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RATED:
🗺️ Products | Business loans Equity loans Unsecured business loans |
💰Funding Amount | $2,000 to $100,000+ (varied by loan) |
📊 Loan Terms | 1 to 36 Months |
💰 Min. Trading Period | 6 Months (unsecured) |
💰 Min. Trading Turnover | $6,000 per month (unsecured) |
🛍️ Unsecured/Secured | Unsecured and secured |
💳 Funding Speed | Approval in 24 hours Funding in 24 hours or 5 days |
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Loan Products | Fast business loans | Equity business Loans | Unsecured Business Loans |
---|---|---|---|
Loan Terms & Funding Size | |||
💰 Loan Amount | $2,000 to $10,000 | $100,000+ | $2,000 to $30,000 |
⏳ Loan Length | 1 to 24 months | 1 to 36 months | 1 to 12 months |
📆Payment schedule | Flexible schedule Lump-sum Combination | Flexible schedule Lump-sum Combination | Flexible schedule Lump-sum Combination |
💳 Line of Credit Option? | ✔️ | ✔️ | ✔️ |
Loan Costs | |||
💸Fees (exc. interest) | |||
﹪Interest Rate Type | From 1.50% per month (simple interest) | From 1.50% per month (simple interest) | From 1.50% per month (simple interest) |
🔓 Unsecured Loans? | ❌ (Real estate or motor vehicle) | ❌ (Real estate or motor vehicle) | ✔️ |
👍 Early Repayment | ✔️(No fee or penalty costs) | ✔️(No fee or penalty costs) | ✔️(No fee or penalty costs) |
Loan Qualification | |||
🎓 Qualification Basics | Australian ABN or ACN | ||
🛍️ Min. Trading Qualification | 6+ months | ||
📅 Min. Turnover Qualification | $6,000+ a month | ||
🗎 Low Doc Loans | ✔️(optional) | ✔️(optional) | ❌(required) |
😕 Bad Credit OK? | ✔️ | ✔️ | ❌(required) |
Approval & Funding Speed | |||
🏍 Fast Online Application | ✔️ | ✔️ | ✔️ |
💨 Funding Speed | Preapproval in 5 minutes Approval and funding within 24 hours of approval | Preapproval in 2 hours Approval and funding in 3 to 5 days | Preapproval in 5 minutes Approval and funding within 24 hours of approval |
Max Funding Pros and Cons
Pros
Cons
Max Funding Review - Products Types
If you are considering getting a Max Funding business loan, then you will find the lender offers flexible solutions that should fit most borrowers business needs.
Max Funding offers 3 types of primary loan options, these are:
- (Secured) Equity business Loans
- (Secured) Fast business loans
- Unsecured business loans
Loans with Max Funding are best for small businesses that can offer property or vehicles are security.
Max Funding Equity Business Loans
Equity business loans involve using collateral or security in order to borrow capital funds from Max Funding.
If you have property or vehicle assets that you can use for security, then Max Funding can offer a large range of loan options. The following equity loans are available with Max Funding:
- Short-Term Business Loans
- Start-Up Loans
- Bad Credit Loans
- Caveat Loans
- Second Mortgage Loans
- Franchise Loans
- Low Doc Loans
Max Funding Equity Business Loans Eligibility / Qualification
Minimum Time In Business
No Minimum
Minimum Turnover
No Minimum
Credit History
No Minimum Credit Score
Bad Credit Can Be OK
Other
Property Or Vehicle Security Required
Max Funding Equity Business Loan Funding And Loan Terms
Loan Amount
$2,000 to $1,000,000
Term Length
1 -36 Months
Payment Schedule
Flexible Schedule or
Lump Sum or
Combination
Low Doc Loans
Optional
Unsecured/
Secured
Property or Security
All these loans have the same basic conditions but vary when with how much you can borrow and the security you can use for the loan. Equity loans start from $2,000 for short-term business loans and you can borrow up to 1 million for franchise or caveat loans.
- Short-Term Business Loans – $2,000 to $30,000
- Start-Up Loans – $10,000 to $100,000
- Bad Credit Loans – $10,000 to $50,000
- Caveat Loans – $10,000 to $1,000,000
- Second Mortgage Loans – $200,000+ (up to $1,000,000)
- Franchise Loans – $2,000 to $1,000,000
- Low Doc Loans – $50,000+
Origination Fee
Interest Rate
Other Costs
No Hidden Fees
Early Payment Permitted
Fast Business Loans
What security do you need for equity business loans and fast business loans?
What are the costs and repayment of equity business loans and fast business loans?
Max Funding offers a simple interest rate starting from 1.50% per month, which Max Funding claim is one of the most competitive available in the market. The interest you pay will vary for a range of factors including:
- How much working capital you borrow
- The purpose of the loan
- The type and value of the collateral you use
- Your business cash flow/revenue
- Your credit score/history
- The loan term
Max Funding does not have any hidden fees, this means Max Funding is upfront with you about all costs before you sign the loan contract.
Ease of application and application process (fast and equity business loans)
There are two stages for the Max Funding application process, application for pre-approval, followed by formal approval. The first stage is for pre-approval takes under five minutes, as you only need to provide basic details about the loan you need and the assets the business has. With this information, you will get pre-approval on the spot unless you don’t meet Max Funding’s lending requirements.
Questions Max Funding ask include:
- The loan amount you wish to borrow (enter the maximum you wish to borrow)
- The purpose of the loan (start-up, resolve your cash flow, grow your business, other)
- A rating for the credit history of the business (good, fair, poor)
- Information about any property suitable for collateral
- Information about any vehicles suitable for security
Pre-approval takes only minutes and involves a credit score check.
Should you proceed past the pre-approval stage, then you will need to complete other details such as
- Business income details
- Photo verification
- Bank account details for funding
Funding speed
Loan terms (fast and equity business loans)
Security / collateral (fast and equity business loans)
Property as security
Registered vehicle as properly
Max Funding Unsecured Business Loans
An unsecured business loan means you don’t have to put up any collateral to secure your loan. But the lender will charge a higher interest rate to cover the greater risk. Unsecured loans allow you to get funds fast with minimal paperwork. Despite the higher cost, sometimes this may be the best type of loan. Examples include:
- You only need a short-term loan
- The business does not own suitable assets to use as collateral
- The guarantor has a better credit history than the business
- The business needs funding fast (unsecured loans are quicker to approve)
- Unsecured loans often have a shorter repayment period
- The business is not an established business (has an operating month less than 6 months)
In place of collateral, the business owner will need to provide a personal guarantee.
Types of loans you might use an unsecured business loan include
- Short-term loans
- Equipment finance
- Trader finance
- Invoice finance (debtor finance)
Max Funding Unsecured Business Loan Eligibility / Qualification
Minimum Time Business
Minimum Turnover
Credit History
Other
Max Funding Unsecured Business Loan Funding And Loan Term
Loan Amount
Term Length
Payment Schedule
Low Doc Loans
Unsecured/
Secured
Max Funding Unsecured Business Loan Costs And Fees
Origination Fee
Interest Rate
Other Costs
No Hidden Fees
Early Payment Permitted
Ease of application and application process for unsecured business loans:
Funding speed for unsecured business loans:
Loan Products | Short-Term Business Loans | Start-Up Loans | Bad Credit Loans | Caveat Loans | Second Mortgage Loans | Franchise Loans | Low Doc Loans |
---|---|---|---|---|---|---|---|
Loan Terms & Funding Size | |||||||
💰 Loan Amount | $2,000 to $30,000 | $10,000 to $100,000 | $10,000 to $50,000 | $10,000 to $1,000,000 | $200,000+ (up to $1,000,000) | $2,000 to $1,000,000 | $50,000+ |
⏳ Loan Length | 1 to 36 months | 1 to 36 months | 1 to 36 months | 1 to 36 months | 1 to 36 months | 1 to 36 months | |
📆Payment schedule | Periodical Lump-sum Combination | Periodical Lump-sum Combination | Periodical Lump-sum Combination | Periodical Lump-sum Combination | Periodical Lump-sum Combination | Periodical Lump-sum Combination | Periodical Lump-sum Combination |
💳 Line of Credit Option? | ✔️ | ✔️ | ✔️ | ✔️ | ✔️ | ✔️ | ✔️ |
Loan Costs | |||||||
💸Fees (exc. interest) | |||||||
﹪Interest Rate Type | From 1.50% per month (simple interest) | From 1.50% per month (simple interest) | From 1.50% per month (simple interest) | From 1.50% per month (simple interest) | From 1.50% per month (simple interest) | From 1.50% per month (simple interest) | From 1.50% per month (simple interest) |
🔓 Unsecured Loans? | ❌ (Real estate or motor vehicle) | ❌ (Real estate - mortgage ok) | ❌ (Real estate or motor vehicle) | ❌ (Real estate or motor vehicle) | ❌ (Real estate - mortgage ok) | ❌ (Real estate - mortgage ok) | ❌ (Real estate - mortgage ok) |
👍 Early Repayment | ✔️(No fee or penalty costs) | ✔️(No fee or penalty costs) | ✔️(No fee or penalty costs) | ✔️(No fee or penalty costs) | ✔️(No fee or penalty costs) | ✔️(No fee or penalty costs) | ✔️(No fee or penalty costs) |
Loan Qualification | |||||||
🎓 Qualification Basics | Australian ABN or ACN | Australian ABN or ACN | Australian ABN or ACN | Australian ABN or ACN | Australian ABN or ACN | Australian ABN or ACN | Australian ABN or ACN |
🛍️ Min. Trading Qualification | |||||||
📅 Min. Turnover Qualification | |||||||
🗎 Low Doc Loans | ✔️(optional) | ✔️(optional) | ✔️(optional) | ✔️(optional) | ✔️(optional) | ✔️(optional) | ✔️(optional) |
😕 Bad Credit OK? | ✔️ | ✔️ | ✔️ | ✔️ | ✔️ | ✔️ | ✔️ |
Approval & Funding Speed | |||||||
🏍 Fast Online Application | ✔️ | ✔️ | ✔️ | ||||
🏍 Pre-Approval Speed | 5 minutes | 1 to 2 hours | 1 to 2 hours | 1 to 2 hours | 1 to 2 hours | 1 to 2 hours | |
💨 Funding Speed | 1 to 3 days | 1 to 3 days | 1 to 3 days | 1 to 3 days | 3 to 5 days | Within 1 day of Approval | 1 to 3 days |
Best Suited For | |||||||
💯 Suitable Clients / Industries | ✔️Start-ups ✔️Established business owner ✔️Commercial property investors ✔️Bad credit history | ✔️Start-ups ✔️Established business owner ✔️Commercial property investors ✔️Bad credit history | ✔️Start-ups ✔️Established business owner ✔️Commercial property investors ✔️Bad credit history | ✔️Start-ups ✔️Established business owner ✔️Commercial property investors ✔️Bad credit history | ✔️Start-ups ✔️Established business owner ✔️Commercial property investors ✔️Bad credit history | ✔️Start-ups ✔️Established business owner ✔️Commercial property investors ✔️Bad credit history | ✔️Start-ups ✔️Established business owner ✔️Commercial property investors ✔️Bad credit history |
Common Features of Max Funding Loans
Choosing a loan type – Pre-approval process
Common features of all equity loans:
Repayment loan terms of up to 36 months
Choice of repayment schedules
Interest rates starting from 1.50% and no hidden fees
No financial documentation
Ok for Bad credit history – credit checks
Line of credit option
No minimum trading qualifications
Features that may vary between loans
Max Funding Specialised Loans Types
Short-Term Business Loans / Invoice Finance
Start-Up Loans / Venture Capital Loans
Start-up loans when on Centrelink benefits
Bad Credit Loans
Second Mortgage Loans
Caveat Loans
A caveat loan is sometimes mistakenly referred to a second mortgage loan, however, with this type of loan you the lender places a caveat on the property you use as collateral. Use of a caveat has two impacts:
- You (or the business) cannot sell the property
- You (or the business) cannot use the property as security for any other form of funding (i.e. a second mortgage loan)
Once you repay the loan, Max Funding will release the caveat.
Reasons to choose a caveat loan type:
1. Lower interest rate:
2. Faster loan approval:
Your business needs finance fast
Key Features of Max Funding caveat loans:
Option to merge multiple loans into the caveat
How much can you borrow with a caveat loan?
Low Doc Loans
Low Doc Loans
Your business needs finance fast
The business does not have the time or resources to compile the documentation
The business has bad credit
Your business does not have adequate cash flow
Your business is a start-up
Franchise Loans
Other types of loans
Max Funding Review – Customer Service
Max Funding Review – Trustpilot
Max Funding Website review
Conclusions about Max Funding
If you need an equity business loan and you have a property or vehicle to use as collateral, the range of loans available with Max Funding increases. With low simple interest rates from 1.50% per month and 3-year loan terms, Max Funding should have a loan that works for you. Our major criticism with Max Funding is their website, as it could present information about each loan type with better detail.
Max Funding is also an option if you don’t have collateral to secure the loan. Max Funding offers up to $30,000 for unsecured loans as long as the business has a turnover of at least $6000 a month and 6+ months of trading operations. However, if you need loans over $30,000 or speciality loan types like a merchant cash advance, line of credit or credit card style loan, then you may wish to consider other lenders.