Our review of Sail
Sail offers unsecured business loans for small businesses in Australia. Loan amounts range from $5,000 to $150,000 and are suitable for any business purpose. Approvals can be made within 24 hours, and applicants must have operated the business for at least 6 months and with a turnover of at least $4,200 per month.
|Suitable if your business:||Suitable for businesses considering:|
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Sail provides unsecured business loans from $5,000 to $150,000. Loans can be used for various business purposes such as:
- Expanding premises
- Launching a marketing campaign
- Buying equipment
- Paying staff
- Enhancing cash flow
Unsecured business loans can only be used for legitimate business purposes.
Interest rates and fees will vary between applications:
- Sail uses a risk-based fee structure when assessing companies
- A factor rate will be applied equivalent to between 13% - 25% interest.
- A 2.5 per cent establishment fee is deducted at settlement
Loan terms range between 3 months and 12 months, with repayments structured weekly around the borrowing company’s cash flow.
Sail Unsecured Business Loan Review
|Loan Feature||Loan Details|
|Approval Time||24 hours|
|Minimum Loan Amount||$5,000|
|Maximum Loan Amount||$150,000|
|Minimum Loan Term||3 months|
|Maximum Loan Term||12 months|
|Interest Rate||Factor Rate|
|Fees||2.5% establishment fee|
Learn more about Unsecured Business Loans.
How to apply for a Sail Business Loan
You can apply for an unsecured business loan with Sail online:
- Applications take less than 10 minutes to complete
Funds can be received the next business day
To complete the application, you’ll need:
- Your driver licence
- Credentials from your online banking account:
- If you use Xero or MYOB you can use these credentials for completing the application
- If you don’t use cloud accounting, Sail also accepts accounting statements via email
Sail Approval Criteria
|Minimum Annual Gross Turnover||$50,000|
|Minimum Trading History||6 months|
How much does a Sail loan cost?
The cost of an unsecured business loan with Sail will include:
- The principal amount - between $5,000 and $150,000
- Interest applied to the principal - a factor rate determined by your application
- Fees - 2.5% establishment fee
There are no penalties for early repayment or additional hidden fees, and loan repayments will be structured weekly over a term of three to 12 months:
- No application fees
- No ongoing monthly fees
- No charges for early repayment
How is a factor rate used?
Sail uses a factor rate instead of an interest rate, which is expressed as a multiple of the loan principal. For example, a factor rate of 1.1 will include 10% of the loan principal as interest. The benefit of a factor rate to a borrower is in seeing the total loan cost upfront, which ensures they are fully aware of the repayment amount throughout the term.
You can see in the table below examples of how the factor rate can be applied to the principal amount.
|Principal amount||Factor Rate||Total Amount|
Money.com.au Sail Summary
Sail offers unsecured business loans for Australian companies. Loans range from $5,000 to $150,000 and are suitable for any business purpose. Once an application is approved, funds are made available within 24 hours.
Sail was founded in 2016, with an $8 million dollar launch backed by venture capitalists. In the same year, Sail joined the Landing Pad program along with seven other startups in Tel Aviv, Israel. As part of the joint panel between the NSW government and Austrade (The Australian Trade and Investment Commission), Sail’s founders spent two weeks meeting with mentors and investors to gain advice on how to grow their business.
The company differentiates itself from its competitors through its biometric security features and big-data decision-making algorithms. Sail uses selfies to help customers verify their identities against official forms of identification.
The reviews for Sail on Trustpilot are overwhelmingly positive. 94 per cent of reviewers rated their experience with the company as “excellent.” Customers praised the company for the following reasons:
- Fast and responsive service
- Able to get funds quickly
- Short settlement times
- Easy to deal with
The platform’s lending software is designed to grow increasingly intelligent over time, which should enable Sail to increase its lending amounts and offer a greater variation on terms for borrowers.