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TruePillars Business Loan

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TruePillars is a marketplace lending platform that helps small- and medium-sized businesses secure finance from approved investors.

TruePillars matches business loan applications with investors that are looking to diversify their wealth. Your business's risk rating is based on your business profile and the loan amount requested. This risk rating determines the interest you'll be charged, which varies between 8% p.a. and 24% p.a. While you pay an establishment fee, no other fees are charged as long as your repayments are made on time.

from 4% Establishment fee

Upfront Fee

$500,000

Max. Loan Amount

1 to 5 years

Loan Term

We’re committed to our readers and editorial independence. We don’t compare all products in the market and may receive compensation when we refer you to our partners, but this does not influence our opinions or reviews. Learn more about Finder .

Details

Product NameTruePillars Business Loan
Min. Loan Amount$30,000
Max. Loan Amount$500,000
Loan SecuritySecured
Upfront Feefrom 4% Establishment fee
Loan Term1 to 5 years

How does the TruePillars Business Loan work?

TruePillars rates your application with a risk assessment, which is used to calculate the interest due on repayments. Investors also see a summary of your business profile, including information about turnover, operating costs and assets.

During the loan auction period, which lasts 4 - 7 days, investors bid to finance units of your loan until the amount is fully funded. Once the auction ends, you can sign off on the loan and the money will be transferred into your account as early as the next business day. You do not have to commit to the loan until the conclusion of the loan auction. If you're unsure, you will have 2 further business days to consider your decision. If you decide not to proceed, no fees will be payable.

Repayments are made monthly over a maximum loan period of 5 years.

Features of a business loan from TruePillars

If you're interested in securing finance on the TruePillars marketplace lending platform, here are some of the features available:

  • Transparent application process. You can complete an online enquiry form in less than 5 minutes. After your enquiry, TruePillars will follow up with a call to find out whether the loan is a good fit for your business. This call will last around 30 minutes.
  • Quick auction process. The loan auction lasts between 4 and 7 days and, once funded, your loan is available just one business day after the auction completes.
  • On your terms. If you do not like the terms of the loan upon conclusion of the auction, you have 2 days to decide not to proceed further, and no fees will be payable.
  • Anonymous. Investors only see a summary of your business profile on the lending marketplace. TruePillars doesn't disclose your name or your business's name to investors.
  • Loan amounts. You can apply for loans of between $30,000 and $500,000 to be repaid over 1 to 5 years.
  • Loan purpose. This loan can be used for any business-related purpose.
  • Risk rating. Once you submit an application, TruePillars gives your business a risk rating based on the information provided. This gives investors an idea of your business's financial health and the interest rate you should be paying.
  • Fixed interest. Once your loan is funded and you accept its terms, the interest rate is fixed for the loan period.
  • Early repayments. While you can't make early partial repayments, you can repay your loan in full (including outstanding interest) before the end of the loan term. No fees are charged.
  • Security. In some cases, TruePillars will require security as part of your application. This could be a personal guarantee from another party or a security deed over some or all your business's assets. Property is not required as security.

How much does the loan cost?

If TruePillars approves your application and posts it on the platform, you will be liable for the following fees:

  • Establishment fee. This is charged as a percentage of the loan amount, varying between 4% and 6% based on the loan term.
  • Interest. In addition to repaying the principal, you will also be charged interest due with each repayment.

How to apply for a business loan from TruePillars business

You can apply for a TruePillars Business Loan conveniently online. It takes about half an hour to complete the form. You can also call the customer service line if you'd like more information about the loan.

You'll need to meet the following criteria to be eligible for a loan:

  • Your business must be at least two years old.
  • Annual turnover must be a minimum of $100,000.
  • Your business must be recognised as a company, an unincorporated partnership or a sole trader.

Documents can be uploaded along with the application, so it's a good idea to have electronic copies available. These will include:

  • Financial statements
  • Tax returns
  • Information about assets and liabilities

While signing up for marketplace lending is an interesting alternative, it's still important to compare options from other lenders, even traditional ones. You may not know your investors, but agreeing to loan terms still implies a financial commitment.

Business lenders you can compare

Whilst we don't compare the TruePillars Business Loan directly, use the table below to see how they compare against other loans.

Data indicated here is updated regularly
Name Product Min. Loan Amount Max. Loan Amount Loan Term Upfront Fee Filter Values
Valiant Finance Business Loan Broker
$5,000
$1,000,000
3 months to 5 years
$0 application fee
A Business Lending Specialist from Valiant Finance can give you access to competitive business loans from over 70 lenders. Loans between $5,000 and $1 million are available. Request a call – your loan can be funded in 1 business day.
Prospa Business Loan
$5,000
$300,000
3 months to 3 years
3% origination fee
Small business loans are available from $5,000 - $300,000 on terms of up to 3 years. At least six months trading history and a monthly turnover from $6,000 is necessary.
Max Funding Unsecured Business Loan
$2,000
$300,000
1 month to 1 year
$0 application fee
An unsecured business loan from $2,000 that offers convenient pre-approval and no early repayment fees.
OnDeck Business Loans
$10,000
$250,000
6 months to 2 years
3% of loan amount
Apply for up to $250,000 and receive your approved funds in one business day. Minimum annual turnover of $100,000 and 1 year of trading history required.
Westpac Business Loan
$5,000
$1,000,000
1 to 30 years
$0 application fee
Purchase a new vehicle, equipment or support your cash flow with a business finance solution from Westpac.
ANZ Secured Business Loan
$10,000
$10,000,000
Up to 15 years
$600
Benefit from a low rate when you secure this loan with property and/or business assets. Loans from $10,000 available.
ANZ Unsecured Business Loan
$10,000
$1,000,000
Up to 15 years
$600
Apply for a loan from $10,000 with no security required and benefit from flexible repayment terms.
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