What are the benefits of the Tyro Business Loan?
Whether you seek to expand your operations, finance new equipment, purchase stock, or just keep moving ahead, it shouldn’t be difficult to access and manage business finance. The way we see it, business loan repayments should be flexible by reflecting the ebb and flow of busy and slower periods.
A straightforward digital application process
You can apply using the Tyro App*. Within the app, you can determine your eligibility, work out your loan amount, your repayment percentage, and see your up-front, simple loan fee. Once you have provided a personal guarantee and accepted your loan, if you have a fee-free Tyro Bank Account, your loan is deposited into this account within 60 seconds otherwise within a few business days into another bank account.
Repayments are made as a percentage of your daily takings^. You can nominate this percentage as part of your loan application. What this means is that repayments rise when business is strong and fall during times of slower trade, making them compatible with your business trading conditions and cashflow. Repayments are subject to minimum repayments.
And, noting that the loan fee will remain the same, you are welcome to pay the loan in full at any time
No hidden charges
Your Tyro Business Loan comes with one simple fixed fee. You know what this fee is from the time of applying and you don’t need to pay this fee as a separate cost. Instead, it is paid down over the life of the loan as part of your loan repayments.
Unsecured business finance
There’s no need to secure your loan against collateral like property. Instead, you are required to provide a personal guarantee when accepting the loan with the Tyro App.
Want to make additional repayments?
You can make a manual payment or pay the loan in full via the Tyro App.
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Tyro Payments Limited ACN 103 575 042 AFSL 471951 (Tyro) is the issuer of its own financial products. As Tyro does not take into account your personal circumstances, please consider if these products are suitable for you.
*Tyro loans are subject to Tyro’s eligibility and credit criteria. A personal guarantee is required and loan repayments are subject to minimum repayment amounts. Other conditions may apply.
^Takings include all transactions processed on the Tyro EFTPOS and eCommerce facilities.