Banjo is an online lender that specialises in getting unsecured loans to small Australian businesses. Founded in 2014, Banjo combines rapid data analysis technology with a personalised approach to lending, helping you to get your funding when you need it.
Banjo’s unsecured loans let small business access the funding they need. But before you get started, we’ve gathered some of the features, fees and eligibility requirements that accompany these loans so you can get familiar with the nooks and crannies of the loan you’re getting.
1.50% to 3.00% of loan amount
Late payment fee varies.
Weekly, Fortnightly, Monthly
Principal & Interest
24-48 Hours from application submission.
1 business day
Loans from $20,000 to $500,000 with Re-Borrow facility
Banjo doesn’t just give your business any old generic business loan. It makes sure to understand your business’ finances, operations and future plans, so you receive a personalised loan that fits your business’ situation.
Banjo's fee structure is simple and avoids any ongoing or exit fees, but it does come with an upfront fee to kickstart the loan agreement. They also have a late payment fee that is based on the remaining outstanding balance, however this will only be charged if the payment is late by three days or more.
Banjo has a simple online application process that involves filling out 10 questions about your business’ finances, intention for the loan and operational history. After the identification and data verification you can expect to get a response within hours. If your loan is approved, you can expect to receive the funds in your account within 24 to 72 hours.
Banjo business loans are available to established and well operating businesses and come with few requirements; you need to have been a business for at least 2 years, have an ABN or ACN and be generating $500,000 in revenue annually.
To be eligible for a loan, borrowers must be a registered Australian business and Australian citizen or permanent resident. The business must also be at least two years old and have a minimum annual turnover of $500,000.
Banjo provides loans of different amounts for each business’ certain needs. You can borrow between $20,000 and $1,000,000, so you’ll be able to get a loan that helps with the everyday necessities or push your business to that next level.
If you have borrowed from Banjo before and are looking to borrow again, they don’t make you start from square 1 or go through the whole procedure again. Banjo allows re-borrowing businesses to get on the fast track, providing a streamlined service for your business to re-up on the funds it needs as quick as possible.
Too many business are prevented from getting the business loans they need just because they don’t having any large assets they can use as collateral. Banjo doesn’t require any sort of brick and mortar security for you to get the business loan you want, instead focusing on the financial and operations successes of your business.
Who has time to wait weeks for a business loan approval? Banjo is usually able to look over, analyse and approve your loan request in less than 24 hours of application submission, allowing you to get funding quick-smart.