Looking for a quick solution to pay your suppliers? A Marketlend loan can help in more ways than one.
Marketlend is the first peer-to-peer online lender in Australia to combine direct lending with insurance and margin protection. A securitised trust secures every loan offered by this business. When you apply for a loan through Marketlend you can expect them to undertake a credit check, establish a repayment expectation rating and also facilitate the administration of the loan. Loans offered by Marketlend come with competitive interest rates, a quick application and approval process, and there is no need for you to provide any security.
Business lenders you can compare
Whilst we don't compare Marketlend loans directly, you can use the information in this page and the table below to see how they stack up in the Australian peer to peer market.
Types of personal loans offered by Marketlend
Marketlend loans are ideal if you, as a small business owner, want access to some working capital in order to pay your suppliers. You can look forward to applying for a Marketlend loan without mortgaging your home or any other property and Marketlend pays your suppliers directly, thereby helping reduce your administration costs. When it comes to choosing between loan types, you have a few options.
- Small Business Loan. This loan helps you get the financing you need for small business purchases.
- Short Term and Bridging Loans. If you need money to help cover cash shortfalls or gaps in receiving funds from suppliers, you can consider a short-term loan from Marketlend.
- Auto and Vehicle Loans. Marketlend also offer financing for those looking to purchase a car or other vehicle.
- Equipment loans. Your business can make the equipment purchases it needs with help from a Marketlend Equipment Loan.
- Personal Loans. These soon-to-be-available loans will allow borrowers to finance personal purchases through Marketlend.
Features and benefits of a Marketlend loan
Marketlend loans give you direct access to investors and don’t require any property collateral. While you apply for these loans online, you can look forward to personal support through the entire course of your loan. You can also expect minimised red tape as well as increased transparency, security, and confidentiality.
- Loan amount. You can borrow a minimum of $2,000 through a Marketlend loan, and if you qualify you can apply for as much as $1,000,000.
- Loan term. Loan terms can vary from three to five years, but this depends on your Marketlend rating.
- Interest rate. The competitive interest rates Marketlend loans offer depends on factors like your Marketlend rating and loan term.
- Repayment flexibility. Marketlend loans come with flexible repayment options, and you don’t have to worry about penalties for early repayments.
Fees and charges
As with any other loans, certain fees and charges apply to Marketlend loans. The details of these costs are as follows:
- Application fee: $300. This fee can vary, but in some instances you can see the fee waived. You pay this fee upon the satisfactory setting up of your new account, and you can have it deducted upon loan settlement.
- Closing fee: This fee is a percentage of the total amount you borrow, and takes your Marketlend rating into account.
- Default fees: Expect to pay a $50 failed direct debit fee in the event of your first direct debit dishonour. The second attracts a fee of $100, and this also leads to account closure. The late payment fee stands at $15 per day, and will be charged each day your payment is late.
How to apply for a loan from Marketlend
You can apply for a Marketlend loan online via their web site. Once there, completing the entire application process takes no more than a few minutes.
You start by providing personal details, which are then checked by Marketlend. You will then be assigned a rating and presented with your options. Once a listing is created for your loan, investors can choose to fund your listing in full or partially. With the invested funds in place, money will be deposited in your supplier's bank account after your invoice is verified.
To apply, you need to provide the following:
- Email address
- Home address
- Your complete name
- Date of birth
- Any other relevant personal information