Meet Scottish Pacific: Business lender with an X factor
For businesses in a tight financial spot or ready to grow to new heights, extra funding may be the X factor you need to help your company thrive.
But if the thought of applying for a big bank's business loan leaves you dreading the paperwork and long wait times, you’ll be pleased to know your options go beyond traditional lending.
Say hello to Scottish Pacific. This fintech lender is committed to providing working capital solutions without the hassle. It offers a variety of finance options depending on your business purpose, whether it's buying new equipment or importing goods from an overseas supplier.
So, if you’re after a cash flow boost, ScotPac could be the answer. But before you dive in, we’ve covered a few other big questions about the non-bank lender.
Who is Scottish Pacific?
Since 1988, Scottish Pacific has aimed to give business owners in Australia and New Zealand a better chance at success, by providing them with access to secured working capital loans.
With this 32 years of experience, ScotPac has adapted to market trends over time, recently expanding its services to trade and asset finance to cater for more business cash flow needs.
Unlike the big banks, Scottish Pacific uses an innovative digital platform which makes the process of securing extra finance much quicker and less stressful. For instance, its online Solution Finder tool promises to take just two minutes of the customer’s time to help them decide on the right funding option for their business.
What loans are available with Scottish Pacific?
You’ll find yourself spoiled for choice, as Scottish Pacific offers a wide range of finance options. These include:
- Invoice finance: a line of credit secured against unpaid invoices, so you won’t need to wait on slow or late paying clients before receiving a cash advancement.
- Trade finance: a line of credit to support companies with purchasing, importing and exporting goods domestically or internationally.
- Equipment finance: financing to facilitate new asset purchases, such as equipment, machinery and vehicles.
- Asset finance: additional funding secured against business assets to boost your working capital.
What features come with Scottish Pacific’s invoice finance?
If you’re interested in ScotPac’s invoice finance, here’s a quick rundown of its key characteristics:
- Interest rates start from 6% p.a.
- Funding amounts range from $10,000 all the way up to $100 million
- There are no ongoing or transaction fees, but an upfront fee could be charged.
The good news, Scottish Pacific doesn't always require applicants to have a minimum trading history. In other words, start-ups and new businesses can also qualify for a loan, given that they have turnover.
How does the application process work?
Securing funds with Scottish Pacific takes a few steps. To get in touch, you can either contact ScotPac directly (via online live chat or over the phone) or through a business advisor, before undergoing an application process that can take as little as 10 minutes. This will confirm whether your business is eligible for ScotPac’s product suite and whether it has a finance option that best fits your needs.
After that, ScotPac will work through credit submissions and look to establish a drawdown facility for your business.
You can also wave goodbye to waiting for weeks on end to hear back. Businesses can be approved on the same day, with funding to arrive in 24 hours from approval.
Next steps for Scottish Pacific?
Scottish Pacific has said it will continue to focus on building cash flow solutions for business owners. This involves a plan of digital transformation, which will soon see customers experience its entire loan process, from quote to settlement, all online.
Curious to see how Scottish Pacific’s small business loans weigh up against other offers in the market? Then make your first stop our business loans comparison table where you’ll be able to compare interest rates, fees and other features.
Business loans 2020
Unsecured Business Loan
A straightforward business loan with no hidden Lumi fees or charges. Speedy application and approval process with fast access to funds according to Lumi.
Interest Rate
Upfront Fee
Funding speed
from 9%-Within same dayUnsecured Business Loan
A straightforward business loan with no hidden Lumi fees or charges. Speedy application and approval process with fast access to funds according to Lumi.
- Interest Rate
- from 9%
- Upfront Fee
- -
- Ongoing Fees
- 2.5% establishment fee of the disbursed amount.
- Late payment fee
- $50.00
- Transaction fee
- $0.00
- Early repayment penalty
- $0.00
- Other fees
- -
- Loan type
- Loan
- Security type
- Unsecured
- Minimum loan amount
- $10,000
- Maximum loan amount
- $750,000
- Minimum loan term
- 3 months
- Maximum loan term
- 5 years
- Repayment frequency
- Weekly
- Repayment types
- Principal & Interest
- Minimum trading period
- 6 months
- Minimum annual turnover
- $60,000
- Application speed
- within 24 hours
- Approval speed
- 2 hours
- Funding speed
- Within same day
- Extra repayments allowed
- yes
- Redraw allowed
- yes
- Other benefits
- Early payout options and early repayment discounts are available. Principal-only payout available after 6 months.
- Other restrictions
- Loans above $300,000 must be secured by property.
Prospa Plus Business Loan
Prospa uses risk-based pricing to determine your interest rate. They look at factors including your industry, years in business, cash flow, creditworthiness and the overall financial health of your business.
Interest Rate
Upfront Fee
Funding speed
Interest rates vary based on risk.3.5%from 24 hoursProspa Plus Business Loan
Prospa uses risk-based pricing to determine your interest rate. They look at factors including your industry, years in business, cash flow, creditworthiness and the overall financial health of your business.
- Interest Rate
- Interest rates vary based on risk.
- Upfront Fee
- 3.5%
- Ongoing Fees
- $0.00
- Late payment fee
- $0.00
- Transaction fee
- -
- Early repayment penalty
- $0.00
- Other fees
- -
- Loan type
- Loan
- Security type
- Secured
- Minimum loan amount
- $150,000
- Maximum loan amount
- $500,000
- Minimum loan term
- 3 months
- Maximum loan term
- 3 years
- Repayment frequency
- Weekly
- Repayment types
- Principal & Interest
- Minimum trading period
- 3 years
- Minimum annual turnover
- $1,000,000
- Application speed
- 10 Minutes
- Approval speed
- Same-day approval
- Funding speed
- from 24 hours
- Extra repayments allowed
- yes
- Redraw allowed
- no
- Other benefits
- -
- Other restrictions
- -
Unsecured Business Loan
Business Loans from $5,000 to $5,000,000 with high approval rates. Access to funds on loans up to $500,000 in as little as 3 hours. Cash flow friendly repayments and open minded offers.
Interest Rate
Upfront Fee
Funding speed
On Application3%, starting at $399from 3 hoursUnsecured Business Loan
Business Loans from $5,000 to $5,000,000 with high approval rates. Access to funds on loans up to $500,000 in as little as 3 hours. Cash flow friendly repayments and open minded offers.
- Interest Rate
- On Application
- Upfront Fee
- 3%, starting at $399
- Ongoing Fees
- no
- Late payment fee
- $50.00
- Transaction fee
- -
- Early repayment penalty
- no
- Other fees
- -
- Loan type
- Loan
- Security type
- Unsecured
- Minimum loan amount
- $5,000
- Maximum loan amount
- $5,000,000
- Minimum loan term
- 3 months
- Maximum loan term
- 1 year
- Repayment frequency
- Weekly, flexible
- Repayment types
- Principal & Interest
- Minimum trading period
- 4 months
- Minimum annual turnover
- $144,000
- Application speed
- 10 Minutes
- Approval speed
- within 1 hour
- Funding speed
- from 3 hours
- Extra repayments allowed
- yes
- Redraw allowed
- no
- Other benefits
- Daily repayments available.
- Other restrictions
- Fast Business Loans for amounts up to $500,000 are funded in 3 hours, Small Business Loans can take 24 hours.
Fixed Rate Unsecured Business Loan
Interest Rate
Upfront Fee
Funding speed
-On applicationVariesFixed Rate Unsecured Business Loan
- Interest Rate
- -
- Upfront Fee
- On application
- Ongoing Fees
- $0
- Late payment fee
- $0.00
- Transaction fee
- $10 ($50 for staff assisted withdrawals)
- Early repayment penalty
- not disclosed
- Other fees
- -
- Loan type
- Loan
- Security type
- Unsecured
- Minimum loan amount
- $5,000
- Maximum loan amount
- $250,000
- Minimum loan term
- -
- Maximum loan term
- -
- Repayment frequency
- -
- Repayment types
- Principal & Interest
- Minimum trading period
- Varies
- Minimum annual turnover
- Varies
- Application speed
- Varies
- Approval speed
- Varies
- Funding speed
- Varies
- Extra repayments allowed
- yes
- Redraw allowed
- yes
- Other benefits
- LVRs available of up to 100% residential property or 80% owner-occupied non-specialised commercial property for secured loans up to $3 million.
- Other restrictions
- Eligible Westpac customers only. Annual turnover less than $50m.
Read reviews and learn more about Westpac business loans
Business Overdraft
Interest Rate
Upfront Fee
Funding speed
10.47% p.a. variableNegotiableVariesBusiness Overdraft
- Interest Rate
- 10.47% p.a. variable
- Upfront Fee
- Negotiable
- Ongoing Fees
- Fees and charges apply
- Late payment fee
- $0.00
- Transaction fee
- not disclosed
- Early repayment penalty
- 0
- Other fees
- -
- Loan type
- Overdraft
- Security type
- not disclosed
- Minimum loan amount
- $20,000
- Maximum loan amount
- -
- Minimum loan term
- -
- Maximum loan term
- -
- Repayment frequency
- n/a
- Repayment types
- n/a
- Minimum trading period
- Varies
- Minimum annual turnover
- $75,000
- Application speed
- Varies
- Approval speed
- Varies
- Funding speed
- Varies
- Extra repayments allowed
- n/a
- Redraw allowed
- n/a
- Other benefits
- -
- Other restrictions
- Must link with a NAB business transaction account and is repayable on demand
Read reviews and learn more about NAB business loans
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