Do Fico offer bridging finance or short term loans for business?
We will look at any commercial borrowing situation on its own merits.
We have a comprehensive suite of business loan options available. Below is a list of our loan types;
Standard Business Loans
Traditional loan that most business people are familiar with. The loan is repaid in equal instalments, these instalments include principal and interest and are repaid over an agreed term, of up to 36 months.
Short Term Loans
Usually interest only repayments with principal payment on settlement. This principal repayment is known in the industry as a Balloon Payment.
Similar to a short term loan. Bridging finance is used most commonly to help pay for a property before you have received funds from a sale.
Investment Property Finance
Offers a variety of flexible solutions.
This is an overview of our business loans. If you need more information, have a question, or would like to discuss your requirements in more detail just give us a call on 03 548 9932 for a chat with Scott Dodd.
What are the current interest rates?
Business loans start at 11.95% and go up to 19.95%.
Our rates vary because they are dependent on the security you can offer for your loan and the circumstances.
Because our business is all about lending money to businesses, you can be confident that when you talk to us we will deliver the best possible financial solution and interest rate for your current situation.
What sort of security does the business need?
Fico Finance recognises security is typically vehicles and property.
But we will consider plant and machinery and other business assets of the operation. Just as long as they are reasonable and make good business sense.
All security used must be insured, Fico Finance does not do unsecured Commercial loans. With no security, there's no loan, easy as that.
Death Cover on the key personnel within the business operation may also be required for the term of the loan.
How much paperwork is involved?
Aggghhhhh everyone hates paperwork, so at Fico we have kept it to the bare (and legal) minimum.
We try to keep the paperwork down to as little as possible. We understand every hour spent doing paperwork, is an hour not doing business. Download our Application Form and see how we've made it as clear, and as easy to fill out as possible.
The 3 essential pieces for a Business Loan approval are:
• Completed Fico Finance Loan Application (DOWNLOAD PDF HERE***)
• Last 3 months of Bank Statements
• Proof of ID of Directors and Shareholders
*Note: Certain Business Loans may require a visit and this could make our 24 hour approval impossible, if this is the case rest assured we will do everything humanly possible to speed the process.
There are also 2 other pieces of paperwork we require to see before placing your loan into your bank account. 1) proof that Fico Finance has been noted on all insurance policies that are associated with loan approval and 2) your bank account number (so we can put the money where you want it).
Are there any hidden costs or fees?
At Fico we pride ourselves on being upfront and open with you at all times.
Full details of all fees and the interest rate are clearly set out in the loan agreement we prepare once your loan has been approved. Everything is right in front of you in black and white.
Covers the cost of processing and approving your finance application. It is scaled on the amount borrowed, securities and administration involved in the process.
Covers the administrative cost of keeping your loan active. Account Maintenance fees start at $10 a month.
Security Registration on the Personal Property Security Register (PPSR)
We do not charge this separately, it is included in our Establishment Fee. Mortgages and other real estate related securities are charged at actual cost.
We have a reasonable administration charge to close the loan early. This starts from $250. Please note; there is no interest penalty for you to pay your loan off earlier than the original agreement (interest is charged on a daily basis only).
Can we repay our loan early?
Yes, of course you can.
And the great news is there are NO penalty fees involved. There is just a small administration charge required to finalise and close your loan file.
Please note; there is no interest penalty for you to pay your loan off earlier than the original agreement (interest is charged on a daily basis only).
What happens when our loan is approved?
We will advise you of the Terms and Conditions, either by way of a phone call, meeting or a formal "Letter of Offer".
Once accepted by you, and all conditions of the loan offer met we will prepare the loan documents for signing and:
1) arrange a meeting for you to call and sign, or
2) Send them to your lawyer for signing. This is normally the case where complex mortgage security is involved.
Following the execution of the documents the funds will be distributed in accordance with the agreement.