Octet Review for Potential Borrowers
Octet Review for Potential Borrowers
This review of Octet will get under the hood of this small business lender. We’ll take a look at Octet’s lending solutions and minimum borrowing criteria. As always, we’ll search the net for existing Octet reviews to see what existing customers have had to say about their experience and see if there are any common themes that point to the advantages and disadvantages of obtaining funding through Octet. Read our Octet review and see if they meet your business’s working capital needs.
Octet Review – Basic Figures for 2022
Website
Logo
ABN
33 124 477 916
Credit License:
124 477 916
Loan Amount
$100,000 – $10,000,000
Loan Term
1 month to 2 years
Unsecured Loans?
Yes
Lender Requirements
- Have an annual turnover of $5 million or more
- Be based in Australia
- Have been profitable for the last 2-3 financial reporting periods
- Have a positive balance sheet net worth
Required:
- Registered ABN
- provides proof of debt
Response Time
24h
Easy to Apply
Yes
The Nitty-gritty
Online Reviews
None
Awards and Recognition
None
Minimal Interest Rates
0% for the first 60 days, then rates starting from 6%
Company Story & Credibility?
Unlocking a world of business possibilities since 2008. Enabling growth with intelligent supply chain finance and payment solutions.
Our mission is to power businesses through simpler, fairer and faster financing solutions. With many years’ experience in business financing and payments, we maximise your growth opportunities, empowering your business by making local and global trading and operations easier.
Octet trade finance allows businesses to pay suppliers without having to wait for clients to pay them first and without having to use their own working capital to do so. This allows businesses to manage their supply chain effectively, access competitive FX rates and take advantage of potential client discounts. All while maintaining a positive cash flow.
You must have an annual turnover of at least $5 million and net assets of at least $250,000 in order to qualify for a trade finance line of credit with Octet. If you’re approved, you will be allocated a facility from $100,000 to $12,000,000. Once you’re approved, invite your suppliers to join Octet’s secure cross-border payment platform, then start managing orders and authorising payments that Octet will process and settle on the behalf of your company.
What Finance Options Do Octet Offer?
Trade Finance
- Set your own supplier trading terms with up to 60 days interest free and 120-day repayment terms.
- Pay your domestic or international suppliers with built in market leading FX rates.
- Custom-fit facilities from $100,000 to $12 million based on your business needs.
- Track and manage the supply chain process via our innovative platform.
Supply Chain Accelerate
- Unsecured, off-balance sheet source of funding.
- Settle 100% of your supplier invoices upfront, while you can repay 30, 60 or 90 days later.
- Your supplier benefits from getting paid instantly, whilst you get an extension on your existing payment terms.
- Track and manage the supply chain process through our intuitive supply chain platform.
Debtor Finance
- Get up to 85% of your invoices paid within 24 hours.
- Access funds without personal security.
- As your receivables grow, so does your facility.
- Track and manage the entire supply chain process via our innovative platform.
OctetPay
- Use your credit cards to pay any business invoice, anywhere.
- Utilise our market leading FX rates when paying your overseas suppliers.
- Earn rewards points or cashback promotions whilst paying supplier invoices.
- Support for the following credit cards:
Octet Personal Loan Features
Funding from $100,000 to $10 million
Octet’s products are packed with flexibility to suit enterprises both big and small. Its invoice finance solution comes with tailored facilities ranging from as little as $100k all the way up to $10 million, so no matter whether you’re a startup, an established organisation or a business in difficulty, there could be an option for you. Its trade finance facilities are also customised to fit your unique business needs, with funding that can go from $200k up to $7 million.
Fast 24 hour approval
Say goodbye to spending hours on paperwork and weeks on waiting for approval. Octet promises an application process takes as little as two minutes. Businesses may only need to wait for 24 hours before hearing back and getting approval, after which they’ll receive funding in as little as 24-48 hours.
Secure transactions
Octet is serious about security and bringing peace of mind to its customers. All its information systems are certified with best-in-market practices. Plus, Octet verifies every stage of every transaction, giving you confidence that your money’s going where it’s meant to go. It also extensively verifies all members who transact on its platform, so you can rest assured that your trading partner is legitimate.
Earn rewards like Qantas Points
If you love being rewarded for using a product, you’ll be pleased to know Octet delivers on those extra perks. When you use its trade finance facility, you can earn 1 Qantas Point for every $10 settled. That means for $1 million settled, you would earn 100,000 points – enough for an economy return flight from Sydney to Hong Kong.
Octet Pricing & Rates
When it comes to interest rates Octet keeps things simple, with rates starting from 6% p.a. for both its invoice finance and trade finance products. And the good news with trade finance is, you’ll get up to 60 days interest-free and up to 120 days for repayment.
Besides the interest rate, both Octet products also come with an application fee. Plus, you’ll need to factor in ongoing service fees: for invoice finance, this is calculated as a percentage of the invoices processed, while for trade finance, it’s a transaction fee every time you use the facility.
Octet Review Summary
Name: Octet
Summary
For over a decade, Octet has been focused on providing businesses with the tools and financial capacity to help power their growth. Whether it’s paying your suppliers more efficiently or getting more value out of your invoices, Octet offers various solutions that take the hassle out of managing your business’s supply chain and cashflow.
Octet trade finance allows businesses to pay suppliers without having to wait for clients to pay them first and without having to use their own working capital to do so. This allows businesses to manage their supply chain effectively, access competitive FX rates and take advantage of potential client discounts. All while maintaining a positive cash flow.
Pros
- Funding from $100,000 to $10 million
- Fast 24 hour approval
- Secure transactions
- Earn rewards like Qantas Points
Cons