Frequently Asked Questions

Tell me about the Finnex business loan?

Finnex business finance brokers offers business loans of $5,000 to $250,000 from various lenders with terms between six months to seven years with flexible cash flow friendly repayments that are weekly, fortnightly, or monthly.
We do not offer any funding from us. We only work on our clients behalf as licensed finance broker to organise a suitable business loan for their specific need.

How do I know that Finnex is the right business loan broker for me?

We have years of experience in finance broking and have access to a team of in house industry professionals such as accountants, solicitors, and business consultants to assess every business loan case for our clients if needed. We also only get paid if you are happy with the offered business loan and accept the offer. Therefore, we work with our clients diligently to make sure that, our clients receive the required funding and a first class finance broking service.

How do you customise your services for niche companies?

Are you operating a business in a niche market? No worries. We have access to hundreds of specialised lenders who lend to businesses for specific purposes. Therefore, it does not matter what type of business you are operating, we will organise the required funding if you need finance, as long as your business can afford the repayments.

What can the business loan be used for?

A business loan can be used for almost any business purpose – including for growth, to take advantage of an opportunity or to support cash flow. It can be used for business renovations, technology acquisition, marketing, to purchase inventory or new equipment, as general working capital and much much more. The business loan cannot be used for personal purposes.

How do I apply for a business loan?

We will help you with the application process to make it easy and to get your funding fast. Simply call us and answer our questions in 10 minutes. If you are applying for $100,000 or less, you need:

• Your driver licence details

• Your ABN and business details

• Business account statement

For loans over $100,000, you’ll also need some basic financial statements, like a Profit & Loss statement and cash flow statement.

How fast will I get a decision?

We can often get a response in couple of hours from the lenders – as long as you provide all the necessary documents during standard business hours and allow us to use the advanced bank verification system link to instantly verify your bank information online. If you choose to upload copies of your bank statements we can provide a decision in as little as one business day.
However, for the best result we always consult with our clients and give them an expected time frame for us to finalise their business loan.

How fast will I get the money?

Since we work with various lenders it is hard to tell exactly how fast you will get your money. If your application is approved, it is possible to have money in your account the next business day.

How much can I borrow?

The total amount of your loan will depend on the specific circumstances of your business and financial health of your business. We consider a variety of factors to determine the health of your business and based on this information, lenders may be able to provide you a small business loan amount up to $1,000,000.

How do you charge for a business loan?

We as business finance broker determine a factor rate. A factor rate is expressed as a decimal figure not a percent. It varies based on things like your business industry, how long you have been in business, and the health of your cash flow. When a factor rate is used, interest is charged to the principal amount when the loan is originated, it doesn’t compound. Depending on the factor rate the lender offers an interest rate and our fee is added to the loan amount which we consult with you before hand or it is a standard brokerage fee offered by lender without any cost to you.

What are the fees?

We explain before accepting the offer so that, there are no hidden fees for the business loans for our clients, and you’ll know exactly how much you need to pay and when from day one. Since we offer business loan products from various lenders, we will explain all the fees and charges before we apply for the loan. 

What is your early repayment policy?

We will explain to you about your business loan early payment options, that way you know what to expect if you choose to repay the entire amount of your business loan early, at any time. If you choose to repay your entire loan early, the lender might provide you with a discount on the remaining interest that is payable on your loan. There are usually no additional fees for early repayment. Any outstanding late fees or default fees might not be waived and the discount will not be applied in respect of any interest payments that are in arrears. Once you make the final payment your balance will be $0. If you wish to repay the entire balance of your loan early, you should call your lender to obtain your early repayment figures and relevant payment details.

How do repayments work?

We will explain all your repayment figure and options right from the start so that, you know your total repayment amount and the date of your final payment.

To help you avoid missing repayments we suggest repayments that fit in with your cash flow cycle – either weekly or monthly. Business loan repayments are usually automatically deducted from your nominated business account. 

Will my information be protected with Finnex?

We take great care protecting your information, and being clear about how we collect, use, exchange and protect your information, is of huge importance and a vital part of our relationship with you. See our Privacy Policy to find out more.

Is it safe to link my bank account to the Finnex platform?

Yes. We use industry recognised encryption standards to protect your personal, sensitive and financial data and we are compliant for our commitment to customer security and privacy. We use an advanced bank verification system link to instantly verify your bank account information online so we can provide a faster response.

Do you share my personal information?

Yes. We only share your information with the lender you have nominated and our aggregator partner. We do not share your information with any other business or for any other kind of marketing. Once you contact us and send us your details we will use that information internally to asses your business financial health and to offer various business loan products from various lenders. Once you are happy with a specific offer, then we approach the lender and share your information.

Can I reapply with information provided previously? 

Though we might have all the necessary information, the lenders always like to assess based on the latest business financial health situation. Therefore, we might ask for latest business financial statements, if requested by the lender and the business loan amount is above $100K.

Still got a question?

Simply call us on 0468 424 315