A straightforward loan to get your business moving.
Float Business Starter is an unsecured business loan from $10,000 to $25,000, repaid over 6 to 24 months. You pay interest and one set-up fee called an establishment fee. No monthly account fee.
WARNING: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or loan amounts might result in a different comparison rate.
What it costs
- Establishment fee: 2.5% of the amount you borrow ($250 to $625), added to your loan
- Monthly account fee: none
- Early repayment: no penalty
WARNING: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or loan amounts might result in a different comparison rate.
Rates shown are indicative and depend on your business profile, trading history, and credit history. Your rate is set when we assess your application. These are business loans, so they sit outside the National Credit Code (the law that sets the rules for personal loans). We show a comparison rate anyway so you can compare the cost.
Worked example
If you borrow $15,000 over 12 months at 22.99% p.a., you pay an establishment fee of $375 (2.5% of $15,000). Your repayments would be $334 a week, $667 a fortnight, or $1,446 a month. The total you repay is $17,352, made up of the $15,000 you borrowed, $1,977 in interest, and the $375 establishment fee. Your actual rate and repayments depend on your business profile.
What sets your rate
We look at your business revenue, how long you have been trading, your expenses, and your credit history. Businesses with stronger cashflow and longer trading history get lower rates.
Who this loan is for
- ✓Sole traders and micro businesses with at least 6 months of trading
- ✓Gig economy operators with an ABN and consistent business revenue
- ✓New migrant business owners who have set up in Australia
- ✓Float customers whose business has outgrown personal credit
What you need
- An active ABN or ACN registered for at least 6 months
- Minimum monthly business revenue of $5,000 ($60,000 a year), checked against your business transaction data
- A satisfactory credit history, looked at in context
- A signed business purpose declaration confirming the loan is for business use
- Identity documents (100 points, with at least one main document such as a passport or birth certificate)
Security
Unsecured. A personal or director guarantee is required.
Repayments
Weekly or fortnightly, matched to your business cashflow cycle. Repay early at any time with no penalty.
Credit Passport
Every repayment you make is recorded in your Credit Passport, a record of your repayment history with Float. It is not a credit score, and it does not guarantee approval of any future loan. Every application is assessed on its merits.
Ready to apply?
Check what your business could borrow. No obligation.