Tyro Business Loan
An unsecured business loan designed to help you expand, finance new inventory or just keep moving.
Tyro Business Loan. Simply Better
When it comes to business, access to fast, flexible funding is a real advantage. You may need a loan to help manage your cash flow, to take on new inventory, new staff, or upgrade your equipment.
Whatever your business needs, a Tyro Business Loan could help you achieve your goals.
Please note: Phase 1 of the Coronavirus SME Guarantee Scheme ended on 30 September 2020. From 1 October 2020, the Tyro Business Loan will no longer be offered under the Coronavirus SME Guarantee Scheme.
Tyro EFTPOS and eCommerce customers can borrow unsecured amounts up to $100,000 for first loans and $120,000 for subsequent loans.^
Once you provide a personal guarantee and accept your loan in the Tyro App, funds are deposited into your fee-free Tyro Bank Account in less than 60 seconds otherwise within a few business days into your linked bank account. In some instances we may require more information to complete your eligibility check.
Repay as you trade
Repayments are made by nominating a percentage of your EFTPOS and/or eCommerce takings, meaning repayments rise and fall in line with your cash flow providing flexibility during slower periods (subject to minimum repayments).
Pricing made simple
Simple pricing with no hidden charges. There’s just one fee you know up front and it’s paid down over the life of the loan as part of your loan repayments.
Loans at your fingertips
Manage your loan in the Tyro App. From seeing how much you could borrow, customising your loan, to accepting in just a few steps, we’ve made it simpler for businesses to borrow, subject to eligibility criteria.
Customise your Tyro Business Loan
A Tyro Business Loan can provide up to $100,000 for first loans and $120,000 for subsequent loans. It’s a simple no-fuss process that can see you access funds for your business fast.
Calculating your loan fee is simple too. Your loan fee is payable over the life of the loan and is based on the amount you are looking to borrow, the repayments percentage you nominate, and your specified projected turnover.
Use our loan calculator to find out more.
Calculate your potential loan
Find out how much you could borrow and what it will cost to repay. It’s a great way to understand the fee and how it’s charged based on your EFTPOS repayments.
The Tyro Business Loan calculator results are intended to be used as a guide only and are based on the information you input. The calculator may allow you to select a repayment percentage that may not be available for your actual loan. The results do not show the actual fee that will be payable for a loan for your business. The actual fee and total repayment amount may be higher or lower than shown. The repayments to be made from your daily EFTPOS and/or eCommerce settlement amounts are subject to minimum repayment amounts as set out in your loan terms and conditions. Default figures and calculator assumptions used by the calculator are subject to change at any time without notice. Using this calculator does not guarantee that you will be eligible for a Tyro Loan which is subject to you satisfying our eligibility criteria. Full terms and conditions are set out in the Tyro Lending Terms & Conditions.
How it works
As specialists in premium surfboard products, Onboard Industries requires access to fast funding for large production orders.
By going straight to Tyro, exploring the loan calculator, and accepting their loan from the Tyro App, they get fast access to funds and repayments rise and fall in line with their cash flow.
Frequently Asked Questions
How is the loan repaid?
We make repayments simple. Just nominate a percentage of your daily EFTPOS and/or eCommerce takings to go towards your loan repayments so you repay as you trade. This means repayments rise and fall in line with your cash flow so you have flexibility during slower periods (subject to minimum repayments). If that’s not what you’re looking for there’s also the option to make manual payments and even pay the loan in full anytime, but you should note that the loan fee will remain the same.
What is the interest rate?
Instead of an interest rate you are charged a loan fee, which is paid down with your loan repayments over the life of the loan. If you are eligible for a Tyro Business Loan, you can use the loan calculator in the Tyro App to explore how much you can borrow, customise your repayment options and calculate your loan fee so you know how much your loan will cost up front.
What does ‘unsecured business loan’ mean?
Tyro won’t request you to secure the loan against collateral like property. However, you are required to provide a personal guarantee when accepting the loan within the Tyro App.
What if I want to pay off my loan earlier than originally agreed?
Tyro Business Loan is flexible so if you want to pay it off faster, that’s up to you. The loan fee is payable regardless of how quickly you pay off the loan. To pay off your loan sooner with a lump sum repayment, simply contact Tyro Customer Support on 1300 966 639.