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What’s next after your Business+ Overdraft application

There’s a lot that goes on behind the scenes after you’ve submitted your business overdraft application in the Business app.

Before you get the (hopefully) good news that your application is successful, there are a couple of steps we need to take together.

Immediately after you apply

Your personalised interest rate is calculated based on all the information you’ve given us in your application. We’ll now send 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 overdraft application is on the right track, you’ll receive conditional approval. Conditional approval means your application is approved if you give us some additional information.

If your business has other company directors, this information may include documents from them to guarantee the loan. These documents might be identity verification, evidence they meet eligibility criteria and confirmation they’re happy to give their guarantees.

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

Conditional approval gives you 14 days to give us this extra information. If you don’t get back to us in this time, you’ll need to apply for another business overdraft from scratch.

<48 Hours - Final review

It’s time for our final review. This can take up to four hours (during business hours) and includes verifying the extra information you gave us at the conditional approval stage.

<72 Hours – Final Offer

The moment of truth has arrived. Once we’ve approved your business overdraft, you’ll receive your final offer in the Business app.

Before you get your overdraft limit applied, review your interest rate, repayments and terms and conditions, and accept your offer. If you’re happy to proceed with your overdraft, you can accept with your digital signature, again all in the Business app.

Once signed, you can expect your overdraft limit to be applied to your Business+ Account that day.

If you have more than one Business+ Account, you’ll get to choose which account you’d like your Business+ Overdraft linked to.

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 overdraft 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.