Admiral Finance Business Loan review

Getting a business loan from Admiral Finance means you can top up your business funds in 24 hours or less.

Admiral Finance welcomes business loan applications from people in all different financial situations as long as you can afford the repayments, have a reasonable credit history and can provide security for the loan. The online application is quick and you could have the money in your account within 24 hours.

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Details

Product NameAdmiral Finance Business Loan
Interest Rate (p.a.)13.95% - 23.95%
Min. Loan Amount$1,000
Max. Loan Amount$50,000
Loan TermUp to 60 months
Turnaround Time60 minutes response during business hours. Funds released within 24 hours upon approval
More Info

How does the Admiral Finance Business Loan work?

You can complete the Admiral Finance Business Loan application online and find out what your repayments will be by using the repayment calculator. Keep in mind, you won’t be able to take out a loan if you’ve recently filed a “No Asset Procedure” or are currently bankrupt.

  1. After filling in your application, a member of the Admiral Finance team will review it within 60 minutes of submitting during business hours.
  2. You’ll then be informed whether your loan has been approved or not, and if it has, you’ll be asked to sign some documentation.
  3. Once this is complete, you’ll have the money in your account the next business day or you can pay a small fee to receive the funds the same day the loan is approved.

Features of the Admiral Finance Business Loan

  • Quick application. Complete the online application in just five minutes.
  • Fast approval. 60 minutes response during business hours. Funds released within 24 hours upon approval.
  • Fast release of funds. Funds are usually released within 24 hours.
  • Current financial situation considered. Loans are approved based on current financial situation rather than focusing on the past.
  • Various loan amounts. Borrow up to $50,000 for a term of up to 60 months.
  • Zero-deposit loans. Secure with a vehicle, property or other assets.
  • Loans assessed by a person. A real person will make a decision about your loan application rather than a computer.
  • Flexible payments. Pay back your loan over a term that suits you, with payments structured around your pay cycle.

What can I use a Admiral Finance Business Loan for?

Whether you’re a sole trader, small business or an operation with 40 employees, you can apply for a business loan for the following purposes:

  • Working capital for your newest piece of equipment
  • Cash to meet your tax bill
  • Improving your cash flow
  • Growing your customer base
  • Expanding the business
  • Bridging finance when you’re waiting for an invoice.

How much does the loan cost?

Annual interest rates for Admiral Finance Business Loans range from 13.95% - 23.95%. The rate you’ll be offered will depend on your creditworthiness as well as the type and value of the security you offer. There are currently no early repayment fees for loans, but there are other fees to take into consideration:

  • Loan establishment fee. The loan establishment fee for Admiral Finance Business Loans is $595 for loans $10,000+.
  • Account administrative fee. All active loans incur a $2.80 per week or $12 per month administration fee.
  • Contract changes. Fees apply for security variation, loan withdrawal/variation, statements and refunds.
  • Mortgage fees. To register a mortgage or caveat there’s a fee of $490.
  • Security Variation fee. To change the collateral on an existing loan there will a $150 security variation fee.
  • Collection charges. Daily default fees of $2 every day while in arrears, plus fees for reminder letters, repossession letters and recovery costs.
  • Collateral Inspection Fees. Collateral Inspection fee of between $50 - $95 if an agent is needed to inspect the collateral.

How to apply for the Admiral Finance Business Loan

Admiral Finance Business Loan applications take around five minutes to complete online. You need to have a reasonable credit history and a minimum income of $450 per week. To complete your application you’ll need to provide the following:
  • Personal details and residency information
  • Reason for taking out the loan
  • Where you live
  • Employment details
  • Assets
  • Income
  • Expenses

You’ll also need to provide two forms of ID. One of these can be your driver’s licence or passport and the second can be a credit card or birth certificate.Admiral Finance loans must be secured with an asset such as a vehicle, property, boat or other personal possessions. You must agree you can afford the repayments before submitting your application.

If you are ready to apply, visit the Admiral Finance website to begin the online application process.

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