A Line of Credit, also called an Overdraft, is an on-going facility designed to provide access to additional funds when needed.
What Is a Line of Credit Loan?
Features & Benefits
- Flexible - Use your limit when needed without having to "apply" each time
- Adaptable - Stay prepared to take advantage of opportunities
- Capital - Provides you with extra funds when needed
- Interest - Only payable on the amount you owe, not the total limit
Frequently Asked Questions
You are eligible to apply if:
1. Your average monthly turnover is at least $6,000
2. Your ABN has been active for at least 6 months (or 3 months if you bought an existing business)
Typically your limit will be 10-15% of your annual turnover/sales.
Example - If your annual sales are $500,000 then you are likely to be approved for $50k-$75k.
There is no cost to apply and no obligation to proceed with an approval.
Each application is specific to the individual business so we are unable to outline exact costs until your application has been assessed and approved.
Once your application is approved, you will be provided with a complete outline of all costs so that you can make an informed decision to proceed or not.
Generally within 2-8 business hours once the application is completed!
Once you have accepted the loan offer, the limit will be setup the same day, so you will be able to access the limit the next business day!
