successful in one business day.
Features of the Ferratum Business Loan
Some of the features of this loan include:
- A transparent fee system. Once you have been approved for this loan, you will be required to pay a 2.5% start-up fee of the amount you wish to borrow. You will also be required to pay a monthly 4.5% fee of the amount that is owed.
- Monthly repayments. You are only able to make monthly repayments with this loan. However, these do not have to be at the end of the month like other business loans.
- Option to make early repayments. You can make early repayments without any extra charge.
- No security needed. As this is an unsecured loan, you do not need to put any type of security forward in order to be considered. However, you do need to provide a personal guarantee for the loan.
- Varied loan terms. You are able to benefit from 6 to 18 months loan terms.
- Varied borrowing amount. You are able to borrow a minimum of $2,000 and a maximum of $150,000 to grow your business.
- Fast online application process. The application process is simple and completed online. Applications can be finished in less than five minutes. The information you need to provide will be requested throughout the application process.
- Decisions based on cash flow. During the application process, you are required to provide information about your monthly turnover. Ferratum Business takes into account the cash flow of your business and focuses less on your credit score, which is ideal for those who are looking for finance but worried about their low credit score being an issue.
How much does the loan cost?
Some of the fees and rates associated with this loan include:
- A 2.5% origination fee of the amount you want to borrow.
- An average monthly fee of 4.5% of the loan amount. However, this varies on the proprietary credit assessment of your business that is conducted by Ferratum Business.
There are no repayment fees for paying off your loan early.
How to apply for the Ferratum Business Loan
Some of the eligibility requirements you need to meet can be seen by clicking on "Go to Site". They are:
- Your business must have been in operation for more than two years.
- Your business must turn over at least $75,000.
- All owners of your business must be Australia-based.
- You must have a dedicated business bank account.
- You must have a physical business presence in Australia.
- You need an ABN and a registered business name.
Some of the documents you need to provide include:
- Your latest closing of accounts or bank statements from the last three months
- A photo of you and your ID sent via your mobile phone