Yes. You’re required to register a personal or a business asset as security for the loan.
Fast Capital is a business loan without the paperwork. It’s a quick online application process within 5 minutes. To access, you need to have your Xero or MYOB AccountRight subscription as this is where they’ll integrate your application process. Once you’ve completed and passed the application process, you get to choose a borrowing option — be it business loan, business overdraft or a business credit card.
While the interest rates vary depending on circumstance, you generally pay for an application fee of $25, consent fee of $100 per certificate, and early exit fee of $250 (when applicable).
Basically, an overdraft gives you extra funds for your business and provides a buffer to your cash flow whenever you need it. There are no fixed repayments, and your funds can stay in your account when you don’t need them. On the other hand, a business loan should be paid back at a specific period. The specific period or duration of the loan is called the “term.”
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