Banjo offer short term loans to businesses that their unique evaluation process deems to carry an acceptable level of risk.
In order to get credit from this hi-tech lender you simply fill out an online loan application, upload a photo of yourself (as the business owner or director), and then link up your financial data from MYOB or Xero and that’s that!
Founders are Former NAB Bankers – Experience that Counts
When it comes to alternative business finance companies it’s no secret that it’s the experience of their founders and managers that either make or break them.
Banjo is certainly a lucky a start-up since its three founders each has a unique set of skills and experience from finance to technology and marketing – they seem to have it covered.
Short Term Business Loans for SME’s
Banjo is a lender that seems to be targeting and focusing primarily on high growth small and medium sized Australian businesses.
It is, according to interviews with their founders, these particular businesses that have the hardest time accessing finance from large banks due to their lack of security and even lack of history.
What Banjo can offer you
Banjo is a very simple, effective and high-tech business loan provider that allows small and medium sized businesses to apply for short-term credit without any paperwork.
Rather than having to fill out forms or type in data into an online application, Banjo makes use of drop-down lists that make applying for a loan using any device a breeze!
Marketplace loans from $5,000 to $250,000
Banjo offers businesses loans that are similar to peer-to-peer loans – except the investors have no say in where their money goes.
They offer loans that range from $5,000 to $250,000 with short loan terms that do not exceed 6 months.
All Banjo Loans are Unsecured
One of the biggest barriers to finance for small Australian business owners is a lack of security in the form of property to secure the credit.
Even so called “lines of credit” and overdrafts require security in most cases and the majority of SME’s simply cannot provide this.
At Banjo you can get an unsecured business loan – and that’s probably one the major things that set them apart from their marketplace lending competitors.
In a Nutshell
- Loan minimum $5,000
- Loan maximum $250,000
- Interest rate From 10.7% per annum
- Loan term minimum 1 month
- Loan term maximum 6 months
- Average processing time 24 to 72 hours
- Online application
- Unsecured loan option
Unsecured Business Loans within 24 Hours
One of the primary things that differentiates Banjo from other peer-to-peer lenders and, alternative credit providers, is the simplicity of applying for a loan online with them.
Applications can be made at any time of the day or night via their very modern, sleek and intentionally simplistic online loan application form.
Link your Xero Financials and Sign Online
With Banjo you don’t need to manually download, fax or email your financials – all you have to do is link your Xero or MYOB financials to their cloud based software and you’re sorted.
In addition, you don’t have to print and sign any contracts – just sign them electronically in seconds and you’re ready to go!
Does your Business Qualify for a Banjo Loan?
In order to get your business finance application with Banjo approved you must, at the very least, have been operating for a period of 24 months or more and have an annual turnover exceeding $500,000.
Banjo will also offer you the change of making repayments on your short-term loan weekly, fortnightly or monthly depending on individual preferences.
Eligibility & Requirements
Other Products & Services
- Business Finance