WA's First Choice for Business Loans
Whether you’re a small up-and-coming business or you’re an established player in your industry, we can help you get the business finance you need.
Getting a loan to start your own business or to assist with the operations of your current business is a great idea; it can help you buy much needed equipment and supplies, give you a leg up on the competition and take your business to the next level.
The problem is getting the right finance – with literally hundreds of choices available, not only is it a time consuming task to try to determine what your best financing options are, but dealing with banks can be a frustrating exercise, especially if your business is a start-up with no financials.
The First Choice Loans Difference
At First Choice Loans we make getting business loans easy – we’ll sit down with you to determine what your best course of action is and deal with the banks directly, so you can rest easy knowing you’re getting the best finance possible at the lowest interest rates around.
These are just a few of the benefits you can expect when working with us:
| Free Service – No Broker Fees |  |
| Fast Approval Process | |
| Multiple Lenders & More Than 300 Options | |
| We’re WA Wide! | |
So if you’re in the market for a business loan, we can help get you the funding you need.
Get in touch with us by filling out our quick and easy 2 minute loan enquiry form.
More Info on Business Loans
Am I eligible to apply for a business loan?
In order to successfully apply for a business loan, you’ll need to meet certain criteria. These differ from lender to lender, but they’ll be more or less in line with the following:
- Credit Rating – Your company’s credit history (along with perhaps the company directors) will be checked. If you or your company haven’t established a good credit history, then you may need to consider other options, such as a bad credit loan.
- ACN/ABN – You’ll need to be able to provide an ABN (Australian Business Number) or an ACN (Australian Company Number).
- In Operation for 1+ Years – Being in business for 1+ years is a good indicator to lenders that your business has gotten off the ground.
- Revenue – Your business will need to be turning over a certain amount of income before it is eligible for a loan – this amount could be anywhere from $50,000 a year to $250,000+
What Kind of Business Financing Options Are Available?
- Business Vehicle Finance – available to all business sizes, with leasing options also a common option. There are also some tax benefits associated, depending on what the vehicle costs and how you plan on using it.
- Fully Drawn Advance – These are long term loans that are best used when purchasing long term assets, such as real estate or a manufacturing plant. They can be secured or unsecured, with a loan term of up to 10 years.
- Trade Finance – Allows for the funding of the purchase of goods, which can be helpful if you’re having trouble fulfilling a large order. These kinds of loans come in a few variations, such as a bank guarantee or a letter of credit.
- Business Overdraft – An overdraft is attached to your business account, allowing you to withdraw a specific amount over and above your account’s balance. You only pay on what you overdraw.
- Line of Credit – This is a flexible option that gives you access to funds whenever you need them. Interest is paid on the debt accrued, and secured/unsecured options are available.
- Cash Flow Lending – This type of loan allows you to secure finance based on your expected cashflow, which is used as collateral. A solid historical cashflow record and good credit rating is required for this kind of loan.
- Short Term Business Loan – If you need to “plug a gap”, then a short term solution may be what you’re after. Shorter term financing allows you to borrow money and pay it back quickly, usually within 3-12 months or so.
- Business Credit Card – These are just like regular credit cards, except that they are used for business purposes, can add multiple cardholders, and don’t affect your own personal credit rating. You may, however, be personally responsible for any unpaid debt. These can come with larger sign-up bonuses than personal credit cards, as well as other perks.
FAQs
How Can I Make Sure That My Business Loan Application Gets Approved?
There are a number of factors that go into whether your application will get approved or not – demonstrating a solid company structure, good financials, having a clear loan purpose and the company’s/your credit history all work to your advantage in getting approved.
What is The Usual Length of a Business Loan?
Lengths vary, but you’ll generally find that business loans are offered from 3 months to 3 years,
though it’s possible to finder longer term loans.
How Expensive Are Business Loans?
Naturally this depends on the finance you end up getting – shorter term loans, or loans that have flexibility in repayments, will be more expensive than other loans (and they may also be charged on a daily basis, rather than monthly). Some loans will charge a “factor” rate, rather than an interest rate – the former being calculated only once using the original loan amount, whereas an interest rate is calculated daily and is compounding.
Which Credit History is Checked, Mine or My Company’s?
This will depend on the lender, but generally it will be the company director’s credit history that will be checked.
Is It Possible to Get Financing From More Than 1 Lender?
Yes it is possible. Whether or not this is a good idea depends on your circumstances, as there are advantages (such as more opportunities for funding) and disadvantages (such as more complicated administration) to securing business finance from more than 1 lender.
How Do Unsecured Business Loans Work?
You can get unsecured finance based on your monthly cashflow/sales figures, instead of any assets that you possess. These loans will generally be smaller than secured loans.