Business Overdrafts

Overdrafts have very expensive interest rates, high fees charged monthly and annually and can be ‘audited’ and reviewed at the lenders’ discretion. Therefore, they are often not

the best solution for your lending needs and are an unreasonable risk to your business.

We have access to many lenders that offer standard secured overdrafts at

home loan terms and conditions.

Business overdrafts are also known as 'Revolving Line of Credit'. They can be used to Cover Your Day-to-Day Financial Needs.A Business Overdraft can provide the extra cash your business needs to cover seasonal or working capital requirements. Essentially, an overdraft is a method of allowing an account balance to operate in debit up to an agreed level.

As a particularly common and flexible form of credit, for many customers a business overdraft is essential for managing cash flow.

Business Overdrafts can usually be attached to any business transaction accounts.

Frequently Asked Questions about Business Overdrafts or Lines of Credit facilities:

 

 

Question:

What can an overdraft or revolving line of credit be used for?

Answer:

Overdrafts or Lines of Credit can be used for managing working capital requirements of most businesses.

Question:

What's the minimum and maximum loan amount for a Business Overdraft or Line of Credit?

Answer:

The minimum loan amount for a Revolving Line of Credit or overdraft is $2,000 with most lenders and usually does not have a maximum. This is preset between yourself and the lender.

Question:

What terms exist for Overdrafts?

Answer:

Usually there are no minimum or maximum terms which exist for an overdraft.

Question:

What repayment terms exist for Business Overdrafts?

Answer:

No fixed or minimum monthly repayment arrangements.

Question:

What are the fees and charges associated with Business Overdrafts?

Answer:

The fees and charges differ too widely between lender to lender but your Chocolate Homeloans Consultant would be able to work with you and take you through your options.

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