Live capital’s unsecured business loan is an option to consider for smaller Australian businesses that are looking for capital.
The main feature of this loan is that you as a business owner have access to a variety of lenders that can help you meet your loan needs. Live capital ensures that whatever loan amount you’re applying for, there is a vendor that will be able to help you out. This is a huge advantage for smaller businesses that need capital to get off the ground or meet ongoing business needs but that are unable to get a loan from one of the bigger banks. As this loan is unsecured, you are likely to be charged a higher interest rate, which is something to keep in mind.
How does the Live capital Fixed Term Business Loan work?
With this loan, you input basic business data, such as your business name, the amount you’re looking for and your annual business turnover. Once you are contacted by a Live capital representative, they will let you know what loan amount you have been approved for. You agree to the payback terms which are set by the lender and you pay any interest on the outstanding loan amount.
It takes less than 10 minutes to apply for a Live capital Fixed Term Business Loan if you have access to the relevant business data.
Features of the Live capital Fixed Term Business Loan
Some of the features that are included with this loan are:
- Access to a large range of lenders. Going through Live capital and getting the business loan that meets your needs provides you access to a large range of lenders that are willing to help you out. Live capital currently partners with three leading Australian lenders: Prospa, Capify and Sail. These lenders will do their best to meet your business needs.
- Quick approval process. Once you submit your loan application, you receive a decision on whether your application has been approved within the next few hours. If you qualify for a loan, you can receive your loan funds within the next 24 hours. However, this depends on what lender you’ve gone with.
- Flexible repayments. As you have access to a range of lenders, this means that you have some leeway with your repayment terms. Some lenders prefer to go with weekly repayments whereas others prefer fortnightly or monthly. You will know your repayment terms once you have been approved for the loan. You can tailor the payments in line with the cash flow of your business.
- Large borrowing amount. The amount that you are able to borrow depends on your business circumstances and how healthy your business is. You can be approved for a minimum loan amount of $5,000 or a maximum of $500,000. However, Live capital factors in your monthly turnover, how long you have been in business and other business factors to determine whether or not you are able to pay off the amount you’ve applied for.
- Straightforward application process. The application process for Live capital is very straightforward, as all that is required of you is that you submit your business data, the amount that you want to apply for and your ABN.
- Unsecured loan. Any loan that you apply for through Live capital is unsecured, which means that you do not have to put forward any assets that you own in order to be considered for the loan amount you are applying for.
How much does the loan cost?
The fees that will be charged with this loan include:
- An establishment fee. This fee is charged from the first day of your loan term.
- A late payment fee. This depends on what lender you have been chosen to go with and will vary across the partnerships that Live capital have.
- An early payment fee. Again, this depends on which lender you go with, but it’s possible you will be charged for early repayment fees as well.
There are no fees for making a loan application with Live capital. The fees above are what you can expect once you have been approved for a business loan with one of the three partners that are available through Live capital.
How to apply for the Live capital Fixed Term Business Loan
The application process for a Live capital business loan is simple and straightforward. Start by clicking on “Go to Site” and entering the following details:
- Choose the amount you want to borrow. This amount starts from $5,000 and ends at $500,000.
- Enter in your monthly business revenue. Options start from below $10,000 a month to $100,000+ per month. These questions are being asked to determine whether or not you are eligible for a loan with Live capital.
- Enter the age of your business.
- Enter your business trading name.
- Add some personal details, such as a phone number you can be contacted on and a working email address.
Once you have filled in your loan application, you will be contacted by one of Live capital’s representatives who will let you know whether or not you qualify for a loan with one of its partners. You do not need to provide any documents with this loan application.
Live capital gives smaller businesses access to lenders that can help get the capital they need. Compare other business loans and figure out which one is best for your business.
Comparison of other business loans
Whilst we don't directly compare Live capital business loans, compare other business loans offering similar features.