UnLock Business Loans

UnLock, an offering from Marketlend, is a buy now pay later platform for businesses that hopes to make life easier for players on both sides of the transaction. It offers buyers extended payment terms and helps suppliers manage cash flow by ensuring they get paid in full and on time.

UnLock business loans - what you need to know

Check out the features, fees, rates and processes that are involved with a UnLock facility below.

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FAQs about UnLock

How does it work for buyers?

When you make a business-related purchase as an UnLock user, UnLock will pay your supplier the amount owed up to your personalised account limit. You’ll then be able to repay that amount over an extended term (up to 90 days depending on the payment method).

UnLock Mastercard:

  • Make purchases between $1.99 to $19,999 (within your personalised limit)

  • Can be used wherever Mastercard is accepted

  • Paid by UnLock on the same day the transaction is made

  • Monthly transactions are bundled and can be repaid 30 or 60 days from the end of the month that the transaction was made

Pay invoices using UnLock:

  • Upload invoices to the UnLock Customer Portal 

  • Invoices are paid by UnLock either on the date they’re due or earlier (as specified by you)

  • Repay the amount owed either 30, 60 or 90 days from the due date. 

How does it work for sellers?

Each time a customer with an UnLock account makes a purchase, UnLock will pay you the amount owed up to your customer’s personalised limit. This removes the hassle of chasing down unpaid invoices and frees you up to focus on all the other tasks involved in running a business. What’s more, since customers pay when using Unlock, suppliers will not be charged to use the platform.

What is the interest rate?

For buyers who apply for an UnLock account before 30 June 2022 and are approved, the interest rate will be capped at 7.5% p.a. This is because UnLock is supported by the Government’s SME Recovery Loan Scheme, which currently guarantees 50% of the loans issued by participating lenders to Covid-impacted businesses.

What do I need to be approved?

To use UnLock as a buyer, you must have:

  • an active ACN or ABN

  • been in business and registered for GST for a minimum of 12 months

  • no judgment defaults

Are there any fees?

Buyers should be aware that there are a few fees involved, depending on the payment method and length of payment term they choose:

  • UnLock Mastercard fee | 30 days: 1.23% p.a.

  • UnLock Mastercard fee | 60 days: 1.85% p.a.

  • Invoice fee | 30 days: 0.62% p.a.

  • Invoice fee | 60 days: 1.23% p.a.

  • Invoice fee | 90 days: 1.85% p.a.

If the UnLock facility is granted under the Government SME Recovery Loan Scheme, an account fee of 4.3% will apply. But this will be removed once the scheme winds down.

A hefty 26% p.a. late payment fee will also apply on all amounts owing under your UnLock account. While the government’s SME Loan Recovery Scheme is running, however, this fee will be capped at 7.5% p.a

What features should I know about?
Simplified accounts

For buyers, purchases made using the UnLock Mastercard are bundled into one account, and can easily be viewed and repaid with one monthly payment. 

Instant payment

UnLock pays all Mastercard purchases on the day they are made and all valid invoices on the due date

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