The team behind Limba have been providing financing to Australian businesses for more than twenty years. Previously known as City Finance Business Lending, the lender aims to provide fast and flexible solutions to Aussie businesses, while retaining a personal touch.
Thinking of getting a business loan but not sure how much you need exactly, well Limba allows flexible borrowing that might fit your exact needs. Check out the features, fees, rates and processes that are involved with a Limba business loan below.
From 2.40% per month
2% or $500 minimum
Direct Debit Fee $2.50 per transaction
Secured or Unsecured
Weekly, Fortnightly, Monthly
Principal & Interest
Same Day Approvals
Next Day Funding
When determining the amount of interest you’ll pay, Limba will take into account several factors, such as how long your business has been operating and how much revenue it brings in each month. Because of this, interest rates will vary from business to business, but they can go as low as 2.40% per month.
As for fees, there is a 2% or $500 minimum upfront fee, along with a $2.50 direct debit fee which is charged with each transaction.
To be eligible for a business loan with Limba, your company will need to have been operating for at least six months, and as an owner you should have your ABN and transaction history at the ready. You may also be asked to provide a few additional documents, such as BAS (business activity statements), tax returns, or financial year-end statements.
Signing up for a loan with Limba could be a quick and relatively hassle-free process, and can be done over the phone or online. You’ll have to provide a few bits of information — basic identification details, information about your business, along with how much you intend to borrow. All up, it should take no more than a few minutes.
When determining your eligibility, your application will be reviewed by a real person, rather an algorithm. They’ll consider a number of things, such as the health of your business and the amount you’ve requested, and devise a repayment plan that works best for you. You can generally expect a decision in a matter of hours, and if you’re approved your requested funds will reach you within one business day.