What is the small business loan?
Our lending partners can provide a small business loan of between $5,000 and $500,000 in many cases no security is required for loans up to $100,000. The term of the loan is typically between 3 and 24 months. Although for some products terms up to 5 years can be achieved.
How is a loan arranged by EZ Business Loans different from a traditional bank loan?
Through our partners at Lend all you have to do is complete a single application form. This gives you access to multiple business loan lenders and different types of products. The proprietary credit analysis technology then assesses your business information and automatically matches you with the best lender at the lowest possible cost.
What can the small business loan be used for?
Our fast and flexible funding can be used for any worthwhile purpose including business renovations, marketing, to purchase inventory or new equipment, as general working capital and many other purposes. Loans cannot be used for personal purposes.
Secured vs Unsecured Business Loans?
EZ Business Loans is focused on assisting businesses with unsecured debt to businesses. This means that no equipment, vehicle, or property assets are required to provide the lending.
If you have an asset finance need or you feel you may have the need that could be better met by offering security then please make time to speak with a Provident consultant as there are potentially alternative options to consider to obtain the right funding. You can make an appointment by clicking here.
How much can I borrow?
The total amount of your loan will depend on the specific circumstances of your business. A variety of factors are considered to determine the health of your business and, based on this information, you may be able to borrow up to $500,000.
Do I qualify?
For most lenders you will need to have a registered business ABN for a minimum of 6 months, minimum of 6-month trading bank account statements and your ID (preferably a driver’s license). From there you can complete the online application form, and our lending partner will let you know if you qualify.
Minimum Eligibility Criteria for Government backed Business Loan
Monthly turnover of at least $6,000 per month (72K per annum)
Have been trading for at least 2 years (or 3 months if have purchased an existing business)
An Australian Citizen or Permanent Resident
Own an Australian business with a valid ABN
Over 18 years of age
The Back to Business Loan and Back to Business Line of credit is made available under the Federal Government SME Scheme. Additional eligibility criteria applies under this scheme:
Have an annual turnover less than $50mil per year
Loan funds must be used for business purposes only
Total funding under the SME Guarantee Scheme cannot exceed $250,000 with Prospa or any other lender combined.
* Eligibility and approval is subject to standard credit assessment and not all amounts, term lengths or rates will be available to all applicants.
What if I don't qualify?
Don't worry, it is not the end of the road, what is important is you don't just keep applying for loans with numerous online lenders as this can damage your credit report and make it harder to ultimately get a loan. By partnering with Lend if you do not qualify for a lender your credit report is protected as no enquiry is made on your credit report until you proceed with the selected lender.
We will see if you have not qualified and arrange for a consultant to contact you and discuss your needs as the best solution for you. We have access to over 30 banks and lenders and your solution may not be via an online lender, but a traditional bank or an alternative type of funder all together. A short phone conversation with a consultant will help you get on the right path to funding. You can also request a contact from a lending consultant here.
What is the cost?
All fees and charges for a business loan will be included in the amount that you ultimately borrow for there is not "out of pocket" expenses for you. The interest rate fees and charges vary from applicant to applicant and will be made known to you before you accept an offer from a lender.
Things like, time in business, industry, credit history and credit score of business and directors, and trading account statement history and conduct all have varying impacts in the risk and therefore associated rates and fees that can be offered.
We are paid a commission from our panel funders so there is no fee for service for arranging your loan.
Is there any penalty for early repayment?
With many of our funders there are no additional fees for early repayment and no balloon payment at the end of your loan. Right from the start you will know the total amount due and the date of your final payment. Once you make the final payment your balance will be $0. All fees and charges you will pay and can reasonably expect to pay over the life of the loan will be disclosed to you at the time of offer.
How do repayments work?
To help you avoid missing repayments, repayments are offered that fit in with your cash flow cycle – either daily or weekly. These are automatically deducted from your nominated business account.
How do I apply?
The application process is easy and fast. Simply complete the online form in minutes. If you are applying for $100,000 or less, you need:
• Your driver licence number
• Your ABN
• Your BSB and account number
For loans over $100,000, you’ll also need some basic financial statements, like a P&L and cash flow.
Is it safe to link my bank account with an advanced bank verification system?
Yes. An advanced bank verification system link is used to instantly verify your bank account information online so you can get a fast response. It has Finance Industry recognised encryption standards, these are followed to protect your personal, sensitive, and financial data and commitment to customer security and privacy is ensured.
Are there credit checks?
Yes, there are credit checks for both business and associated directors/trustees/partners. An enquiry on your credit file is not registered until you proceed with a selected lender. By completing the EZ online application form no enquiry will be made at this stage.
Most reliance is put on the company credit score, but they do want to see that associated people have reasonable credit history.
If you have a poor credit history or are unsure, make time to speak with a Provident consultant as there are potentially alternative options to consider in obtaining the right funding. You can make an appointment by clicking here.
What if I need more funding later?
Typically borrowing more money later is not an issue, provided you remain to have the capacity to repay the existing and proposed debts in the future. Good conduct and or an early repayment on existing facilities help the funder provide better lending terms for future debt as you become known and better risk to them than a new applicant.
Who is your funder?
EZ Business Loans has partnered with LEND and it provides a panel of lenders including but not limited to Prospa, Moula, Get Capital, Capif, Limba, AMFN, Ondeck, Funda, Max Funding Lumi Strive Financial, Bizcap and more.
We obtain basic information about your business and funds purpose and pass these details are input into the LEND system to automatically recommend a lender match. We are kept informed of your loans progress so we can assist to ensure funding happens as quickly as possible.
Where you don't qualify for a loan via EZ Business Loans, as we are powered By Provident Lending & Business Solutions, a full service mortgage and finance brokerage, we can assist to match you with the right loan with one of our 30+ panel lenders.
EZ application, fast approvals, backed by professional brokers
Small Business Loans
$3,000 to $500,000
No financials required for loans under $100,000
Flexible payment terms up to 3 years
No credit check pre-approval
Flexible Line of Credit
$2,000 to $100,000
Ideal for ongoing working capital needs
Pay for only what you use when you use it
No credit check pre-approval