ScotPac Boost Business Loan – powered by Business Fuel
- Upfront Fee
- $0 application fee
- Max. Loan Amount
- Loan Term
- 3 months to 3 years
ScotPac’s Boost Business Loan offers quick and simple access to funding, allowing businesses to borrow between $10,000 and $500,000 and have it funded within 24 hours of approval. Loans under $200,000 don’t require security and there are no restrictions on industries ScotPac will lend to.
Whether your business needs to expand, pay off invoices or purchase stock and equipment, ScotPac’s Boost Business Loan may be an option. It offers a simple online application with minimal documentation required as well as no application or account-keeping fees.
|Product Name||ScotPac Boost Business Loan|
|Min. Loan Amount||$10,000|
|Max. Loan Amount||$500,000|
|Upfront Fee||$0 application fee|
|Loan Term||3 months to 3 years|
How does the ScotPac Boost Business Loan work?
The ScotPac Boost Business Loan offers businesses between $10,000 and $500,000 in finance for a number of purposes. Businesses might need to pay invoices, buy new equipment, pay for renovations or to expand.
ScotPac can lend up to 150% of the business' monthly sales amount which is determined using your average business cash flow.
There are no restrictions on industries eligible for finance and businesses can apply for a higher loan amount above $200,000 by providing security.
Features of a ScotPac Business Loan
- Fast funding: Businesses can receive the funds in their account within 24 hours of approval.
- Fast application: With an online application that allows fast upload of documentation, applying won't take up too much of the your time.
- Large loan amount: Businesses can borrow up to $500,000, but anything above $200,000 will require security.
- Supports all industries: There are no restrictions on the types of businesses or industries that ScotPac will lend to.
- Early repayments: There are no fees or penalties if you repay the loan early.
How much will the loan cost?
- Upfront fee: There is a flat upfront fee.
- Drawdown fee structure: There is a drawdown fee structure which is paid off with your weekly repayments.
- Interest rate: From 14% p.a.
How to apply for a ScotPac Business Loan
To apply for the ScotPac Boost Business Loan you can simply head to the ScotPac website.
To be eligible, you will need to:
- Have owned your business and been trading in the same location for at least 12 months
- Demonstrate a minimum turnover of $10,000 a month in total sales
- Loans up to $100K – No upfront collateral required
- Loans between $100K to $200K – Borrower must be a property owner
- Loans over $200K – Borrower must be a property owner, and the loan will be secured
You will need to provide:
- Personal details, such as your name
- Contact information
- Business details, such as your ABN
- 6 months of bank statements
- Photo ID for directors/borrowers
- If security is required, you'll need to provide details
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