Kikka is an Australian online lender that specialises in line of credit loans to Australian small businesses. Since its founding in 2015 it has been dedicated to using tech savvy systems to bring greater transparency to the business loans market.
There is a lot to digest when it comes to deciding a business loan. That’s why we’ve pulled together the need-to-knows about Kikka business loans here, from the features to the fees, to the approval process.
Your fee will be assessed at the time of your application and can vary between 2% and 9.75% for the first two months. The fee is 1% per month for months three through six for all customers.
Line of Credit
Unsecured
$1,000
$100,000
Monthly
Principal & Interest
Varies
Varies
Varies
Varies
Varies
yes
yes
Available for Businesses with revenue of $100,000+ over the last 12 months; Business trading more than 1 year. Returned payment fee $20.00. Late Payment Fee $40.00 or 3% of the value of the payment due, whichever is the higher.
Kikka’s interest rates are a little different to what you’re used to. Kikka Capital loans are available for terms between one and 6 months. While you’ll get a personalised interest rate for the first two months, based on your business’ operational and financial history, for the last four months all borrowers pay the same low rate which is a percentage of your initial loan amount. This interest is actually paid in the form of a “monthly fee”.
The good news is, Kikka doesn’t come with establishment fees or early repayment fees if you clear you loan early. But there are a couple of fees to know about:
- Late payment fee
- The monthly fee, which includes your interest
Kikka has a simple, streamlined approval process that begins with a short application. On this form you’ll need to provide your driver's licence and connect your bank account. After connecting your bank account they will look at your business’ finances and determine an interest rate for you. Once the form is completed you can sit back and wait for the approval and funding to come through.
Kikka has only a couple of simple eligibilities before you’re able to get the funding your business needs, the requirements are as follows:
- You must be an Australian business
- You need an ABN or ACN
- You need at least $10,000 in monthly turnover
- You need to have been active for at least 12 months
Kikka offers line of credit loans, which are great if you need continuous income flowing into your business or you’re not sure exactly how much you’ll need. With easy drawdown, you can quickly access to the rest of your funds. Also, as you repay money you’ve already borrowed, your credit limit will be topped up again.
If you’re not sure exactly how much you need to borrow then that’s okay, because you’ll only need to pay interest on the amount you access through your line of credit. So there’s no need to worry about overpaying if you aren’t sure how much you need to borrow.
Not every business has a brick and mortar store that they can use as collateral against a loan. That’s why Kikka offers unsecured business loans, so even if you don’t have any big physical assets you won’t be left out in the cold when trying to get funding for your business.
Every business needs financing for a different reason, whether it’s to help prop up cash flow, to get a crucial piece of equipment or to make a push into the next phase of your business. Kikka allows you to borrow between $1,000 and $100,000 so no matter what you need the loan for, Kikka has you covered.
Kikka knows that when you need funding, you probably need it soon. So once you apply they get back to you instanously with an approval and from there it's a quick step to get the loan that you want.
