Shift Business Overdraft

Shift logo

Formerly known as GetCapital, Shift is a Sydney-based lender that caters to businesses looking for finance on demand. It provides a range of solutions, including credit and payment platforms aimed at improving cash flow and helping your business grow.

Shift business loans - what you need to know

Looking for financing for your business but not sure how much you need? Shift offers flexible funding solutions that might fit your needs. Check out the features, fees, rates and processes that are involved with a Shift Business Overdraft below.

FAQs about Shift

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How are Shift interest rates determined?

Interest rates range from 14.95% p.a. to 23.95% p.a., with the rate you receive depending on your business’s annual turnover. Importantly, you’ll only pay interest on the amount you spend, not on the overdraft limit.

What fees are there?

While there is no establishment fee to worry about, there is an annual fee which ranges from $495 to $795 depending on the account limit. A $25 late payment fee will also apply if you fall behind on your payments. Fortunately, customers can make extra repayments and pay out the Business Overdraft ahead of time without facing any penalties. 

How does the approval process work?

You’ll be able to set up your account online in just a few minutes. Once you’re set up, a Shift Account Manager will reach out to ask a few questions about your business and its finances and help you finalise your account. 

Depending on your business’s profile, you’ll be given an account limit of between $10,000 and $1 million. If it’s under $250,000 you won’t have to provide any paperwork and can be approved within hours. Once you sign the Facility agreement, you can start transferring funds from your Business Overdraft to your business transaction account.

What do I need to be eligible for a Shift Loan?

To qualify for a Shift Business Overdraft you need:

  • Valid Australian Business Number (ABN)

  • Over 2 years trading history

  • Minimum annual turnover of $120,000

You’ll also need to have the following on hand during the application process:

  • Mobile number

  • Drivers’ licence or passport

  • A connected business bank account

Key features of Shift business loans
Borrow between $10,000 and $1 million

Shift customers will be able to borrow between $10,000 and $1 million. The amount of funding you’ll be eligible for will depend on the size or turnover of your business, which Shift will determine once you link your details online.

Limits under $250,000 approved within hours

Shift understands that time is a premium for business owners, which is why limits under $250,000 can be approved in just a few hours without requiring any paperwork.

Free extra repayments available

Customers will be able to pay out the Business Overdraft or make extra repayments without worrying about being charged for the privilege.