Frequently Asked Questions
1. How do I apply?
Applying for a loan with Live capital is simple and only takes a few minutes, without any paperwork or queues. Simply click the ‘Apply’ button and fill out our online form to see if you qualify. We’ll ask you some basic questions such as how much you would like to borrow, your monthly business revenue and how long your business has been open.
2. Who are your partners?
As of July 2017, Live capital partners with three leading Australian lenders; Prospa, Capify and Sail.
3. How long does it take to get approved for a loan?
After your application has been submitted you’ll receive a decision within a few hours. Most Live capital customers receive their funds within the first 24 hours if they qualify for a loan.
4. How much can I borrow?
The total amount you can borrow depends on the unique circumstances of your business. We look at a variety of variety of factors to determine the health of your business. Loans are then approved up to an amount of $500,000 with a minimum loan amount of $5000.
5. How do you charge for a loan?
We will not charge you for submitting a loan application. Your application is completely obligation free and you can choose to commit to the loan at a time when you are ready.
6. What fees do you charge?
The amount due from the first day of your loan term includes an establishment fee. There are no additional fees or early repayment fees. However there are fees if you are late with a repayment or default.
7. What can I use a Live capital loan for?
Live capital unsecured business loans can be used for any business purpose you like. Some of the common ways that small businesses use loan funds include:
- Improving cash flow
- Paying off expenses
- TAX or BAS payments
- Purchasing stock
- Hiring extra staff
- Upgrading equipment
8. Will I be penalised for a late repayment?
There are fees if you are late with a repayment or default. The fee for missing your scheduled repayment will depend on our partner’s specific repayment requirements.
9. Will I be penalised for an early repayment?
Early repayment and discharge fees may apply with some of our partners. Each application is assessed on several factors such was your business age, credit score or loan amount. Ask for an example of what your loan repayments would look like when speaking to one of our specialists.
10. How do the repayments work?
Your repayment period and instalments are arranged at the time of taking out the loan. Instalments can be weekly, fortnightly or monthly are a deducted from your nominated bank account.
11. What is an unsecured loan?
An unsecured loan is when the health of a business is used to determine creditworthiness, without the business owner needing to secure the loan by putting up an asset as security. Banks do not traditionally offer unsecured business loans due to the arduous paperwork, higher risks and low returns which don’t make it worthwhile. Many small business owners often find they are declined or faced with having to use an asset to secure a loan.