27 September 2018

A different kind of business loan

As a bank born to service SMEs, Tyro understands the ups and downs of running a business – including times when you need to access funds quickly to cover a cash flow gap or seize a growth opportunity. That’s why we’ve designed a different kind of business loan. For eligible Tyro customers, loan offers are presented to customers in the Tyro app, with no obligation to accept. Once you provide a personal guarantee and accept your loan offer, funds can be accessed in just 60 seconds.

The landscape of business lending is changing. The conventional process of walking into a branch and filling out form after form and compiling your financials can be slow and tedious.

Tyro uses technology and alternative assessment criteria to remove a huge amount of admin and paperwork for customers – eliminating the need to fill out typical loan application documentation. Instead, Tyro customers are notified when they are eligible for a loan and presented with a ‘loan offer’, informing them of the amount they can borrow.

Loan products tailored to SME needs

A one-size-fits-all approach to business loans by traditional lenders has meant that many SMEs not only find it difficult to access cash, they often don’t find the lending terms compatible to their needs. The challenges and opportunities for SMEs are unique and requires understanding of the drivers for small to medium-sized businesses.

Tyro knows every business is different and understands the day-to-day pressures business owners face. By assessing cash flow from merchants’ EFTPOS takings, Tyro can tailor business loans to suit their needs, offering a unique lending proposition compared to traditional banks.

Repayments are made by choosing a small percentage of your daily EFTPOS transactions to repay the loan, which comes out automatically from your daily settlement. That means, if it’s a slower sales day, your repayment is smaller (subject to minimum repayments), supporting critical cash flow.

There are no early repayment fees, no management fees, and no hidden costs. Unlike conventional loans, with a Tyro loan you are simply charged a one-time flat fee, which is added to the amount borrowed and repayable over the life of the loan– so you know up front exactly what you need to pay and are shown an estimate when choosing the details of the loan in the Tyro App.

Tyro loans are straightforward, let’s recap

  • Tyro assesses your transaction history to determine if you are eligible and sends you an offer, this means you save time and don’t need to apply
  • You could borrow up to 10% of your annual card turnover to a maximum of $50,000 for an initial loan and up to $120,000 for subsequent loans. (Subject to meeting Tyro’s terms and conditions).
    Funds are available within 60 seconds in your Tyro Bank Account, once you accept the loan offer and provide a personal guarantee.
  • You have the flexibility to customise and select the percentage of your daily EFTPOS takings to be automatically put towards loan repayments. This means if your business has a slower day your loan repayments are kept in line with cash flow of your business (minimum repayments are required).

For more information about Tyro business loans, contact us on 02 8907 1716 or see if you have a loan offer in your Tyro App.