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What happens after you’ve applied for your Business+ Loan

You’ve done your part. You’ve submitted your business loan application in the Business app and are eagerly waiting a response.

Now the ball’s in our court. Here’s what happens behind the scenes:

Immediately after you apply

Based on the information you’ve supplied us, your personalised interest rate is calculated and we can advance your application to a credit assessor.

If your application didn’t meet our eligibility criteria, your application may be declined. We’ll let you know with a notification from the Business app.

<24 Hours – Conditional approval

If your business loan application is looking good, you’ll receive conditional approval. Conditional approval means we’re happy to approve your application, as long as you give us some additional information to fill in some gaps.

If your business is a Company, this information may include documents from any guarantors to the loan. These documents might be identity verification, evidence they meet eligibility criteria and confirmation they’re happy to give their guarantees.

We’ll let you know what you need to give us when we send you a notification from the Business app.

It’s important to remember that a conditional approval gives you 14 days to respond to the requirements laid out to you. Beyond that time, you’ll need to apply for another business loan from scratch.

<48 Hours - Final review

Once you’ve submitted the additional details required at the conditional approval stage, we’ll verify them in our final review. This can take up to four hours (during business hours).

In this time, you may need to re-upload documents or provide more financial information to ensure your application is watertight.

<72 Hours – Final Offer

If everything is in order after our final review, you’ll receive your final offer for a business loan in the Business app.

Before you get your money, you’ll need to review your interest rate, repayments and terms and conditions, and accept your offer. Unlike traditional lending, you don’t need to print, sign and return these documents. Just use your digital signature to accept the offer in the Business app.

Once everything is signed, you can expect your business loan to be funded that day.

Turn notifications on

Make sure you have push notifications switched on in the Business app. That way you can stay informed at every stage after your business loan application is submitted.

Once logged in, go to ‘Settings’ then ‘Marketing preferences’ and switch the ‘Push notifications’ toggle on.

General Advice Warning

The information provided here is general advice only. We haven’t considered your financial circumstances, needs or objectives. You should ask your Tax Advisor or Accountant before you decide about products mentioned in this article. All care has been taken to prepare this content, but no warranty is given for the information provided. Neither Great Southern Bank or its related entities, employees or agents are liable for the decisions or actions you take because of this information.