An overview of small business overdrafts.
Running a business is full of surprises. And when you don’t have the funds to tackle them, things start getting a little tricky.
An overdraft can be a great solution – giving you the funds you need to keep your business moving in the right direction. And at Aussie, we’re here to help you set this up.
How does it work.
Put simply, an overdraft is an extension of credit when your account balance reaches zero. This means you can continue withdrawing money (up to a limit) even when the account has no money in it. The good thing is, you only pay interest on the amount overdrawn. So you only pay interest on the borrowed money when you use it.
Keep in mind that the extra amount you can borrow is usually based on what security you can offer, your ability to repay the loan, and your financial position. Plus, there may be extra fees and charges to think about.
What are the benefits?
Here’s a quick overview of what an overdraft can offer your business:
- Finance for unexpected purchases or opportunities
- Assisting with cash flow when you’re waiting on money from creditors
- Variable and usually much lower interest rates than a credit card.
Are there other options?
We can work with you to find the right business finance solution that may better suit your needs– such as equipment finance, asset finance, a line of credit, or business loan. Just get in touch and we’ll help you find what’s right for you.
We’ll help you make the right choice.
At Aussie, we take the time to understand your business. With over 20 years of experience, you can count on us for competitive rates, and the type of friendly service that makes getting on with business exciting – not a hassle.
Want to know more?
The good news is that talking to Aussie won’t cost you a cent. So if you’re thinking about an overdraft for your business, or you’d like more information, contact us on 1300 44 55 66 or enquire online today.