The Tyro Blog

24 November 2021 - 6 min read

Product Features

Everything you need to know about the Tyro Business Loan

Whether you have just started a business or looking to grow, extra cash flow can go a long way towards achieving your business goals. At Tyro, we understand that time is precious for business owners, so we have created a cash-flow solution that is simple, fast, and convenient. Cue the Tyro Business Loan!

With a Tyro Business Loan, you can borrow unsecured amounts up to $350,000 (subject to approval) with the freedom to use your funds however you like—whether that’s to manage cash flow; take on new inventory; hire more staff; or upgrade your equipment so you can provide the best experience for your customers or enter new markets.

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Tyro Business Loan


Read on to learn more about our quick and easy business lending solution.

Speedy decisioning and funding

As a Tyro customer, a Tyro Business Loan offers quick and easy access to funding, and we mean quick. You can find out how much you can borrow in seconds via the convenient loan calculator in the Tyro App once your business is eligible for a Tyro Business Loan.

Once you accept your loan and provide a personal guarantee, funds are deposited into your Tyro Bank Account in less than 60 seconds; if you have a linked bank account with another financial institution, funds will be deposited within just a few business days.

The Tyro Business Loan has really helped us, just mainly with cash flow. It’s just been super vital for us having that cash available up front really quickly, especially for our deposits for international suppliers.” – Onboard Industries Manager, Ellis Gerry.

Cutting down the time needed to access funding means you can focus your efforts back on your business and start using your new funding to get your business goals ticking.

One simple fee

Forget the typical interest rates that often come with business funding; instead, pay one simple fee over the life of your loan with no hidden charges. This single fee is calculated upfront based on the loan amount, your business’ EFTPOS and eCommerce settlements, and the chosen repayment percentage.

Enjoy the certainty of knowing exactly how much your business loan will cost and not paying a dollar more.

Repay as you trade

We understand that business is not always predictable and cash flow can change from day to day, and at certain times of the year. That’s why we created the flexibility of repaying as you trade, so you can pay less on slower days and a little more when sales are strong (subject to minimum repayments).

Automatic repayments are made by nominating a percentage of your daily EFTPOS or eCommerce sales.

Lending at your fingertips

Business funding shouldn’t have to be complicated, which is why we’ve made it as simple and accessible as possible to Tyro customers through the Tyro App. In the app, you can find out how much you can borrow, customise your loan, and accept in just a few simple steps (subject to eligibility criteria). Everything you need is right at your fingertips.

Unsecured lending

No collateral (such as property or other assets) needed here! The Tyro Business Loan is unsecured lending, which means you don’t have to put down any assets to secure the loan. All we ask is for a personal guarantee when you accept the loan in the Tyro App.

How the Tyro Business Loan works

The Tyro Business Loan is all about accessing the funds you need quickly and easily. That’s why it only involves four steps, which can be done from wherever you are, right at your fingertips through the Tyro App.

Step 1: get started with the Tyro App

Once you’re a Tyro customer, the first step to securing a Tyro Business Loan is logging into your Tyro App and tapping on the loans tab in the home screen. Don’t have the app? Don’t worry, you can download it for free on the App Store or Google Play™.

Step 2: check your eligibility

Next, click ‘apply’ and follow the prompts to check your eligibility. Within a few seconds you will be able to see if you are eligible for a Tyro Business Loan and how much you could borrow. If you’re not eligible or if you would like to borrow more than what was provided simply follow the prompts to speak with one of our friendly Banking Specialists. View full Tyro Lending Terms & Conditions.

Step 3: customise your loan

Using the loan calculator you can configure your desired loan amount and repayment percentage to then see your exact loan fee so you know how much your loan will cost, up front.

Step 4: view and accept

The fourth and final step is to provide a personal guarantee and agree to the Terms and Conditions to accept your business loan in the Tyro App.

If your daily takings are deposited into the fee-free, interest earning Tyro Bank Account, funds are deposited there in less than 60 seconds. If you settle your daily takings into an account with another bank, you can expect to receive your funds within a few business days.

The end-to-end process is completely digital for approved customers so no printing or signing of forms.

I just think Tyro makes it a lot easier just cause the whole experience is a lot more personal, which basically overall from start to finish just makes it a lot more fluid process compared to traditional banks.” – Onboard Industries Manager, Ellis Gerry

Conclusion

Designed to save you time, the Tyro Business Loan is a quick and easy way to access funding for your business.

Check your eligibility today. Download and log in to the Tyro App. A new user to the App? Give us a call on 1300 00 TYRO (8976) and we’ll help set you up.

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