A non-bank lender has announced a 25% interest rate drop for its short-term business loans.
Limba national manager of business lending, Olly Guilleaume explained, “Following an influx of investment funds, Limba has been able to reprice our business loan products for the first time in three years.
“We’ve jumped at the chance to pass savings on to our customers, cutting our SME lending interest rate by 25%.”
Limba is unique in its blend of personal service and digitally delivered solutions. While the initial application can be quickly completed online and decisions are often delivered within hours, every loan is then handled by a person who takes the time to understand each borrower’s case, as opposed to solely relying on an algorithm.
The lender offers secured and unsecured loan options, and provides funding between $5,000 and $100,000 for terms of up to 24 months for small businesses that have been trading for as little as six months, provided they have an ABN and a transaction history. With a driver’s license and business bank details, the business or their broker can complete the application online.
“At Limba, we pride ourselves on our simple application process and transparency. We make it easy for our network of brokers and referral partners to grow their own businesses by diversifying into the small business lending sector or expanding that aspect of their offering,” said Guilleaume.
While the Limba brand is relatively new name in the business lending sector, it is a division of City Finance and has been around for two decades.