Max Funding Review (2021)

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🗺️ ProductsBusiness loans
Equity loans
Unsecured business loans
💰Funding Amount$2,000 to $100,000+ (varied by loan)
📊 Loan Terms1 to 36 Months
💰 Min. Trading Period6 Months (unsecured)
💰 Min. Trading Turnover$6,000 per month (unsecured)
🛍️ Unsecured/Secured Unsecured and secured
💳 Funding SpeedApproval in 24 hours
Funding in 24 hours or 5 days

Max Funding logo with words Max Funding review under it

This is custom heading element

Loan ProductsFast business loansEquity business LoansUnsecured Business Loans
Loan Terms & Funding Size
💰 Loan Amount$2,000 to $10,000$100,000+$2,000 to $30,000
⏳ Loan Length1 to 24 months1 to 36 months1 to 12 months
📆Payment scheduleFlexible 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 TypeFrom 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 BasicsAustralian ABN or ACN
🛍️ Min. Trading Qualification6+ 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 SpeedPreapproval 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

  • Large range of products
  • Good for start-ups
  • Funding up to 2 million
  • Australian owned
  • Serves all industries

Cons

  • Only one unsecured product available
  • Most loans require property or vehicle for security
  • The website can be confusing and has conflicting information
  • The lender uses a simple interest rate

Max Funding’s strong suit is offering secured business loans to small business owners. If your business has property or vehicle assets to use as security, then you can apply for a large range of fast and equity loans that can meet most business needs. Unsecured loans up to $30,000 are also available and can be a good option if your business does not have suitable assets to use as collateral.

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:

  1. (Secured) Equity business Loans
  2. (Secured) Fast business loans
  3. 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

You can find an in-depth review for each of these loan types further down the page in our Max Funding equity business loans section.

To highlight Max Funding’s willingness to cater to just about any small business, Max Funding also offers the following alternative loans:

  • Home loans
  • Merchant Cash advance
  • Equipment Finance
  • Advertising loans
  • Bridging Finance
  • Tax Loans
  • Business Overdraft / Line of credit
  • Cash Flow Finance
  • Invoice Finance
  • Working Capital Loan
  • Venture Capital
  • Pawnbroker Business Loans
  • Tradie Loans
  • Online Store Loans
  • Business Purchase Loans
  • Retailer Loans
  • Professional Services Funding
  • Micro Business Loans
  • Cafe Industry Loans
  • Sole Trader Loans
  • Overseas Investment loans
  • No Residence Commercial Loans

While the Max Funding website lacks detail on how these loans work, most of these loans have similar terms and conditions to equity business loans.

Max Funding Equity Business Loans Eligibility / Qualification

Minimum Time Business Operating

Minimum Time In Business

No Minimum

Minimum Turnover

Minimum Turnover

No Minimum

Credit History

Credit History

No Minimum Credit Score
Bad Credit Can Be OK

Other

Other

Property Or Vehicle Security Required

Max Funding Equity Business Loan Funding And Loan Terms

Loan Amount

Loan Amount

$2,000 to $1,000,000

Term Length

Term Length

1 -36 Months

Payment Schedule

Payment Schedule

Flexible Schedule or
Lump Sum or
Combination

Low Doc Loans

Low Doc Loans

Optional

Unsecured-Secured

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

Origination Fee

Interest Rate

Interest Rate

Other Costs

Other Costs

No Hidden fees

No Hidden Fees

Early Payment Permitted

Early Payment Permitted

Fast Business Loans

A fast business loan is much the same as an equity business loan in that you will need security. The major difference is that the maximum you can borrow is $10,000 with a repayment plan of up to 2 years. This lower limit allows Max Funding to approve the loan fast, as there is a lower bar your small business needs to satisfy for approval.

Fast business loans are best to pay off immediate, emergency or sudden unexpected expenses such as inventory or office repairs as they often have a higher interest rate.

What security do you need for equity business loans and fast business loans?

Max Funding gives you the choice of using a property or vehicle as security for the loan. The larger the amount you borrow, the higher the value the security should be. Loans above $50,000 will probably require property.

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:

  1. How much working capital you borrow
  2. The purpose of the loan
  3. The type and value of the collateral you use
  4. Your business cash flow/revenue
  5. Your credit score/history
  6. 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

It is at this stage Max Funding specialist will work with you to find a loan for your needs. This stage of the process will involve a business or personal credit check.

Funding speed

While pre-approval for a business loan can take just minutes. Final approval can take slightly longer.

  • Fast business loans = 24 hours
  • Equity business loans = 3 to 5 days

Max Funding will place funds into the business bank account on the same day or within 24 hours of the signing of the loan agreement.

Loan terms (fast and equity business loans)

Max Funding loan terms or repayment period for equity business loans range from 1 month to 36 months, Fast Business loan terms range from 1 to 24 months.

Security / collateral (fast and equity business loans)

You will need to offer a property or vehicle asset for use as security when seeking a loan. Property is best for loans of larger size, as these have more equity. Vehicles are best for smaller loans.

Property as security

Max Funding will accept most types of property as security. These include:

  • Housing
  • Commercial Buildings
  • Real Estate
  • Warehouses

Loans of larger size require property as security. If the property has a mortgage, this is fine as long as there is enough equity to cover the loan. Max Funding apply the following rule to determine how much you can borrow.

“Property value minus mortgage remaining multiplied by a percentage that Max Funding determines following a business risk assessment.”

You can borrow 100% of the loan value ratio (LVR) for the collateral for a caveat loan depending on the revenue and credit rating of the business.

Registered vehicle as properly

Loans of lower amounts can use registered motor vehicles as security. Like with a property that still has a mortgage, it is ok if the vehicle not fully owned. The following rule will apply to determine how much you can borrow:

“Vehicle value minus loan remaining multiplied by a percentage that Max Funding determines following a business risk assessment.”

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 Operating

Minimum Time Business

Minimum Turnover

Minimum Turnover

Credit History

Credit History

Other

Other

To qualify for an unsecured business loan, the business must meet the following eligibility criteria:

  • Have been trading for at least 6 months
  • Have a monthly turnover of over $6000+
  • Have an Australia ABN/ACN number

Max Funding Unsecured Business Loan Funding And Loan Term

Loan Amount

Loan Amount

Term Length

Term Length

Payment Schedule

Payment Schedule

Low Doc Loans

Low Doc Loans

Unsecured-Secured

Unsecured/
Secured

Unsecured business loans with Max Funding range from $2,000 to $30,000. The repayment term can be between 1 and 12 months.

Max Funding Unsecured Business Loan Costs And Fees

Origination Fee

Origination Fee

Interest Rate

Interest Rate

Other Costs

Other Costs

No Hidden fees

No Hidden Fees

Early Payment Permitted

Early Payment Permitted

Interest rates for unsecured business loans start from 1.50% simple interest. This rate will vary for several reasons such as the business requirements and the overall health of the business. Like with all Max Funding loans, there are no hidden fees.

Ease of application and application process for unsecured business loans:

The application process is similar to an equity business loan. The difference is, that since you will not be using collateral, Max Funding will ask you need to confirm that your turnover is over $6000 per month and business trading period is at least 6 months. If you satisfy these, then Max Funding will give you pre-approval for the loan.

Funding speed for unsecured business loans:

Pre-approval occurs within minutes of the application. Max Funding should approve the loan within 24 hours, and your business can receive the funding on the same day of the contract.

Loan ProductsShort-Term Business LoansStart-Up LoansBad Credit LoansCaveat LoansSecond Mortgage LoansFranchise LoansLow 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 Length1 to 36 months 1 to 36 months 1 to 36 months 1 to 36 months 1 to 36 months 1 to 36 months
📆Payment schedulePeriodical
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 TypeFrom 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 BasicsAustralian ABN or ACNAustralian ABN or ACNAustralian ABN or ACNAustralian ABN or ACNAustralian ABN or ACNAustralian ABN or ACNAustralian 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 minutes1 to 2 hours1 to 2 hours1 to 2 hours1 to 2 hours1 to 2 hours
💨 Funding Speed1 to 3 days1 to 3 days1 to 3 days1 to 3 days3 to 5 daysWithin 1 day of Approval1 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

Max Funding offers a large range of loans that will cover most business needs, loan available include:

  • Fast business loans (Working capital loans)
  • Equity business Loans (Working capital loans)
  • Unsecured Business Loans (Working capital loans)
  • Short-Term Business Loans
  • Start-Up Loans
  • Bad Credit Loans
  • Caveat Loans
  • Second Mortgage Loans
  • Franchise Loans
  • Low Doc Loans

Choosing a loan type – Pre-approval process

In truth, you don’t really need to look at the individual features of each loan type. The pre-approval process does not ask you to specify the type of loan you are applying for, you simply need to provide the following basic information:

  • How much capital you wish to borrow
  • The purpose of the loans
  • Details of any property you own or have mortgaged (to use as collateral)
  • Details of any vehicles you own (to use as collateral)

Other than basic personal details such as your contact details and business details, you do not need to provide other information for pre-approval.  You will find if your application for pre-approval is successful within minutes.

Once your application has pre-approval, the next stage of the online application requires you to provide verification such as your driver’s licence and bank account details for funding. If the Max Funding lending team has all the information they need, then they will work with you to find the right loan for your needs.

Common features of all equity loans:

Except for unsecured business loans, all loans have common features regardless of loan type. The only features that vary are the loan amount and the security you can use.

Repayment loan terms of up to 36 months

Max Funding allows a repayment term of up to 36 months for all equity business loans. The only exception is for fast business loans as this has a maximum loan amount of $10,000 making a 24 month repayment period adequate. Unsecured business loans have the shortest repayment term of 12 months but come with a higher interest rate.

Choice of repayment schedules

Max Funding offers the most flexibility of any lender in the market. You can choose between a periodic payment schedule (such as daily, weekly, fortnightly, monthly), a lump-sum payment or a combination of periodic and lump-sum. Max Funding will work with you to find the best schedule for your needs.

Interest rates starting from 1.50% and no hidden fees

Max Funding keep funding as simple as possible. The only fees the lender charges is a simple interest rate, which starts from 1.50% per month. Max Funding has no hidden fees or other fee types.

The amount of interest you pay will depend on the following factors:

  • Business loan type
  • The loan term
  • How much you borrow
  • The value of the security or collateral
  • Your credit rating
  • The financial health of the business

No financial documentation

Most Max Funding loans are low doc style loans, meaning you only need to provide ID verification along with basic business and asset details. If you can provide more financial details, this can may help Max Funding approve the loan faster and can may also lead interest rates if it shows your business finances are sound as this can reduce the risk the lender takes on. Max funding may also ask for further financial details where they require more information so they can make responsible lending decisions.

Ok for Bad credit history – credit checks

Max Funding do not perform any credit checks as part of the pre-approval form. Should you proceed with the loan after pre-approval, then Max Funding will need to perform a credit assessment so they can make the right lending decisions.

Line of credit option

All loans with Max Funding are straight business loans. This Max Funding will deposit the full amount should your application be successful and you accept the loan. Repayment will begin immediately following settlement.

Except for unsecured business loans, most Max Funding products have the option of attaching a line of credit to your loan. To get a line of credit, you will need to request this directly with Max Funding.

No minimum trading qualifications

Except for unsecured business loans, Max Funding does not require minimum monthly cash flow or a minimum trading period as you secure the loan with collateral.

Features that may vary between loans

The major features that will vary between loans are the minimum funding and type of security the lender will accept. Fast business loans look at these variations below.

Max Funding Specialised Loans Types

If you are looking for a fast business loan, equity business loans or unsecured business loan, then see part 1 of our Max Funding review. Below we look at the equity loans Max Funding offers:

Short-Term Business Loans / Invoice Finance

As the name implies, short-term loans are loans that you will need to close out in a short period. While most loans have a repayment period of 12 months, Max Funding will allow a term of up to 36 months. Short-term loans will have a higher interest rate than a long-term loan as your business does not require as good a credit score, this allows Max Funding to approve your loan fast. Whilst interest costs are higher, the shorter repayment period can mean lower overall costs.

Start-Up Loans / Venture Capital Loans

Start-Up loans are the most popular type of loan Max Funding offers. Getting funds to start a new business can be a challenge, banks consider starts-ups to be high-risk candidates for loans so prefer to cater to businesses that can provide evidence of consistent profitability over 2 to 4 years.  Max Funding aims to help business owners overcome this by removing red-tape such as financial documents, business plans and credit check during pre-approval when applying and approving start-up loans.

Start-up loans when on Centrelink benefits

Being unemployed and on a Newstart allowance through Centrelink will not harm your candidacy for a start-up loan. Max Funding wants to help applicants looking to start afresh and be their own boss, so structure their assessment criteria to help applicants that will struggle to get a loan from the banks.

Bad Credit Loans

Sometimes (correctly or incorrectly) called no credit check loans, bad credit business loans may be a good option if your business has a poor credit score, a record of payment dishonours, history of loan defaults or bankruptcy. Max Funding strive to understand all loan applicants’ circumstances when assessing an application as they understand there can be many reasons to explain bad credit issues.  With a flexible approach to approvals, it can be worthwhile applying even if you think your business may have a poor credit rating.

Max Funding also understand some business may not wish to have a credit check on their record, so do not require credit checks as part of the pre-approval process.

Second Mortgage Loans

A second mortgage loan is an increasingly popular way to allow business owners to increase their financial options for more capital.  With this loan, the business owner uses a second mortgage as security against a property that already has an existing first mortgage.

While second mortgage loan can be a good option, it is important to know these loans come with higher interest costs. This is because the lender of the first mortgage has the first rank in the event the property is sold. The lender for the second mortgage will only be able to claim what funds remain after the first rank lender has been repaid.

This alternative funding option is best when:

  • You need a short-term loan and have a solid plan for you will pay the loan in the term period
  • The business needs funding fast
  • Other lending options can’t get approval
  • The business needs access to more capital than available with other loan options
  • Taking out a first mortgage can reduce the business credit rating
  • You wish to avoid refinancing which can delay approval of the loan
  • There may be tax benefits over other loans options (speak with your accountant)

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:

  1. You (or the business) cannot sell the property
  2. 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.

Max Funding will consider most types of property for security, examples include:

  • Residential
  • Commercial
  • Real-estate only
  • Farm
  • Industrial

Note: Max Funding is unlikely to accept overseas property for the caveat.

Reasons to choose a caveat loan type:

Reasons to use a caveat loan are much the same as the reasons to use a second mortgage loan. If you do choose a caveat loan, then it is sound to choose this loan type only if you need a short-term loan and confidence you pay off the loan in the term period.  There are two extra benefits to choose a caveat loan over a second mortgage loan, and these include:

1. Lower interest rate:

Lenders take on a higher level of risk with second mortgage loans because there is no guarantee there will be funds remaining for the second rank to claim. With a caveat loan, Max Funding place a caveat on the property meaning they will have complete confidence they will recover the capital they lend. Max Funding interest rate for caveat loan starts from 1.50% making it a more affordable option than other types of loans, especially if there is no security.

Note: While caveat loans should be lower than a second mortgage, if you take out a loan with 100% or high loan value ration, it is possible the interest may be higher.

2. Faster loan approval:

Max funding allows applications for a caveat and second mortgage loan with low doc paperwork, which can mean fast loan approval. Caveat loan approval, however, can be faster than second mortgage loans, as there is no need to seek approval from the first rank lender as occurs with a second mortgage loan.

Your business needs finance fast

Low doc loans can speed up the lending as the business has a lower bar to meet lenders approval criteria

Key Features of Max Funding caveat loans:

There are several notable features with a caveat loan with Max Funding to be aware of. These include:

Option to merge multiple loans into the caveat

If you have multiple existing loans, Max Funding allows refinancing so all these loans can exist as part of one caveat loan.  As long as the borrowings do not exceed the equity of the security, it’s helpful to have your debts as a part of one loan.

How much can you borrow with a caveat loan?

Max Funding allows you to borrow up to 100% of the loan value ratio (LVR) for the property you use as security. The of LVR Max funding will approve will depend on security, the business cash flow, business credit rating along with and other information you provide.

In the event Max Funding agree to lend 100% LVR, then the caveat lending amount you can borrow is:

“value of the property less remaining mortgage owing multiplied by a percentage Max Funding will determine following their risk assessment”

A higher LVR means a greater level of risk for the lender, so if you are borrowing with a high LVR then one should expect to pay higher interest or have a loan with a longer repayment period.

Low Doc Loans

A low documentation (low doc) business loan is a loan that requires only a minimum level of financial documentation to achieve approval. Many lenders require financial documentation as proof to show the capacity to repay the capital the business borrows. Typical documentation includes:

  • Cash flow and cash flow projections
  • Business activity statements
  • Profit and loss (P&L) statement
  • Balance sheets
  • Business assets

However, the requirement for paperwork can be an issue for several reasons such as:

Low Doc Loans

A low documentation (low doc) business loan is a loan that requires only a minimum level of financial documentation to achieve approval. Many lenders require financial documentation as proof to show the capacity to repay the capital the business borrows. Typical documentation includes:

  • Cash flow and cash flow projections
  • Business activity statements
  • Profit and loss (P&L) statement
  • Balance sheets
  • Business assets

However, the requirement for paperwork can be an issue for several reasons such as:

Your business needs finance fast

Low doc loans can speed up the lending as the business has a lower bar to meet lenders approval criteria

The business does not have the time or resources to compile the documentation

Small and self-employed businesses are examples of business that struggle with paperwork

The business has bad credit

Lenders requiring paperwork are cautious who they lend to. If your business has poor credit, a bad credit loan may be suitable.

Your business does not have adequate cash flow

Most lenders want to see businesses have the cash flow to show they can repay the loan before they approve the loan

Your business is a start-up

A start-up business won’t have a financial history to show lenders they are viable and can repay the loan

Banks are very cautious when approving loans so are a good example of a lender that requires financial paperwork as part of their application process. This not only slows down the approval process but also means many businesses won’t qualify because of bad credit, lack of cash flow and trading history.

Franchise Loans

Starting a franchise business is often a stronger and safer option than starting your own business venture however starting a franchise will come with higher start-up costs. Max Funding can help provide you with a franchise loan to cover your start-up costs. A franchise loan is much the same as a secured business loan but you will usually secure the loan against the store, restaurant or outlet that you are looking to buy from the franchisor, Max Funding however accept property which is slightly unusual for a franchise loan.

Max Funding will lend up to $1,000,000 to buy your franchise. This high amount covers costs such as franchise fees, stock and other business assets however you are buying into a mature business with established branding, management operations and marketing which can reduce business risks.

Other types of loans

  • Home loans
  • Merchant Cash advance
  • Equipment Finance (Short-term business loan)
  • Advertising loans
  • Bridging Finance
  • Tax Loans
  • Business Overdraft / Line of credit
  • Cash Flow Finance
  • Invoice Finance
  • Working Capital Loan
  • Venture Capital
  • Pawnbroker Business Loans
  • Tradie Loans
  • Online Store Loans
  • Business Purchase Loans
  • Retailer Loans
  • Professional Services Funding
  • Micro Business Loans
  • Cafe Industry Loans
  • Sole Trader Loans
  • Overseas Investment loans
  • No Residence Commercial Loans

Max Funding Review – Customer Service

The lender has a client care team based in Sydney, NSW available 9 am to 5.30 Monday to Friday. Contact methods include telephone, Fax, Email, and web email (via the website). There is no live chat facility.

Max Funding Review – Trustpilot

Trustpilot does not appear to have a Max Funding account.

Max Funding Website review

The Max Funding website can appear disjointed and confusing as the lender offers many loans. Some loan pages lack details while other pages have information that is outdated or wrong. These issues make it difficult to find and make sense of the information about the loan you need. Examples of issues include:

  • Every business loan type appears to have a line of credit option. However, Max Funding does not explain how its line of credit works on the website.
  • Max Funding say they offer some of the lowest interest rates starting from 1.50% simple interest.  However, the lender doesn’t clearly explain what they call simple interest. Simple interest is the loan amount (principal) x interest rate x length of the loan. It does not include other fees that may apply to the loan. Max Funding promise no hidden fees, so it is interesting they do not advertise their fees as an annual percentage rate (APR) interest.
  • Max Funding advertise simple interest rate starting from 1.50% for all their loans. This is likely accurate, however, in some sections of the website, they state the interest is 1.80%
  • Many types of loans such as low doc loans, bad debt loans appear to be equity business loans under another name. It appears this is a marketing trick to help clients find the loan they need. Nothing wrong with this, but it makes the website harder to follow.
  • Max Funding has too many types of loans, and many of them can be hard to find on the website and lack information. While Max Funding provides some explanation about the loans, many details are not clear or missing. Franchise loans, for example, don’t explain what type of asset security you can use and some loans don’t say how much you can borrow.

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.