How does Heartland’s Term Loan work?
We want to make banking easy. That’s why we’ve built an online Term Loan application that can be completed in a matter of minutes.
You can fill out the easy online application anytime, anywhere. Within a few seconds we’ll give you an initial decision and ask for some further information and verifying documentation. If your loan is approved, you could get access to the funds in a matter of days.
- How long can I take out a Term Loan for?
- Heartland offers loan terms of up to five years with regular principal and interest repayments. If you’re hoping to take out a loan with a longer term and flexible monthly repayments, have a look at Heartland Extend.
- What is the interest rate for a Term Loan?
- Interest rates vary based on your current situation. We’ll advise the interest rate for your loan when we review your application.
- Is there a minimum or maximum loan amount?
- The minimum Heartland Term Loan amount is $10,000, and there is no maximum. However, we will need additional information and partial security for any amount above $100,000. Any amount above $250,000 will require full security.
- Can I take out a loan if I don’t bank with Heartland?
- You don’t have to bank with Heartland in order to take out one of our Term Loans. They’re designed to work in conjunction with your existing everyday business bank account.
- How do I access my funds once my loan has been approved?
- Depending on the purpose of the loan, we will distribute the funds accordingly. For example, if you need a boost in working capital, the money will be credited to your nominated business account. If you’re buying a business, we’ll pay the funds directly to the seller of the business, so you don’t need to do anything! Once your loan has been approved, you’ll be informed of how and when you’ll be able to access the funds.