Business Fuel Review for Potential Borrowers

There is very little information that can be found about Business Fuel’s rates. Just this answer in the Business Fuel FAQs:

“There are no hidden fees and interest rates / charges for our business loans. We have no application fees or account keeping fees. We offer a low, up front flat fee and drawdown fee structure that is paid off with your weekly repayments. You can access your monthly statement at no extra cost through your customer portal to keep track of your loan and manage your budget.”

On the basis that Business Fuel has strong client feedback, we would presume their interest rates are no higher than the industry average – if they were we’d expect this to be pointed out by at least a handful of disgruntled customers. One of the negative reviews states “Read the contract carefully” so we would have to think this relates to fees although it doesn’t give us any specific detail. Note that Business Fuel makes no reference to late or missed payment fees so be sure to check these in your terms prior to agreeing to a business loan.

It’s interesting that Business Fuel explains that it takes a “low, up front flat fee”. The standard origination fee by online lenders is usually somewhere between 2.5%-3% of the loan amount. A ‘flat fee’ suggests Business Fuel takes a different approach and perhaps charges a fixed sum, so it’s worth seeing how this stacks up vs the standard 3% origination fee. Of course it could just be that they’re being rather ambiguous with their wording and they do indeed operate in the same mould as every other online lender offering unsecured business loans. If you’re reading this as an existing Business Fuel customer we’d love for you to clear this up.