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Short term
Credit Card
A credit card offers a form of revolving credit while enabling payments (at POS devices or online). You can utilise this line of credit (up to the approved limit), as and when you transact on your card.
Different to an overdraft, you have a monthly repayment obligation of 5% of the outstanding balance. Credit cards offer up to 55 days free of interest, as long as the outstanding balance is settled in full on or before the due date.
Furthermore, some credit card purchases can be done on budget, which allow you to spread repayments over a long period – typically 6-60 months.
Medium–long term
Vehicle / Asset Finance
Asset finance is a type of instalment loan that uses a business’s assets as security. The loan is typically structured over period of 60 to 72 months, and requires fixed monthly instalments.
Examples of assets are vehicles, trucks or buses, as well as equipment and machinery, that have a second-hand market. This includes most ‘yellow goods’ and specialist medical equipment.
Assets that cannot be easily resold or have a limited lifetime (e.g. computers, printers, fridges or coffee machines) do not lend themselves to asset finance.
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