Become, formerly known as Lending Express, is an online marketplace with over 40 lending partners which pairs Australian businesses with funding for a range of business needs. Founded in 2016 and based in Sydney, Lending Express makes applying for and securing a loan as easy as possible with just three simple steps.
Whether you’re looking for help with invoice financing, the funds to purchase new equipment or a line of credit for your business, Become can help match you to the right funding solution. But before you get started, read on below for all the important information you’ll want to know about Become's fees, features, rates, lending criteria and more.
Loan
$5,000
$500,000
Varies
Varies
Varies
Varies
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Because Become is a business loans marketplace, rather than a lender, it doesn’t actually offer loans (and therefore rates) itself. What it does do is match borrowers with over 40 different lenders via its smart ‘MatchScore’ algorithm.
And once you are matched with a business loan, your repayments won’t actually be based on an interest rate. Instead, a total payback amount, which is based on the type of business you run as well as the loan term you choose, is agreed on upfront.
While there are no fees or other costs associated with using the Become marketplace, you may be charged fees and other expenses depending on the loan you end up choosing.
To secure a business loan through Become you’ll need to go through a simple three step process. The first step is to apply online in just minutes through Become easy online platform. If your application is successful you’ll then be matched to one or more of Become 40 different lenders, before receiving funding in as little as three hours.
In order to be eligible for a business loan through Become, businesses will need to have been operating for at least six months with a minimum monthly turnover of $4,000. Business owners will also need to have a copy of their driver’s licence handy for the application process, as well as 3-6 months worth of bank account statements.
The Become marketplace provides a range of different value business loans to suit your individual needs, with loans from as little as $5,000 all the way up to $500,000. That means you’ll be able to cover everything from invoice funding to the purchase of much-needed equipment.
If you don’t have a major asset like a car or a home with which to secure a loan for your business, Become may be able to help. Through Become's online marketplace, successful applicants will be able to be matched with a number of unsecured business loans.
Become understands that many businesses don’t have time to wade through a lengthy application process, which is why they’ve created an online platform where businesses can apply for a loan in just minutes. And once you’ve chosen your preferred loan provider, you’ll be able to receive funds in as little as a few business days.
Not every Australian business is alike, which is why the loans offered through the Become marketplace come with flexibility. That means loan terms vary from just 1 month up to 15 months, and loan repayments are actually based on your businesses monthly turnover.