Earlypay Review for Potential Borrowers
EarlyPay Review for Potential Borrowers
In this review, we will cover EarlyPay’s lending practices, how their corporate structure is set up, and how borrowers can apply.
EarlyPay Review – Basic Figures for 2022
Website
Logo
ABN
88 098 952 277
Credit License:
098 952 277
Loan Amount
$50k – $15 million
Loan Term
Varies
Unsecured Loans?
No, loans are secured by invoice financing
Lender Requirements
Australian Business with Invoicing
Required:
Present an ABN or ACN and the outstanding invoices with other businesses from Australia.
Response Time
Approval within 24 hours and funding within 48 hours
Easy to Apply
Yes
The Nitty-gritty
Online Reviews
4.8 / 5 – Based on 158 Trustpilot Reviews
Awards and Recognition
EarlyPay is a company listed on the ASX with the ticker EPY
Minimal Interest Rates
From 4.95% to 11.95% p.a
Company Story & Credibility?
The goal at Earlypay is to be the alternative to a traditional bank. No more endless paperwork and exasperating phone calls. Quick and easy, online onboarding clients to save them time and focus on growing their business.
Started as a small business itself in 2001, Earlypay has grown to be an ASX-listed company (ASX:EPY) and a market leader in providing tailored financing solutions to businesses of all shapes and sizes.
EarlyPay Client Reviews
The 158 reviews on Trustpilot with an average rating of 4.8 / 5 shows that the company is really helping many businesses in Australia. It’s not one of the other similar companies that have just recently come to life and no reviews can be found online.
The big number of positive reviews let us believe that their services are in line with what they show on the website.
As for the negative reviews, most of them are from people that didn’t fully understand the terms of their loans or how and when the repayments are made and so on. One negative review is just from a person frustrated that their loan request has been declined.
On every single negative review, a representative from the company has chimed in to offer explanations or to provide further support.
Client Reviews – Data:
– Trustpilot Reviews: 158 Reviews, 149 Positive, 4 Neutral, 5 Negative – Average score 4.8 / 5
Analysis of Client Reviews
Overall great reviews meaning that the company offers a good service. The few negative reviews are not about the product they offer.
EarlyPay Loan Compatibility
- Startup: Yes, young companies are allowed to use EarlyPay.
- Bad credit: Yes, while it is not stated, nothing is stated against working with businesses with bad credit.
- Sole trader: Yes.
- Minimum Monthly Turnover: No minimum monthly turnover.
- Established business: Yes, EarlyPay will accept any established business.
- Maximum Loan Amount: $15 million is the maximum loan amount.
Earlypay Review Summary
Name: Earlypay
Summary
EarlyPay finances SMEs in Australia who need funds for cash flow management. EarlyPay goes above and beyond for its clients by offering a free cash flow forecasting tool. This tool is instrumental in aiding businesses in seeing when they cash flow will be short and when funds may be needed. This not only helps their clients know when they are going to be short on cash but know when they need to apply for additional funding through EarlyPay. Giving their customers foresight is key in helping SMEs across Australia understand their companies’ finances.
Overall
-
Credibility - 80%
80%
-
Website - 82%
82%
-
Service - 94%
94%
-
Client Reviews - 99%
99%
Pros
- Big range of funding amounts
- They don’t require assets or real estate as security
- No lock-in contracts
- No minimum monthly turnover
Cons
- Relatively few client reviews online
- Smaller in size than competitors like Prospa
- Fund facilitator / commercial aggregator and not lender