Question 1

How does iLoanU Finance work?

Accepted Answer

You tell us what you need finance for and share some basic details. We review your circumstances against the finance products available to us and present options that may suit. A finance specialist then helps you through documentation, approval and settlement.

Question 2

What types of finance can I apply for?

Accepted Answer

Vehicle finance, equipment and asset finance, medical equipment, machinery, trucks and commercial vehicles, fitouts, cash flow finance, lines of credit, business loans, personal finance and refinancing.

Question 3

What can I finance?

Accepted Answer

Typically business-use assets such as vehicles, machinery, tools, technology, medical equipment and fitouts, as well as working capital. Eligibility depends on the asset, its condition and lender criteria.

Question 4

How much can I borrow?

Accepted Answer

This depends on your circumstances, the asset and the lender's assessment. Submitting an application is the fastest way to understand what may be available to you.

Question 5

How quickly can funding be approved?

Accepted Answer

Timeframes vary by lender, product and how quickly documentation is provided. We will give you an expected timeframe once we understand your application.

Question 6

What documents will I need?

Accepted Answer

Commonly a supplier invoice or quote, identification, bank statements and, depending on the application, financial statements, tax returns or BAS. We will confirm exactly what is required for your application.

Question 7

Can new businesses apply?

Accepted Answer

Yes, applications from newer businesses can be considered. Available options and conditions will depend on the lender's criteria.

Question 8

Can I get low-doc finance?

Accepted Answer

Some lenders offer reduced-documentation products for eligible applicants. Whether this is available to you depends on your circumstances and the lender's criteria.

Question 9

Can I finance used equipment?

Accepted Answer

Used assets can often be financed. Age, condition, type of asset and whether it is a dealer or private sale all affect eligibility.

Question 10

What is a balloon payment?

Accepted Answer

A balloon (or residual) is a lump sum owing at the end of the loan term. It lowers your regular repayments but increases the total amount of interest paid over the loan.

Question 11

What is a comparison rate?

Accepted Answer

A comparison rate combines the interest rate with certain fees and charges to help you compare products on a more consistent basis. It is calculated on a standard example and may not reflect your loan.

Question 12

Can iLoanU Finance help with cash-flow finance?

Accepted Answer

Yes. We can look at working capital options for stock, wages, marketing, expansion, tax obligations and short-term business requirements.

Question 13

Can iLoanU Finance provide a line of credit?

Accepted Answer

We can look at line-of-credit facilities offered by lenders on our panel. Interest is generally charged on drawn funds, subject to the lender's terms.

Question 14

Will applying affect my credit score?

Accepted Answer

Any formal credit application submitted to a lender may be recorded on your credit file. We will explain what is involved before anything is submitted on your behalf.

Question 15

Can I speak to a finance specialist?

Accepted Answer

Yes. You can book a call at any time and speak with a specialist about your situation before or during an application.

Questions, answered

Ready to see what finance could work for you?