Ziploans Business Loan
- Max. Loan Amount
- $250,000
- Loan Term
- 3 months to 1 year
Summary
This business loan offers funding from $5,000 up to $250,000. Loan terms are short, up to 1 year and a factor fee applies.
Ziploans offers unsecured short-term business loans from $5,000 up to $250,000. Loan terms start from 3 months, with a maximum term of 1 year. There is no application fee, but they charge a factor rate instead of interest. This rate is based on your industry, business age and business cash flow. It is charged to your principal amount and does not compound. They also charge a fee if you ask to access your information.
Details
Product details
| Product Name | Ziploans Business Loan |
| Min. Loan Amount | $5,000 |
| Max. Loan Amount | $250,000 |
| Loan Security | Secured |
| Loan Term | 3 months to 1 year |
How does a business loan from Ziploans work?
When you apply for this loan, you need to input some basic information about your business and your personal details. If you qualify, Ziploans will contact you within one business day with a loan that meets your needs.
There is no application fee on this loan. It takes less than ten minutes to apply. Once your loan is approved, your funds will be in your nominated bank account within 24 hours. With a 24-hour approval process for each qualified application, this quick turnaround time is important for people who need loans quickly.
- Please note that Ziploans refers their customers to partnered business lender Prospa.
Features of the Ziploans Business Loan
There are many competitive features with a business loan from Ziploans, such as:
- Loan amount. With loan amounts starting from $5,000 up to a maximum of $250,000, there are various borrowing options that may meet the needs of your growing business.
- No fee on the application process. There is no fee to apply for a loan with Ziploans, whereas with some other business loans, there is a fee to apply.
- Easy application process. The application process is easy to understand and 100% online.
- Quick approval process. Ziploans have a quick approval process. Once your application has been received, and assuming you meet the lending criteria, it will be approved within the next 24 hours.
- Quick fund deposits. With a business loan from Ziploans, once your application has been approved the funds will be in your account within one business day.
- Allows small businesses to apply. As long as you have enough annual turnover to be approved for the loan, businesses as young as six months old can apply for a loan with Ziploans.
- Flexible loan repayments. This loan offers flexible repayment options, with the choice of paying back the loan daily, weekly or fortnightly.
- Short loan terms. The loan terms start from 3 months and the maximum loan term is 1 year.
- Upfront fees. The total amount that you are quoted for the loan is inclusive of any fees, interest rates and charges that you will be charged over the duration of the loan. This means you don't have to worry about getting hit with any charges later because you're aware of all the fees before agreeing to get the loan.
- No penalties on early repayments. This loan offers no penalty if you want to make additional repayments or early repayments to this loan.
How much does the loan cost?
There are some fees and charges you should be aware of before applying for this loan, such as:
- A factor rate that is dependant on your industry. Instead of charging an interest rate, Ziploans charges a factor rate that is based on your industry, the age of you business and the amount of cash flow coming into your business. This rate is then charged to your principal amount once and does not compound.
- A fee for accessing your information. This is an hourly charge that will come out of your nominated bank account if you ask to access your information.
- Late repayment fee. If you miss a payment, you will be charged a late repayment fee of $10 per day or 0.11% of the balance that is left on your loan.
- Returned payment fee. There is also a returned payment fee of $35 if you attempt to make a payment but it's dishonoured.
- Fee waiver. There are no fees to apply for this loan or for early repayment of the loan.
How to apply for a business loan from Ziploans
The application for this loan is very simple. Simply click on "Go to Site" and ensure that you meet the following requirements:
- You have owned your business for at least six months. If your business is younger than six months old, you will not be able to apply.
- Have a minimum of $10,000 a month of revenue. If you are making less than $10,000 a month from your business, you are unable to apply for this loan.
- Know how much you want to borrow. This is important as it will help you budget for future repayments.
The documents you need in order to apply are:
- Driver's Licence.
- Your Australian Business Number (ABN}
- Your bank account details.
If you don't want to use the Ziploans advanced bank verification system, you can choose to upload a PDF version of your bank statements for the most recent three months. Once you are approved for your loan, the repayments will come out at the interval that you've chosen, whether it be daily, weekly or fortnightly.
The Ziploans Business Loan helps small businesses to get the funds they need to help their business grow. However, before you apply it's important to compare business loans and find one that's right for your needs.
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Whilst we don't compare the Ziploans Business Loan directly, use the table below to see how they compare against other loans.
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