Banjo offers a choice in repayment cycles that fit in with your cash flow cycle – weekly, fortnightly or monthly.
Yes, you can prepay a loan at any time. If you do, you will only need to pay the next scheduled repayment and any outstanding principal or other amounts.
No, there are no other charges or costs if you take a standard loan and comply with the terms of your loan.
If you are required to provide security as a precondition to a loan, we may charge fees relating to the registration of a security. We will obviously notify you if this is relevant prior to you entering into a loan.
The only other charges that may apply are dishonour/late fees and default interest (which will only apply if you fail to pay a scheduled repayment on time) and our enforcement costs if you default. If you are in default, instead of requiring you to repay your loan at that point we may charge an additional risk margin (but will always give you prior notice and an opportunity to avoid that additional margin by repaying the loan instead).
Our experienced client representatives will work proactively with the business to find a positive solution. We highly recommend you give us a call immediately after any changes in your business that would impact your financial situation. This allows us to work towards a solution with you. It may involve an amendment to the contract or developing alternate options.
If a business defaults on the loan, Banjo has many rights and you should refer to the loan and, if applicable, any security agreements for more detail. Generally, a business will be charged default interest on any overdue amount and fees in relation to any rejected payments. Banjo may also apply an additional risk margin in respect of future payments or have the remaining scheduled repayments re-rated.
If the default is serious, Banjo may demand repayment of the loan and may take action to recover the funds (including referring the debt to a third party debt collection agency for recovery action). We may elect to report defaults to credit reporting agencies.
No. You’ve given us all the information first time round. Re-applying for a new loan generally only involves checking that the information you previously provided is still valid and up-to-date, unless a certain time has passed since your initial application. You’ll then give your consent and hit the submit button.
By providing your login details, you are giving us authority to download and assess your business bank transactions on a “Read Only” basis. Analysis of bank statement history is part of our process and it’s all done automatically. All communications within our application are encrypted using a commercially available cryptography. We cannot see your username or password and cannot transact on your account. We only read basic account ownership information such as the account name and registered address.
Yes, checking the Director(s) profile/s with a respected credit agency helps us in making responsible lending decisions.
Background checks are necessary to meet regulatory requirements. They’re also part of Banjo’s credit assessment process.
Borrowers must generally meet the following minimum criteria:
Once Banjo approves borrowers, we allocate them to investors on the platform for funding, based on our strict credit criteria.
With only 10 simple online questions to complete, along with identity and data verification, an application takes just minutes. You’ll get an answer from us within a few business hours. There’s no paperwork to fill out, and we accept electronic signatures. Finally, once your loan is approved, the funds are deposited in your account within 24 to 72 hours.
We offer 4 distinct loan products with varying terms, to suit a broad range of business needs.
Fixed Term – Ideal for fixed term finance such as working capital. The loan term offered ranges from 6 months to 36 months.
Flexi Working Capital – Ideal for those businesses that have fluctuating revenue and cashflow needs throughout their business cycle. Loan term offered ranges from 12 months to 16 months, with up to 4 months of interest expense only period.
Single Pay – A bridging finance facility enabling you to release the working capital needed to help move your business forward now.
Banjo Express – A funding solution for SMEs to access funds faster with less paperwork.
Banjo has a national reach, with team members located throughout Australia. Our head office is based in Melbourne VIC.
Banjo is one of the leading online lenders to small and medium enterprises (SMEs) in Australia. We’ve been helping to power SMEs across the nation since 2015. By combining rapid data analysis technology with a personalised relationship approach, we offer our clients the best of both worlds. Our team is wholly Australia-based, and from a range of backgrounds, including some with up to 40 years’ banking experience.
Banjo holds an Australian Financial Services License that allows us to lend to Australian businesses.