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.”
*edit - turns out the providers are all upgrading and the glimp site is more up to date* Both the highlighted deals i clicked through to get turned out to be inaccurate speeds. Glimp saying 300/100 both providers only offering 100/20 for the price given, despite giving the same address in both sites. still giving 3 stars though as regardless the deals through Glimp are better than the standard advertised deals on the providers site.
Sign up didn't go quite the way it was meant to. But Kate called and she walked through everything so we could work out what went wrong. she was patient, friendly, supportive and kept me calm to finally get plan registration sorted ( still can't log in though - she must be magic )