Upon receiving the application, our team will look to review and provide an initial assessment within 24 business hours . Generally, once loan documents are complete and in order, our team will conduct final checks to enable you to access your equipment.
We offer asset finance for a wide range of vehicles and business equipment to help move your business forward. Some examples include (but not limited to):
Banjo does consider balloon payments on a case-by-case basis. A balloon payment is a lump sum repayment at the end of the loan agreement after all regular repayments have been met. Where a loan is eligible for a balloon payment, your regular repayments will be lower, and you will pay more interest over the loan term. Where a loan does not have a balloon payment, your regular repayments will be higher, and you will pay less interest and there will be no lump sum repayment at the end of the loan term.
The minimum requirement is an ABN established business with a minimum of 2 years of trading history and an annual turnover of greater than $500k. Other lending criteria will apply.
Banjo can consider loan amounts ranging from $20k to $1m over 12 to 60 months.
Asset and Equipment Finance is the provision of a loan that enables businesses to purchase and own the equipment from the beginning. The business will make regular payments as per the loan repayment schedule and the loan is secured against the asset.
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).