Banjo Loans Review
According to Banjo Loans's website:
Banjo Loans offers business loans for small to medium enterprise businesses. Amounts of the loans range from $20,000 up to $250,000.
To make the business loan process simple, a few executives who used to work at the National Australia Bank created Banjo Loans. They rely on a variety of resources to provide the funding necessary to grant loan requests.
The application process is all completed online and it is only about 10 minutes long. Verification of the business owner’s identity is done by scanning the driver’s licence. Once approved, funds are distributed in 24-72 hours. Collateral is not required and they utilize a set of data from places like Dunn and Bradstreet plus the business’ current positions to determine eligibility. Answers are given back to the company as to whether they have been approved or not generally in a couple of hours after the application is received.
Terms are 6 months, with a 10.7% interest rate on unsecured funds and no exit fees. Those who have better business results may qualify for a better interest rate.
Unique to Banjo Loans are the re-borrowing terms, wherein once an application has been submitted and approved, it speeds up the process for additional funds later. Plus, loans can be flexible, allowing companies to take out more without an additional application.
Who can qualify?
Not every small and medium business qualifies for a loan from Banjo. They look for the following:
- Companies that have been in business for at least two years
- Companies looking for business not personal loans
- More than $500,000 revenue a year
This does mean they will not fund startups. Because Banjo does not require collateral, it makes it possible for SMEs to obtain capital and help their business cash flow. Banjo also makes it easier for small companies to get loans as compared to large banks.
We do not offer loans from Banjo Loans. However, you can apply for business loans with other lenders from our panel.
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Apply for business loans from our lender panel. We do not offer loans from Banjo Loans.