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Our customer was looking for a flexible business line of credit option which can allow him to use the funds on adhoc basis.
The customer shopped with few lenders directly (which caused multiple enquiries on his credit file) as well but was not able to find the optimum solution and that’s when they approached us.
Our lending specialist took the matters in his hands and started with a personal consultation to understand his business requirement in detail. To avoid any further credit enquiries on his file, our lending specialist started by getting 3 indicative offers within a couple of hours.
At Broc Finance, we pride ourselves in helping our clients. The client found one of the options very attractive which ticked all his boxes plus was saving him almost 5% p.a in interest costs against the offer he received directly from a lender.
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A business line of credit could not necessarily be a right fit for any business. It all depends on the nature and term of funds requirement into your business. If your business has seasonal fluctuations in cash flow and you do not require the funds on an ongoing basis, a business line of credit would be right product for your business as you would have to pay interest only when you utilize the funds.
However, if a business has an ongoing requirement and you are likely to utilize the funds through out the year, a business term loan could be a better product as the borrowing costs may come cheaper as compared to a business line of credit loan. Please feel free to reach out to us on 1300 253 041 or send us a message in case you wish to know more.
Interest cost: Interest charged on the funds utilised.
Line fees: This is a small monthly/weekly/Annual fee charged by the lenders for facilitating you a line of credit throughout the term of the loan irrespective of your utilisation. This fee is charged on top of regular interest incurred on utilisation of funds.
Drawdown Fees: Some lenders may charge a small drawdown fees on each drawdown instead of line fees. This fee is charged on top of regular interest incurred on utilisation of funds.
At Broc Finance, we endeavour to get the most adequate facility suitable to the business requirements of our clients. In most of the cases logged in through us, we try to get an indicative offer from the lender for our client’s consideration before proceeding with formal application and consent to credit check. This approach helps our clients to avoid unwanted rejections and credit checks which can significantly impact their credit score.
We would be happy to answer, if you have any other questions. Please contact us.
Contact us today and discover how our expertise can help your small business thrive.
CALL US
1300 253 041
EMAIL US
enquiries@brocfinance.com.au
Broc Financial Services Pvt Ltd.
ACN 648 088 304
Credit Representative number 540795 is Authorised under Australian Credit Licence Number 389328