Thornmoney offers a line of credit secured against your unpaid invoices, helping businesses get the funding they need when they need it. With an easy to use platform, no lock-in contracts and finance amounts ranging from $10,000 to $2 million, you’ll have plenty of cash flow to cover everyday expenses or take advantage of opportunities to grow.
Thinking of getting a business loan but not sure how much you need exactly, well Thornmoney allows flexible borrowing that might fit your exact needs. Check out the features, fees, rates and processes that are involved with a Thornmoney business loan below.
On application, from 5%. Based on facility size.
Line of Credit
ABN for over 9 months. Customer invoices are from Australian businesses.
Variable rates start from 5% p.a. and are tailored to individual businesses. The exact rate you’ll receive will depend on a few things, such as the financial health of your business and the size of the loan facility.
While fees have been kept to a minimum, new customers will have to budget for the 0.5% set up fee. And once the invoice finance facility is up and running, a 0.5% transaction fee will apply for each invoice funded.
Some invoice finance companies purchase your invoices and take over collections on your behalf. This can alert customers to your need for funding. In contrast, Thornmoney invoice finance facility is confidential, meaning the process remains invisible to your customers and they won’t be contacted by any third parties.
Businesses will need to tick the following boxes to be eligible for Thornmoney’s invoice finance facility:
Hold an ABN or ACN
Have been trading for more than 9 months
Have a minimum revenue of $250,000
Raise invoices with Australian businesses
Invoice after work is completed