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This review of Max Funding will delve into what makes this business lenderunique and how their business stacks up against banks and traditional lenders. We’ll explain what you’ll need as a borrower to qualify for a business loan from Max Funding and the levels of financing available through the lender. This is the web’s most comprehensive Max Funding review.

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Max Funding Review – Basic Figures for 2020

The Nitty-gritty

Max Funding Reviews and Ratings

86.0%

Max Funding is an Australian Business Lender that has heaps of financing solutions available for SMEs. They offer a pre-approval which will not impact your credit score – and provide you with a good indication if you can complete your application from there. Great set-up for those looking for quick financing!

• Transparency about terms and conditions and interest rates
• Industry veteran with 10 years of experience
• Diverse solutions and loan sizes
• Easy integration with online bank account
• Positive coverage in mainstream media

• Very few client reviews online
• Smaller in size than competitors like Prospa

Full Review: Table of Contents

Company Story

Founded in 2011, Max Funding has consistently worked to create a better business loan process for Australian small business owners. The company has set out to change the way small businesses interact with finance. Time is money – Max Funding understands it and knows that business owners can’t afford to waste time on slow lenders and finance options.

Max Funding aims to be more than just a small business finance facilitator. It wants to collaborate with its borrowers on a personal level and this is evident right through its application process. Once you sign up with Max Funding, a dedicated lending specialist will manage every aspect of your loan from your initial enquiry to the settlement process, and beyond. Max Funding provides you with a specialist’s name, direct phone number, and email address, allowing you to speak with the same individual each time whenever it’s convenient for you. These are team members who have specifically been recruited for their knowledge and expertise within the finance industry.

To date, Max Funding has issued business loans to more than 8,500 businesses in more than 130 industries – including retail, restaurants, health and fitness, accommodation and more.

Australian Fintech touts them as one of the fastest, most reliable business lenders for new business owners. Additionally, Max Funding has been mentioned as a possible method for small business owners to get cash to fund their new business in The Sydney Morning Herald.

In addition to their lending business, Max Funding openly supports a number of charities including Kiva – a non-profit organization that works to build opportunities for individuals in poverty on a global scale. They are an official Kiva sponsor as part of their ongoing effort to support people around the world financially.

Credibility Score: ⭐⭐⭐⭐⭐

Max Funding Lending Solutions

Max Funding provides a greater number of lending products (including both secured and unsecured business loans) than most Aussie business lenders.

The variety of lending products is impressive and means that no matter your personal situation and lending requirements, Max Funding should have a solution for you. In truth, most of the business loans offered are on a secured basis and to borrow large amounts you’re likely to be reliant on sufficient equity being available in your home. However, that’s not always the case – every applicant’s situation is unique. Short term business loans can also be secured against a vehicle or a variety of different assets.

Speed is a key focus of Max Funding and borrowers can even apply specifically for a fast business loan up to $10,000. Choosing this loan type means you can expect funds in your account within hours.

Max Funding Unsecured Business Loans

Source: www.maxfunding.com.au

Unsecured business loans are available up to $30,000 but loan terms can only be for up 12 months – Max Funding prefers to offer longer repayment terms on secured facilities. As you would expect, financial statements are required if you are to be approved for an unsecured business loan.

Bad Credit Business Loans

Max Funding is one of a few business lenders to specifically advertise ‘bad credit business loans’. Collateral is likely going to be required in order to secure the business loan but Max Funding won’t automatically dismiss your application in the same manner the banks would. This is what Max Funding has to say about bad credit applicants, “Here at Max Funding, we still welcome applicants that have a bad credit history, and we have catered our loan criteria to try and consider each applicant’s circumstances as a whole.” Max Funding will not only do its best to help you with capital, it will provide guidance as to how to rebuild your credit history.

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Products Score: ⭐⭐⭐⭐⭐

Max Funding Reviews by Clients

-REVIEWS.io: 4.98 / 5 – 617 Reviews

-Google Reviews: 4.7 / 5 – 323 Reviews

The Feedback

Across all review platforms, there are close to 1000 Max Funding reviews. We’re not entirely sure on the validity of the reviews on reviews.io – more on this below – but to take some of the google reviews:

“Gave me a chance where other lenders didn’t. Easy application process and very friendly staff. Highly recommended.”

“Absolutely fantastic! Me and my partner have a small business and we needed some funds to buy some equipment. I found Max Funding and decided to give it a try. Dealing with these guys was very easy and simple, so much better than going through a bank.”

Analysis of Client Reviews:

It would appear that Max Funding was using reviews.io as its primary review platform until last year as all of the more recent reviews have been left on google. Many of the reviews on reviews.io are from ‘verified buyers’ meaning they have been invited by Max Funding to write a review. Providing the client clicks through the invitation link, the review is marked as verified.

With no feedback under four stars, all of the Max Funding reviews are glowingly positive. It’s possible that Max Funding had only been sending its feedback link to customers it knows have had a positive experience – this can be quite a common tactic across many industries. Nevertheless, it still means there are a number of happy customers who are happy to recommend the lending service to others. We do find it a little susipicious that there is not even one review rating the service as three stars or worse though – not even an unverified review. The positive reviews are also quite generic, we don’t see them specifically mentioning a part of the lending service which was helpful or a team member who guided them through the process. In short, despite many ‘verified buyers’ we don’t completely trust the reviews on reviews.io for Max Funding.

If we take a look at the google reviews, many reviewers are specifically highlighting a team member by first name who has helped them in the lending process and Max Funding is taking the time to respond to each review. We get the feeling these are genuine reviews, even though anyone can leave a review on google. In addition to positive feedback, there are a number of negative reviews too. This is not unexpected in an industry as sensitive as lending and we welcome negative reviews, providing the company has taken the time to resolve/respond to them and look to fix issues for the future.

Some of the negative reviews point to high interest rates – remember rates start at 1.5% per month (not annual) so be absolutely sure you are aware of the full costs before agreeing to a business loan. High loan costs can be a common complaint across the lending industry. One of the more worrying reviews is from a borrower who had a charge set up against his house as security for a loan as well as his car when it was agreed it would only be his car that was used as security. Another bad review is from one client who received a credit check at the point of pre-approval when Max Funding advertises it doesn’t need to happen at this stage, only once you have progressed with your application further. We can’t see much from the company response – just that they have been in touch and would like to discuss the issue further. It’s definitely positive that Max Funding is taking the time to respond to each review but we can’t see if these quite major errors were resolved.

Products Score: ⭐⭐⭐

Max Funding Website Review

The Max Funding website is clear & concise, with easily enough detail to understand if they’ll be a good fit for your business without having to speak to their team (though this is always an option at any time). All of the lending solutions are clearly explained and there’s a wide variety of finance options that readers can learn more about, such as the difference between a caveat loan and a second mortgage loan.

The FAQs are all encompassing and cover virtually any question you could have ahead of applying for a business loan. The application is easy and you can receive a pre-approval within minutes of applying.

Website Score: ⭐⭐⭐

Max Funding Loan Compatibility

• Startup: Yes, Max Funding accepts clients who are new to business.
• Bad credit: Yes, Max Funding works with clients who have bad credit.
• Sole trader: Yes, Max Funding accepts sole traders.
• Established business: Yes, Max Funding will accept any established business.

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No other major Aussie business lender is as open about considering bad credit applicants as Max Funding is. Some other business lenders mention that paid credit defaults are OK or a ‘fair’ credit score makes you eligible to apply but they often avoid the term ‘bad credit business loans’. Max Funding actually has a lending solution specifically designed for bad credit borrowers. They believe businesses deserve a second chance and can even provide guidance to borrowers as to how they can boost their credit rating.

Remember, bad credit business loans are likely to involve some form of collateral to secure the loan.

Combability score: ⭐⭐⭐⭐⭐

Max Funding Pricing & Rates

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Across all of its lending solutions, whether secured or unsecured or short or long term, Max Funding states that interest rates start at 1.5% per month. We can surely assume unsecured and short term lending from Max Funding will attract a higher rate of interest than secured business loans. Most online lenders make no reference to interest rates at all, so whilst we can’t read too much into ‘rates starting at’ it’s still good to see this lender is more transparent than most.

There are some negative reviews which directly mention the expensive loan costs they incurred. Though it must be said some of them had an unrealistic expectation on the costs of a short-term loan. There is a cost that comes with the speed and convenience of borrowing from an online lender and it’s better to compare the loan costs to a lending solution such as invoice finance as opposed to a bank loan that is likely to be for at least a 12 month term. Invoice Finance is usually charged at 2% for a 30-day invoice so this puts the ‘rates starting at 1.5%’ into perspective.

In a recent review, one borrower commented, “It’s easy to apply but there’s a catch! The interest rate is 3.42% monthly”. So this provides a steer as to the sort of rates you may be able to actually achieve. Though it must be remembered everyone’s situation is unique and you can achieve a rate anywhere of 1.5% per month upwards.

Combability score: ⭐⭐⭐⭐

• Credibility - 85%
  85%
• Client Reviews - 80%
  80%
• Website - 84%
  84%
• Compatibility - 85%
  85%

Editor's Conclusions

Max Funding is a well-known and respected business lender for the SME space in Australia. It has been operating for a long time and has gathered mostly positive feedback from customers. The firm is fairly flexible on the type of businesses they are accepting, and the types of finance it can offer. They claim to offer a pre-approval decision within 5 minutes or less – and you can complete your application from there.

✓ Retailers

✓ Business Requiring Quick Loans

✓ Building & Trade