What is an ABN loan?
Simply put, it’s a loan for people who have an ABN (Australian Business Number) for conducting business, so people also call them ABN business loans to highlight this fact. You need an ABN to conduct business in Australia. A business can have an ABN and be GST registered or not – if it brings in under $75,000 each year, it’s not required to register for GST.
Types of ABN loans
The ABN loan application process
The application process for an ABN process will depend on the lender, but here are a few of the most common requirements for getting an ABN loan:
- Credit check – this includes looking at your credit history and credit score
- Financial history – lenders will ask for documents such as tax returns, bank statements and business profit and loss statements
- The purpose of the loan and how much funding you are seeking.
The information you provide will determine whether you are approved for the loan and what the interest rate will be.
Moula unsecured business loans for ABN holders
Moula specialises in unsecured business loans for ABN holders. With a simple online process, you can apply in 7 minutes and get funds in 24 hours if approved.