Banjo Review for Potential Borrowers
Banjo Review for Potential Borrowers
In this review, we will cover Banjo’s lending practices, how their corporate structure is set up, and how borrowers can apply.
Banjo Review – Basic Figures for 2022
Website
Logo
ABN
32 713 685 984
Credit License:
601 130 527
Loan Amount
from $20,000 to $250,000
Loan Term
6 months
Unsecured Loans?
Yes
Lender Requirements
Must be in business for 2 years, minimum annual turnover of $500,000, must have good credit
Required:
An ABN/ACN, identification, accounting information and banking details
Response Time
Funds received in less than 72 hours
Easy to Apply
Yes
The Nitty-gritty
Online Reviews
5 / 5 – Based on 1 Google Review
4.9 / 5 – Based on 317 Reviews on Trustpilot
Awards and Recognition
Included in Anthill’s Smart 100 for 2016
Minimal Interest Rates
10.70% p.a.
Company Story & Credibility?
According to a survey, of every 6 Australian small business owners who applied for a loan at a bank, 4 of them didn’t get approved. Banjo Business Loans is working to offer a solution to this cashflow problem among small business owners and startups.
Banjo Business Loans was originally founded by CEO Andrew Colliver in 2015. Colliver wanted to create a lender that offered affordable business loans. In Australia, a business credit card can take anywhere between 7 and 10 days for approval. Colliver knew that this is a problem within Australia’s small business community and set out to fix it.
Banjo focuses on modular technology to enable a larger, scalable operating system. As of 2015, Banjo’s cost ratio was 350 basis points below the average Australian bank.
Banjo Business Loans, and their CEO, have been covered in the media often and favorably. It’s clear that Colliver genuinely cares about his business model and the borrowers who Banjo serves. So what is the big “difference” that sets Banjo Loans apart from traditional bank lenders? Colliver says it’s technology.
Banjo Loans uses IOT and blockchain technology to create simple, yet incredibly high-powered and effective lending strategies. Colliver says, “For Banjo, we do not need to deal with retooling core legacy systems or transitioning existing systems to a new modular technology platform. We could review what the customer was seeking, and build a customised solution.” And build a customized solution they have.
Banjo Client Reviews
-Banjo’s Awards – Anthill’s Smart 100 for 2016
-Banjos Case Studies – 100% Positive
Analysis of Client Reviews
Could you really take Case Studies published on Banjo’s website as authentic? Would you really trust industry awards over client reviews? There aren’t any objective Banjo reviews online, which is reasonable considering how new the company is. Until we see more information, it would be hard to make a recommendation.
Banjo Loan Compatibility
- Startup: No. Banjo only works with businesses who have been in business for 2 years.
- Bad credit: No. Banjo requires a reasonably good credit score.
- Sole trader: Yes, Banjo works with all sizes of organizations.
- Established business: Yes, Banjo works with established businesses.
Banjo Review Summary
Name: Banjo
Summary
Banjo Business Loans understands that the needs of small businesses changes regularly – and they built their business on the idea that those same small businesses should have access to funds as soon as they need them. They truly view themselves as partners with their borrowers, so there is never an early exit fee if a borrower were to pay them off early. They offer a wide range of loan amounts, and have an easy application process.
Banjo Business Loans is also fairly streamlined in comparison to many of their competitors. Their website is easy to navigate, making the loan application process incredibly simple. Although a small benefit, this is something for borrowers to consider when applying for a business loan.
Overall
-
Credibility - 80%
80%
-
Website - 82%
82%
-
Service - 94%
94%
-
Client Reviews - 99%
99%
Pros
- Easy online application process
Cons
- Loan qualification are tight
- Terms are 6 months