Shift Review (2022)

  • Updated: 15/01/2022
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🗺️ ProductsTerm Loans
Business Overdraft
Asset Finance
💰Funding AmountUp to $1,000,000
📊 Loan TermsTerm Loans - 3 years
Bank Overdrafts Loans - 5 years
Asset Finance - up to 5 years
💰 Min. Trading Period24 to 36 months
💰 Min. Turnover$250,000 per annum
🛍️ Unsecured/Secured Loans if < $250,00
Asset Finance if < $100,000
💳 Funding Speed24-48 hours

With a choice of 3 distinct loan products, SME Lender Shift can offer business finance solutions to meet most business needs. Shift loans range from $5,000 to $1,000,000 and have repayment terms of 1 to 5 years. This means the lender has larger loans with longer repayment than most other lenders can offer.

Loan ProductsTerm LoanBusiness Overdraft (line of credit)Asset Finance
(equipment, vehicle, fit-out)
Loan Terms & Funding Size
💰 Loan Amount$25,000 to $1,000,000Up to $1,000,000Up to $1,000,000
⏳ Loan LengthUp to 3 yearsUp to 5 years
(redrawn as a line of credit)
Up to 5 years
📆Payment scheduleMonthly, WeeklyWeekly, MonthlyMonthly in advance
💳 Line of Credit Option?✔️
Loan Costs
💸Fees (exc. interest)2% of drawdown amount
Direct Debit $3.85
Establishment fee $499
﹪Interest Rate TypeAnnual percentage rate
(9.95% to 19.95%)
Annual percentage rate on funds drawn
(9.95% to 19.95%)
Based on type of asset, age and property or non-property backed
🔓 Unsecured Loans?✔️ (if < $250,000)✔️ ✔️ (if < $100,000)
👍 Early Repayment✔️(No fee or penalty costs)✔️(No fee or penalty costs)✔️(No fee or penalty costs)
Loan Qualification
🎓 Qualification BasicsABN or ACN
6 months of bank statements
ABN and address
Business registered for GST
Good credit history
6 months of bank statements

🛍️ Min. Trading Qualification36 Months36 Months (24 months with property)24 Months
📅 Min. Turnover Qualification$250,000 Per annum$250,000 Per annum$250,000 Per annum
🗎 Low Doc Loans✔️(6 months of bank statements)
❗If loan > $100,00 then
Copy of ATO details +
Recent financial statements (Full doc if > $250,000)
✔️(6 months of bank statements)
❗If loan > $100,00 then
Copy of ATO details +
Recent financial statements (Full doc if > $250,000)
✔️(6 months of bank statements)
❗If loan > $100,00 then
Copy of ATO details +
Recent financial statements (Full doc if > $250,000)
😕 Bad Credit OK?
Approval & Funding Speed
🏍 Fast Online Application✔️✔️✔️
💨 Funding Speed24-48 hours24-48 hoursSame day facility agreement is signed

Shift Products – Types of financing available

Shift offers a choice of several loan products for small businesses. Regardless of the size of your business and the purpose of the business loan, Shift should be able to help your business. We cover the following loans the business lender offers in this review::

  1. Business Term Loans – short-term loans for large one-off expenses such as office expansion, new stores
  2. Bank Overdraft / Line of Credit – access credit when your bank account has no funds remaining
  3. Asset Finance – Used for general equipment financing, vehicle financing, and fit-out financing
Shift how can shift help your business

Business Term Loans

A term loan is best if your business requires finance to grow or expand in the short term.

Business term loans are good for any business-related purpose, meaning you can easily use this loan in place of other loan products this Shift also offers. You should choose a term loan if you need a longer repayment period or wish to have a choice of repayment types.

The Shift term loan is a convenient business finance solution of up to $1,000,000 to support to growth and expansion of your business. This loan has a 3 year repayment period.

shift term loan

Shift Business Term Loans eligibility / qualification:

Getcapital business term loans eligibility

To qualify for a term loan, your business must have been operating for 3 years (or 2 years with security) and have a minimum annual turnover of $250,000 per year. The business will need an Australian ABN or ACN number and be able to provide 6 months of bank statements.  Should the loan be greater than $150,000 then the business will also need to give tax details and in-depth financial statements.

Shift only requires asset security if the loan is over $250,000. Unsecured loans will need to provide a personal guarantee from the business owner. loans larger than $250,000 will need to provide collateral, most likely this will be in the form of property.

Because of the minimum business requirements, this type of loan is not suitable of startups.

Shift Term loans funding size and loan terms

Getcapital term loans funding size and loan terms

Term loans with Shift can be between $25,000 and $1,000,000, this makes the non-bank lender one of the few that will loan greater than $500,000. The loan term is up to 3 years and you can pay this weekly or monthly.

Costs and fees

Getcapital costs and fees

Shift charges an annual percentage rate (APR) between 9.95% and 19.95%. An APR is the total costs of your borrowing over 12 months, so includes standard fees and interest costs.  An APR is larger than a simple interest rate which many lenders advertise, as a simple interest rate does not include all costs.

Other costs that the business may have include:

  • 2% of drawdown fee
  • Direct Debit $3.85
  • Daily default interest: 5% chargeable on the outstanding principal
  • $25 Dishonour fee

Loans over $250,000 require security so may have  the following costs:

  • Mortgage registration – at cost
  • Valuation fee – at cost

Lastly, should the business default on the loan, there will be the following fee

  • Recovery fees – at cost.


Redraw facilities

Shift allows the business to apply for a redraw 15 weeks into the loan term. Shift will require a simple assessment before they will approve a redraw.

Business Overdraft / Line of Credit

A business overdraft is a type of revolving line of credit that connects to your business bank account so you to continue to access capital when your account has no funds.

Shift’s business overdraft facility can link to any transaction bank account in Australia. This allows you to transfer funds into your business bank account quickly and with ease when you need capital. As the overdraft is a type of credit line, you will only pay for what you draw.

There are several advantages to this type of loan and this includes:

  • Pre-approval for working capital means the funds are available when you need them, directly through the business bank account
  • As the business overdraft links with the business transaction account, there is no need for a new or separate ‘line of credit’ facility’
  • As you only pay interest fees on the overdraft, you pay less interest compared to a traditional loan, where one pays interest on the entire sum

Shift business overdraft

Business Overdraft eligibility / qualification:

Minimum time in business36 Months (24 months with property)
Minimum turnover$250,000 Per Annum
Credit historyGood Credit History
OtherABN or ACN
Australian citizenship or permanent resident
GST Registration
6 Months of Bank statements
Security if loan > $250,000

For an unsecured business overdraft, your business must have been operating for at least 3 years. If the business has 2 years of trading history then you will need to provide collateral such as a property.

Get Capital also requires the business has a turnover of $250,000 per year, an ABN or ACN account, GST registration, and decent credit history. You can provide these details online along with the linking of your bank details and a successful application can result in instant pre-approval. If approval is successful, then you can then receive funding within the next day.

All loans will require 6 months of bank statements, with loans above $150,000 needing further documents such as ATO and financial statements.

Business Overdraft funding size and loan terms

Loan AmountUp to $1,000,000
Term Length5 Years revolving (uncommitted)
Payment ScheduleWeekly, Monthly
Low Doc Loans?

A business overdraft with Shift can be up to $1,000,000 and this credit line is available for 5 years. Shift reserve the right to change this limit during this time. The payment term for your drawdown is 24 months, meaning your first drawdown will result in a 24-month repayment term, should you make a second drawdown later on, then the remaining principal will be reset to 2 years from the time of the second drawdown. Each overdraft has a payment schedule of weekly or monthly.

Costs and fees

Origination Fee?
Interest RateAnnual Percentage Rate
9.95% – 19.95%
Other Costs$395 Annual Fee
No Hidden FeesNone
Early Payment PermittedYes

Shift charge annual percentage rate of 9.95% to 19.95% for any of the credit line that is drawn. While the annual percentage rate can seem high, compared to a basic interest rate which other lenders may use. this is because it includes loan costs, which basic interest rate does not. The business will also need to pay an annual fee of $395 to maintain the overdraft.

Funding speed

Shift can approve the overdraft in 24 hours with the right documentation. As the credit line links to the bank account, the funds are available immediately.

What can you use the loan for?

The business can use the loan for any business purchase they wish however it is best for operation costs. Situations one might use the overdraft include:

  • Staff payments (such as where staff need regular payment but the customer only pays invoices on job completion)
  • General working capital (to overcome timing issues between expenses and payments)
  • There is an urgent need to make payments
  • Cash flow to pay operating expenses when business is slow

Business overdrafts are not ideal for

  • Purchase of long term costly assets such as equipment
  • Operations cost when there is no working capital

Asset Finance – equipment, vehicle and fit-out financing

Asset finance is the best product Shift offers if your business needs funding to purchase the assets it needs to grow. Shift has 3 types of asset finance, these are:

  • General equipment financing – best for tertiary and secondary assets and equipment such
  • Vehicle financing – best for car and vehicles such as trucks, vans, and utes
  • Fit-out financing – best for business fit-out and retrofitting of shops, factories, and restaurants

With each type of asset finance, Shift will provide the vendor with 100% of the value of the asset with the provision of an invoice. There is no age restriction on these assets, which means the business can buy first and second-hand products. If the business cannot to pay off the debt on time, the Shift may require you to sell the asset finance, subject to acceptable valuation following an inspection.

Equipment Finance up to $1,000,000

Equipment financing comes in the form of a chattel mortgage. This means Shift will give you up to $1,000,000 to purchase equipment. This equipment will act as security until you pay the loan back.

This finance can be for secondary goods such as

* Dental equipment, compressors, mobile cranes.

  • No age restriction for any asset
  • Bank statements only – no financials up to $250k
  • Manageable ATO debt considered
  • Private sale subject to acceptable inspection/valuation
Quick snapshot of shift equipment finance features

Fitout Finance up to $1,000,0000

Shift Fitout Finance is a convenient way to finance a range of business fitout needs such as a shop, factory, warehouse, and restaurant fit-outs as well as retrofitting existing premises or relocating to new ones.

  • No soft cost caps
  • Bank statements only – financial up to $290k
  • Manageable ATO debt considered
quick snapshot of shift fitout finance features

Vehicle Finance amount up to $1,000,000

The Shift Business Car and Vehicle Finance product is a convenient way to finance the purchase of business vehicles, cars, light commercial, trucks, vans, utes, trailers, SUVs, and other specialty vehicles for your business.

  • No age restriction for any asset
  • Bank statements only – no financials up to $250k
  • Manageable ATO debt considered
  • Private sale subject to acceptable inspection/valuation
quick snapshot of shift vehicle finance features

Asset Finance eligibility / qualification:

Minimum time in business2 Years
Minimum turnover$250,000
Credit historyN/A
Other6 Months Bank Statements
Vendor Invoice
ID documents of Purchaser
Type of EquipmentPrimary, secondary and tertiary
No age restriction on asset

All Asset finance types have the same qualification requirements. As long the business can provide an ABN, can show it has been operating for 2 years and has $250,000 annual revenue, then Shift will probably approve the finance.

The business will no need to provide any security for loans under $100,00, all the business will need to provide is 6 months of bank statements. loans larger than $100,000 and up to $250,000 will need security backing, while loans above $250,000 will need full docs.

Asset Finance funding size and loan terms

Loan Amount$100,000 with no security
$250,000 with bank statement only
$750,000 with full doc
Term Length5 Years
Payment ScheduleMonthly in advance
Low Doc LoansSee loan amount
Unsecured/SecuredAsset is security

Regardless of which asset finance type you need, Shift will loan up to$1,000,000 with a 5-year term. You will need to pay each month in advance.

Asset Finance costs and fees

Origination Fee$499
Interest RateBased on your business circumstances
Other CostsMortgage registration (for secured loans)
Valuation fee (for secondhand asset finance)
No Hidden FeesNone
Early Payment PermittedYes

Shift doesn’t advertise interest rates for asset finance, as rates will vary depending on the capital the business requires, the credit history of the business, and the financial health of the business.  Even though Shift doesn’t advertise its interest rates, the lender will provide advice on all your costs as part of the loan offer.

Fees you may include when taking out asset finance include:

  • Upfront Fee $499
  • Daily default interest: 5% chargeable on the outstanding principal
  • $25 Dishonour fee
  • Valuation fee (second-hand equipment, private sale)

Funding speed

The lender can transfer funds to the vendor on the same day you sign the facility agreement.

What can you use the loan for?

Suggested ways to use Asset Finance

The Shift Application Process and Speed

The online application process with Shift is very basic. You just provide your first and last name, business name, and contact details. A get capital relationship manager will then contact you within 24 hours to help you with your loan application. The relationship manager will take you through the range of business lending products they offer to borrowers and help find the right product for your needs.  If your business has been in operations for at least 3 years and has a decent credit score, then the loan application should be relatively straightforward. If this is the case, then Shift should be able to approve and provide funding within 24 to 48 hours.

If your business has been operating for less than 3 years, then you may need to provide property collateral which can delay the application process. Businesses with a poor credit score or seeking large loan amounts may require more paperwork, which can also lead to delays in the approval process.

How to apply shift

Shift Redraw facility

You can access extra funds by speaking with Shift or applying for one of the other loan types the vendor offers.

Shift Review – Customer Service

You can contact the Shift team by phone number and email during business hours. There is no live chat facility on the website. If your business experience any hardship and need particular help, Shift have a hardship department you can speak with.

Shift also has a helpful FAQ section where they answer common questions about the financial services and a fees page

Reading through the reviews on Trustpilot, it is easy to be captivated by all the 5 stars. Many comments praise the quick processing of applications and timely handling of loans. Customers are very happy with the customer service the lender delivers.

Shift Review – TrustPilot

Shift has a score of 4.9 out of 5  from 408 reviews on Trustpilot. This is equal to 5 stars or excellent.

shift trustpilot

Shift Review Conclusion

Shift has been operating since 2013 and in this time, the brand has built up to become one of the more prominent companies in the Australian small business lending industry. Recognition is usually built on a good reputation and this rating is shown by Shift’s 5 star rating from over 400 TrustPilot reviews. Such a result helps build confidence Shift is a lender you can trust.

The lender offers 3 distinct business lending products – term loans, overdrafts (a form of a line of credit), and asset finance. Regardless of which product suits your need, Shift can help you find the right funding to unlock future growth opportunities.

Shift overdraft product is perhaps their most interesting product. They are the first lender to offer a ‘bankless’ business overdraft solution. This means Shift can link your overdraft facility to any existing business transaction account in Australia without setup fees that a bank would charge.

The competitive advantage Shift offers lies in its variety of lending solutions, its simple application process, and fast approval.

The only thing to note is the requirements of $250,000 per annum to qualify for a loan. This is substantially higher than many other lenders which reflects the higher amounts Shift is willing to lend.

About Shift

Originally known as GetCapital, Shift was founded by Jamie Osborn and has the simple goal of proving Australian small business is easier and have better access to working capital solutions. Research has found that there are 2 million SMEs in Australia and 1.4million of these small businesses use credit. Of these SME’s seeking credit, 74% spend over 6 hours sourcing credit, and 30% miss opportunities because of lack of credit.

To help small business better access credit The lender uses technology to enable them to quickly and efficiently make access applications and provide funding, often within one day. This is done by using Illions frictionless BankStatements technology to process and approve loans fast.

Shift has won multiple awards (mostly as GetCapital before rebranding), not just for the technology they use for loans but also for their customer focus. Awards they have won include:

  • AFR’s Fast 100,
  • Deloitte’s Technology Fast50,
  • Smart Company’s Smart50 and
  • Deloitte’s Asia Pacific Technology Fast 500

“Shift” operates as Shift Financial Pty Ltd. ABN 24 149 390 625 and is located at Level 6/110 Walker Street
North Sydney NSW 2060