Banjo Business Loan Review

In this review, we will go over Banjo’s lending practices, how their business operates, and how borrowers can begin the application process.

Banjo Loans Review in Numbers

Australian Business Number (ABN): 32 713 685 984
Australian Credit License: 601 130 527
Loan amount: from $20,000 to $250,000
Loan term: 6 months
Unsecured Loans Offered? Yes
Easy Online Application: Yes
Response Normally Within: Funds received in less than 72 hours
Documents Required to Apply: An ABN/ACN, identification, accounting information and banking details
Requirements to Apply: Must be in business for 2 years, minimum annual turnover of $500,000, must have good credit
Minimal Interest Rates: Unknown
General Feedback from Clients Online: Positive
Awards and Recognition: Smart 100 for 2016 (Anthill)
Website Address: https://www.banjoloans.com/

Short Summary:

Banjo Business Loans understands that the needs of small businesses changes regularly – and they built their business on the idea that those same small businesses should have access to funds as soon as they need them. They truly view themselves as partners with their borrowers, so there is never an early exit fee if a borrower were to pay them off early. They offer a wide range of loan amounts, and have an easy application process.

Banjo Business Loans is also fairly streamlined in comparison to many of their competitors. Their website is easy to navigate, making the loan application process incredibly simple. Although a small benefit, this is something for borrowers to consider when applying for a business loan.

 

Company Story

According to a survey, of every 6 Australian small business owners who applied for a loan at a bank, 4 of them didn’t get approved. Banjo Business Loans is working to offer a solution to this cashflow problem among small business owners and startups.

 

Banjo Business Loans was originally founded by CEO Andrew Colliver in 2015. Colliver wanted to create a lender that offered affordable business loans. In Australia, a business credit card can take anywhere between 7 and 10 days for approval. Colliver knew that this is a problem within Australia’s small business community and set out to fix it.

Banjo focuses on modular technology to enable a larger, scalable operating system. As of 2015, Banjo’s cost ratio was 350 basis points below the average Australian bank.

Banjo Business Loans, and their CEO, have been covered in the media often and favorably. It’s clear that Colliver genuinely cares about his business model and the borrowers who Banjo serves. So what is the big “difference” that sets Banjo Loans apart from traditional bank lenders? Colliver says it’s technology.

Banjo Loans uses IOT and blockchain technology to create simple, yet incredibly high-powered and effective lending strategies. Colliver says, “For Banjo, we do not need to deal with retooling core legacy systems or transitioning existing systems to a new modular technology platform. We could review what the customer was seeking, and build a customised solution.” And build a customized solution they have.

 

Banjo Client Reviews

 

-Banjo’s Awards – Anthill’s Smart 100 for 2016

-Banjos Case Studies – 100% Positive

Analysis of Client Reviews:

Could you really take Case Studies published on Banjo’s website as authentic? Would you really trust industry awards over client reviews? There aren’t any objective Banjo reviews online, which is reasonable considering how new the company is. Until we see more information, it would be hard to make a recommendation.

 

Banjo Loan Compatibility

 

  • Startup: No. Banjo only works with businesses who have been in business for 2 years.
  • Bad credit: No. Banjo requires a reasonably good credit score.
  • Sole trader: Yes, Banjo works with all sizes of organizations.
  • Established business: Yes, Banjo works with established businesses.

Banjo Alternatives in Australia:

Best Lender As Rated By Users ⭐⭐⭐⭐⭐

Est. 2011  

  • Funding: $5,000 to $250,000.
  • Innovation Awards.
  • 1-2 Day Answer to Application.
  • 9.5 / 10 on TrustPilot.
  • Offers Unsecured Business Loans
  • Apt for Bad Credit Business Finance.
The Industry Veteran ⭐⭐⭐⭐⭐

Est. 2002

  • Funding: $5,000 to $400,000.
  • Least Documents Required.
  • Industry veteran for 13 years.
  • 95% Positive Client Reviews.
  • Offers unsecured business loans.
  • Min. Turnover $10,000 PM.
Coherent and Transparent Repayment Schedule ⭐⭐⭐⭐

Est. 2016

  • Funding of $5,000 to $100,000.
  • Accepts New Business (6M At Least).
  • Clear repayment schedule.
  • Offers unsecured business loans.
  • Accepts Bad Credit Borrowers.