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A business overdraft is a cash flow buffer in the form of a credit line with no restrictions on number of withdrawals or repayments. One can use this limit as per their business requirements with a convenience to pay off whenever they can without any penalty and no interest gets charged after that. The interest is levied on daily outstanding balance of the overdraft facility and not the entire limit.
A business overdraft is popularly used for:
The eligibility for business overdraft is determined by the following factors, which demand you to have:
Have questions? Speak to our experts!
Different kinds of businesses can benefit from this type of business financing. In Australia, the enterprises from the following industries commonly apply for a business overdraft.
You can either apply for a secured business overdraft or an unsecured business overdraft. A secured business overdraft would need a business owner to provide an asset as security to secure a better loan term while unsecured business overdraft doesn’t need any collateral.
The following reasons are why business entities apply for a business overdraft:
All these tried and true reasons make business overdraft a favorable choice for business financing for enterprises, especially the SMAs in Australia.
We recommend you to apply for a business overdraft under the following or similar circumstances:
There are multiple benefits to business overdraft, such as:
Being a small business owner, many of our clients are not sure of right loan product for their businesses. Our lending specialists understand their needs and recommend tailor made options.
Unlike business loan marketplace websites which use AI based algorithms to match your requirements, we provide obligation free personal consultation as every business is different and an AI based algorithm may not provide them the optimum solution.
We endeavour to achieve the optimum business loan solution for our clients at the most competitive pricing possible.
We understand the essence of time so don’t believe in wasting our customers time by giving false hopes. Transparent and clear communication is in our DNA.
Yes, the lenders can increase your limits on reassessment of your application. You can just get in touch with us, and we can get it sorted in no time.
The interest rate varies in each case and will depend on various factors like the business trading time, industry, banking, credit history etc. Please contact us and our experts will be able to run you through an obligation free indicative quote without leaving any trace on your credit file.
We offer business financing solutions to clients on basis of low documentation and bad credit history. Reach out to us to know the details regarding the same.