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.