Looking for a quick solution to pay your suppliers? A Marketlend loan can help in more ways than one.
Marketlend is an online peer-to-peer lender that offers a range of secured and unsecured loans for businesses. Small businesses can apply for financing options such as invoice finance, supply chain finance or unsecured business term loans, which are funded by investors on Marketlend's platform.
Find out more about Marketlend's business loans on this page.
Types of business loans offered by Marketlend
Marketlend offers a range of business financing options which include:
- Invoice finance. Marketlend will purchase up to 90% of your invoice for a flat fee. You can choose the debtors you want to finance and benefit from fees as low as 0.8% per invoice.
- Unsecured business loans. You can apply for unsecured finance from $2,000, with Marketlend paying your suppliers directly. Rates from 18% are available.
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. If you opt for invoice financing the amount will depend on the invoice you are selling.
- Loan term. Loan terms can vary from 3 to 5 years, but this depends on your Marketlend rating.
- Interest rate. Rates for unsecured business loans start from 18% and invoice financing fees start from 0.8% from invoice.
- 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: A fee of $300 plus a minimum 2% fee is payable once your new account is created.
- 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 business loan on Marketlend's website. 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
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.
