Zip Business Capital Business Loans

Zip Business is an online lender combining a tech savvy platform with a focus on helping Australian small businesses get the funding they need. Businesses can access unsecured loans from $10,000 to $500,000  for whatever business purpose or growth opportunity they have in mind.

Zip Business Capital business loans - what you need to know

If you need a line of credit loan for your business then Zip Business is a good place to start looking. Before you dive in though, you’ll need to know a bit about the features, fees, and eligibility criteria for the loan. We’ve pulled together some of the key information below so you can be in the know when apply for your company’s business loan.

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FAQs about Zip Business Capital

How are interest rates determined?

Every business needs unique financing, not a generic off the shelf business loan. Zip Business gets this, so they tailor your loan in accordance to your current cash flows, the performance of your business and your credit history. This lets you get the best rate possible for your business.

What fees are there? 

Zip Business doesn’t have any exit, ongoing or early repayment fees, but there are a couple fees you should know about.

Firstly, there is an origination fee, which is 2-3%, and charged when you first drawdown on the funds. Each time you drawdown on the line of credit, you'll pay this fee again.

There's also a late payment fee, which changes on whether your repayment terms are weekly, fortnightly or monthly. If you're having trouble making repayments, once you're 3 business days overdue, you might enter a restructure agreement with Zip Business. If this happens you’ll need to pay a fee which is a percentage of the loan amount you still need to repay.

How does the Zip Business approval process work?

Zip Business has an easy, 10 minute online application process.

For applications under $150,000: You'll need to answer some questions about the business and its finances and connect your business trading account.

For applications over $150,000: Along with answering questions about your business and finances, and connecting your business account, you'll also need to provide a profit and loss sheet and balance sheets for the last 2 years as well as the last 4 quarters business activity statement.

What do I need to be eligible?

Zip Business offers loans to businesses that are able to prove their status as an established company; meaning you’ll need to meet a number of requirements to be eligible.

- Your business will need to be registered in Australia

- You’ll need to have been operating for at least 18 months

- You’ll need at least $200,000 turnover in the last year

- You’ll need to be able to produce two years of financial reports

- You need to be connected to an Australian online bank

Key features of Zip Business business loans

Line of credit loan

When borrowing money for your business needs you might not have a fixed dollar amount in mind. Zip Business loans come in the form of a line of credit loan, allowing you to draw on the funds as you need them.

Drawdown what you need

For the first 3 months of your loan you’re able to drawdown as much or as little as you want. Each new drawdown is treated as a separate business loan, with the same interest rate. But don’t go overboard - each drawdown comes with a fee.

Pay for what you borrow

With a line of credit loan you have the option to access a set amount of money, and you can drawdown and use as much of it as you want. And you won’t be stuck paying interest on money you never even borrowed, you’ll only be charged on the amount you actually used.

Borrow between $10,000 - $500,000

Each business is different and your SME might be in need of a small leg up or some serious funds to reach its next evolution. In this case Zip Business has you covered with loans up to $500,000 on offer.

Flexible repayment terms

Zip Business offers loan terms between 3 and 36 months. This allows you to chose either a short or long period to make repayments, in order to suit your budget.

24 hour approval

When you apply for a business loan you want to get approved quickly, so you can get the funding you need ASAP. Zip Business analyses and decides the specific details of your loan in less than 24 hours, letting you get on the path to achieving your business goals as fast as possible.

Unsecured loan option

These days, not every business has the tangible assets, like a brick and mortar building to be eligible for a secure loan. Zip Business business loans allow you to access funding even if you don’t have a big asset to put up as security.

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