Zip Business Trade Business Loans

Zip Business Trade is an online lender offering innovative solutions to help small businesses secure the finance they need to grow to the next level. Businesses can access trade accounts of up to $3,000 or up to $150,000 to fund purchases ranging from office supplies and social media ads, to stock and equipment.

Zip Business Trade business loans - what you need to know

If you’re looking for an interest-free line of credit to help cover your expenses and grow your business, then the Zip Business Trade accounts could be worth putting on your radar. Depending on your needs, there are two accounts to choose from - a standard version offering amounts from $1,000 up to $3,000 for everyday spending, and a premium version offering amounts from $3,000 up to $150,000 for larger purchases such as equipment and inventory. 

So what are you waiting for? Read on for a snapshot of fees and features that come with the Zip Business Trade account: 

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FAQs about Zip Business Trade

What interest rates and fees does Zip Business Trade charge? 

As a Buy Now Pay Later alternative for businesses, both Zip Business Trade accounts charge 0% interest whatsoever.

However, fees do apply. The standard Zip Business Trade account has an ongoing account fee of $12 per month (waived if you have zero balance at the end of the month). Meanwhile, with the premium Zip Business Trade Plus account, you won’t be charged any ongoing fees but if you choose to extend your repayments over four monthly installments, you will have to pay an one-off 3% extension fee. 

There is also a $25 late fee to factor in if you miss a monthly repayment, and a bank dishonour fee if your payment gets rejected due to insufficient funds in your bank account or incorrect details. 

The good news is there are no fees for keeping your Zip Business Trade or Trade Plus account open, so if you don’t make any purchases with the account and have zero balance one month you won’t be charged at all.

What will my repayments look like? 

That depends on which account you opt for. 

For the Zip Business Trade account, you’ll need to make repayments of at least $200 per month. This amount is automatically direct debited from your bank account on the last day of each month, but you can also contact Zip to switch to manual payments if that suits you better. While you can make fee-free extra repayments any time, your scheduled end-of-month payment will still run unless you’ve finished paying off your balance.

For the Zip Business Trade Plus account, you’ll have up to 60 days to make your repayments. This means that for any purchases you make over the month (say, February), you’ll receive a statement with your closing balance on the first day of the following month (March 1) and you’ll then have until the last day of that month (March 31) to pay off your balance with no fees. 

The Zip Business Trade Plus account also allows you to spread your repayments over four monthly instalments, but a 3% extension fee applies for this option. 

How does the Zip Business Trade approval process work? 

It’s simple! Apply online, and you could be approved within 10 minutes during business hours for the standard Zip Business Trade account and within 24 hours during business hours for the Zip Business Plus account. Once approved, you’ll be able to use your account to make purchases, as long as Zip is available as a payment option at checkout. 

What do I need to be eligible? 

To qualify for either Zip Business Trade accounts, you’ll need to tick just a few boxes: 

  • Have an active ABN or ACN

  • Been in business for at least 6 months

  • Make more than $5,000 in monthly sales

What features should I know about?
Line of credit loan

As a line of credit, the Zip Business Trade account gives you the flexibility to draw on funds up to your approved limit, whenever you need. 

Interest free

With the Zip Business Trade accounts, you won’t need to pay any interest on your balance. However fees may apply, including a $12 monthly fee that comes with the standard account (waived if you don’t have any outstanding balance). 

‘Set and forget’ repayments

Never miss a repayment deadline again, with the Zip Business Trade Accounts. The default is that your repayments are automatically direct debited from your bank account at the end of each month. Just make sure you’ve got enough money in your account so you don’t get hit by a dishonour fee. 

Fast approval times

If you opt for the standard Zip Business Trade account, you could be approved in as soon as 10 minutes during business hours once you’ve applied. Approval for the Zip Business Trade Plus account requires a slightly longer wait time but it’s still very quick and may only take 24 hours during business hours. 

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