Get access to the capital you need to grow your business fast with an unsecured business loan from Heartland Australia.
Heartland no longer accepting applications
Heartland Australia is no longer accepting new applications for its unsecured business loan.
If you're looking for a simple way to access unsecured business finance, you may want to consider a loan from Open for Business. Provided by Heartland Australia, Open for Business is a digital banking provider that allows your business to apply for a loan based on your turnover. Loans of up to $50,000 are available.
Find out more about this loan and if it’s right for you by reading our review.
How does the Heartland Australia "Open for Business" loan work?
You’re able to apply for loans of between $5,000 and $50,000. When you apply for the loan, you’re required to submit business data, such as your annual business turnover, what industry you’re in and why you’re looking to get the funds.
Once you’re approved, a representative from Heartland will get in contact with you and sort out the rest of the loan application. You’re able to get pre-approved through the online application process. You can expect your money within the next two to three business days. You have 3 years to pay back this loan.
Features of the Heartland Australia "Open for Business" loan
Some of the features that are included with the Heartland Australia Small Business Loan are:
- Simple online application. The online application is easy and straightforward to follow. All that needs to be done is to enter your business data, such as your annual business turnover and what industry you’re in, as well as a contact number. Once you’ve filled out your application, you’ll receive a response in seconds through the help of smart questioning. The next business day, one of the Heartland Australia specialists will get in contact with you to sort out the rest of the paperwork.
- Borrowing amount. Loan amounts of between $5,000 and $50,000 are available. The amount you're approved for is largely to do with your business turnover.
- Long loan term. You have 3 years to pay off this business loan.
- Variable interest rates. The interest rate varies but starts from 11.95%.
- Business eligibility varies. Whether or not you are able to apply for this loan varies on your yearly turnover and the amount you want to apply for.
- Unsecured loan. This loan is unsecured, which means no asset needs to be put forward in order to be considered. However, this means that the loan rates will be higher as there is a greater risk to the lender.
How much does the loan cost?
The loan has a variety of fees, which you can see below:
- An establishment fee of $240
- A dealer/broker/introducer fee of $120
- A refund fee of $16
- A statement fee of $5
- A late payment fee of 6% above the current interest rate
How to apply for the Heartland Australia "Open for Business" loan
When applying for an Australia Heartland small business loan, click on “Go to site” and ensure you meet the following criteria:
- Be 18 years of age or older
- Have an Australian Business Number (ABN)
Some of the documents you need include:
- Your business contact number
- Your business bank statements. This includes your annual business turnover number, as this is one of the questions that need to be answered in the online application process
The Heartland Australia small business loan is ideal if you’re looking to grow your business or purchase a new vehicle. However, compare other business loans before making a final decision.