A straightforward business loan with no hidden Lumi fees or charges. Speedy application and approval process with fast access to funds according to Lumi.
A straightforward business loan with no hidden Lumi fees or charges. Speedy application and approval process with fast access to funds according to Lumi.
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Whether you run a coffee shop and need to upgrade your espresso machine or need a hand to manage your cash flow a business loan may be just the thing your small business needs. . But there can be a lot questions that make getting a Melbourne business loan a bit confusing. So we provided some answers to make the whole process that much easier.
On the most fundamental level, to be eligible for almost any business loan, you need to: be an Australian resident, at least 18 years old and already have a business with an ABN.
Other than that lenders will assess how risky you are as a borrower by looking at things like your credit history, turnover and business plan. To be eligible, they’ll have to have a reasonable belief that you can pay the loan back..
Some loans may also have more specific criteria, such as needing to be in a specific industry or using the loan for a certain purpose, such as buying equipment.
There’s lots of different types of business loans, which vary in small ways. For the most part you’re likely to find these loans break down into three main types:
Every business is unique and that means the loan you choose will be specific to your needs, wants and business plan. With that said, there are a couple of features that are worth keeping in mind, no matter what loan you’re looking for.
Almost all business loans come with at least some fees and it helps to be prepared and plan for them in your budget up front. Here’s a quick list of the most common ones to expect and look for:
Owning a big asset like a brick and mortar store or a house to use as security against your loan isn’t a prerequisite for getting a business loan. Many lenders offer unsecured loans that will let you borrow without any collateral, although keep in mind, secured loans (loans with an asset put up as collateral) usually offer lower rates. So while collateral isn’t necessary, having some can help you keep costs down on your business loan in Melbourne.
Ready to apply? The first step on your way to an office upgrade or better cash flow is comparing Melbourne business loans and seeing what loan options fit your needs.
Or, if you want to read some more information to help you find the perfect business loan, you can check out our business loans guides.
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