A business loan from LoanOne can help you finance a range of business needs even if you have bad credit.
The LoanOne business loan offers loan amounts from $1,000 to $50,000, making it a good option for a variety of business expenses. This loan is suitable for small businesses that are looking to cover expenses and to pay the loan off quickly. Repayments are flexible and the loan is available to those with bad credit.
Find out more about how this loan works in the review below.
How does the LoanOne business loan work?
LoanOne lets you apply for $1,000 to $50,000 to cover a range of small business expenses. You can make repayments weekly, fortnightly or monthly over a maximum loan term of 1 year(s). You also have the ability to make extra repayments to offset the interest that you will be charged on your loan.
It only takes five minutes to apply for this loan online. Once you’ve been approved, the money will be transferred into your account within 24 hours. Repayments are then deducted from your account according to the schedule you’ve set.
Features of the LoanOne business loan
There are a number of features on offer with the LoanOne business loan.
- Flexible repayments. The loan offers weekly, fortnightly or monthly payments. This is ideal for small businesses looking to better manage cash flow.
- Additional repayments allowed. The quicker you pay off this loan, the less interest you have to pay on the end amount of the loan. Although that might sound like a given, LoanOne allows for additional payments so you can pay off the loan quicker.
- Loan terms. You can choose loan terms ranging from one month up to 1 year(s).
This loan focuses on small businesses looking to get their ideas off the ground. You can tailor the interest rates and repayments to your situation and to your business’s cash flow. This is ideal for small businesses that are just starting up.
How much does the loan cost?
Once you’re approved for the loan, you will need to be aware of the following fees:
- The establishment fee and interest rate are charged in relation to your business situation and cash flow.
- The establishment fee fluctuates depending on your affordability and cash flow.
- Fees and charges will be clearly presented to you before you sign the contract.
- The quicker you pay off this loan, the less interest you will be charged.
- The interest rate for a business loan is not a set rate.
How to apply for a business loan from LoanOne
You can start the business loan process by clicking the “Go to Site” button on this page. It’s important to make sure you meet the following eligibility criteria before applying:
- Make sure you’re an Australian or New Zealand citizen.
- Own a registered non-finance motor vehicle, real estate or both.
- Earn a minimum of $500 per week after tax. You can use your bank statements to show this.
- People who are on Centrelink can apply, but if you’re on Austudy or Youth Allowance, you do not meet the criteria for this loan.
- Have a reasonable credit history. You must not be currently bankrupt.
You will also need to provide the following basic documents before being approved for this loan:
- 100 points of ID. This includes photo ID.
- The two most recent payslips from your employer. These cannot be over 30 days old.
- A recent utility bill with your residential address on it to confirm your address.
- The most recent three-month bank statement that shows your salary deposit.
- The latest Council Rate Notice or the latest motor vehicle registration notice (this is dependent on what you’ve put down as your asset when applying for the loan).
- Current loan statement if you have one.
Once you have everything you need to apply for the loan, the whole process should take about five minutes. The final loan application process is simple enough to use, but you should always compare business loans before making a final decision.