Lack of property or a deposit will no longer prevent business clients from applying for asset finance, thanks to a new offering from leading fintech SME lender, Banjo Loans.

Asset & Equipment Finance Express, ideal for loans of $20,000 to $250,000, is the only loan product of its kind in the market with next-to-no doc requirements, fast turnaround, no need to be backed by property; and no deposit for loans under $150,000 (10% deposit for $150,000 to $250,000).

While asset finance is in demand year-round, the potential tax advantages of completing asset and equipment purchases before the end of the financial year mean that it peaks between May and July.

Banjo head of asset finance, Chris Cam says Asset & Equipment Finance Express has been developed in response to broker calls for an easy, next-to-no-doc asset finance product.

“This is the easiest asset finance loan yet, designed to quickly help hard working business owners get the plant and equipment they need to move forward. It can free up valuable working capital and is an alternative to other borrowing such as overdrafts or working capital loans,” he said.

With the 2023 Budget announcement of the extension of the $20,000 instant asset write-off, Banjo’s Asset & Equipment Finance Express gives businesses who were considered ‘minimum criteria’ the option to purchase equipment needed to grow or run their operations.

“For brokers who specialise in finding the best asset and equipment finance for their minimum criteria clients, this is a sensible ‘look-no-further’ solution. It allows the client to acquire the asset, spread the cost over time with smaller regular payments, and get back to doing what they do best,” Cam added.