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John M.
John M.
Essendon, VIC
4 Likes
0 Followers

We are looking for a short-term loan while the bank sets up our business overdraft - it's going to take another 4 weeks but we have a couple of commitments we need the funds for. Any help or advice?

8 months ago

Responses

Hi John,
Please be aware that if you take out a 'short term loan' it 'MAY' affect your chances of having an overdraft approved.
Please check with your OD provider BEFORE you even make an application, as an application alone can reduce your credit score as well.

sing out if you need any more info.

Thanks John

Graham

Hi John,

How much money are we talking about? Any short term facility will cost you to set up. Are you able to borrow it from friends or family. Could be the easiest way? Or do you have any under-utilised limit on a credit card?

And what Graham said is correct. A credit inquiry for an overdraft and/or a short term funding facility will bring down your credit score. Also your OD credit provider may do another credit check just before the OD is funded. They will see the entry for the short term funding and may either have to re-assess the approval or they could pull the funding altogether which you would not want.

Let me know if I can assist further.

Cheers,

Michael Budge
Director
Bayside Finance Group
M 0418 547337
E michael@baysidefinance.com.au

8 months ago

Hi Graham and Michael - we only need $30k in the short term. Thanks for the tip on the credit score - I will ring the bank and check it out with them first... we really don't understand why it takes so long to get set up

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