Humm Pro review

Humm Pro is an interest-free business payment solution from buy now, pay later provider Humm. This solution helps businesses to bolster their cash flow without the need for business credit cards or overdrafts.

You can simply download the app, get approved, and gain access to up to $30,000 instantly to use on your business purchases anywhere that accepts Mastercard - interest-free.

How does Humm Pro work?

Like other "buy now, pay later" (BNPL) services, Humm Pro gives customers access to interest-free credit to make purchases both online and in-store. However, unlike other BNPL products, Humm Pro is designed specifically for businesses. This means that users are required to have an active Australian Business Number or New Zealand Business Number (ABN/NZBN) in order to buy products via Humm Pro.

If approved for Humm Pro, you'll receive a purchasing power from $1,000 up to $30,000, and you can use this digital payment service everywhere that Mastercard is accepted. And it's not just for the big business buys, you could use Humm Pro for everything company-related. You can purchase office supplies, tea bags, or even use it to pay for client entertainment. Think of it like a business credit card, without the interest (or the plastic).

Humm Pro charges a $15 a month fee for its service, but only on months where you use it to make business purchases. With Humm Pro you have the option to:

1. Pay. All of your transactions are grouped into a "Monthly Balance", which you have another month to repay.
2. Pause. If you don't want to pay straight away, you can opt to "Pause" your repayments for up to 2 months, for a fee of 3.5% of your outstanding balance per month.
3. Plan. If you need longer to repay, you can convert your "Monthly Balance" into a "Plan" for 6, 9 or 12 months for a fee of 1.5% of the outstanding balance per month.

Features of Humm Pro

• Quick and easy application. You can download the app and apply online quickly and easily in just a few minutes.
• Fast approval. You can get approval for purchases up to $30,000 within one business day.
• 0% interest. There are no interest charges when using this service.
• Unsecured. This payment solution does not require any form of asset security.
• Credit limit. Humm Pro offers "buy now, pay later" purchasing power for businesses ranging from $1,000 to $30,000. The amount of credit you are offered will depend on your credit rating and the financial circumstances of your business.
• Available for small and big purchases. You can spend any amount up to your credit limit in your monthly balance.
• Digital card. Access your Humm Pro digital card via your digital wallet in your phone, tablet or smartwatch, or when you buy online.
• Online and in-store. Make purchases both online and in-store.
• No hard credit checks. Humm Pro may check your credit rating, but this won't affect your score or leave a record on your file, even if your application is not approved. If you default on repayments and arrange a hardship arrangement with Humm Pro, this will also not affect your credit rating.
• Expanding retailer variety. There are many sellers already partnered with Humm, and the list is always growing.
• Flexible repayment options. Choose to pay back your Monthly Balance the next month, pause your repayments for 1 or 2 months, or set up a pay plan for 6, 9 or 12 months.
• 3D secure. Humm Pro will send you 3D Secure codes via SMS to your mobile when you make online purchases.
• Automatic repayments. Repayments will be taken automatically from your nominated bank or business account.
• Penalty-free extra repayments. Pay off your balance early without incurring any additional fees.
• Low fees. With Humm, there are no fees on small purchases if you pay back the balance within 2.5 months. For longer periods, there is a small monthly fee, and for bigger purchases, there is a small-medium establishment fee.

Fees and charges

• No interest. You will never be charged interest for using this service.
• Monthly fee. There is a monthly fee of $15 for this service. However, you will only be charged this fee if you make purchases using Humm Pro.
• Pause fee. You will be charged a fee of 3.5% of your outstanding Monthly Balance if you pause your repayments for a month.
• 6-month plan fee. If you opt to convert your Monthly Balance into a Plan for 6 months, you will be charged a fee of 1.5% per month, with a maximum total of 9% of the total balance in fees.
• 9-month plan fee. If you opt to convert your Monthly Balance into a Plan for 9 months, you will be charged a fee of 1.5% per month, with a maximum total of 13.5% of the total balance in fees.
• 12-month plan fee. If you opt to convert your Monthly Balance into a Plan for 12 months, you will be charged a fee of 1.5% per month, with a maximum total of 18% of the total balance in fees.
• Late payment fee. A late payment fee of $20 applies when you default on a payment.

How to apply

To apply for Humm Pro's interest-free business payment service, simply click "Go to site", download the app and apply online.

Eligibility

To be eligible for Humm Pro, you must meet the following criteria:

• 18 years or older
• Australian/New Zealand citizen or permanent resident
• Sole trader or director of the business – this means you are authorised to open a financial facility on behalf of the business
• Have a business that has been operating for 2+ years

Documentation

You will need the following documentation in order to apply:

• Your ABN/NZBN
• Proof of Australian/New Zealand citizenship or permanent residency, such as an Australian/NZ Driver Licence or Australian/NZ Passport
• Proof that your business has been operating for at least 2 years
• Authority to open this account for your business (i.e. you must be the sole trader, a director, a partner or a trustee of the business)
• Your business bank account login details
• Your business estimated annual turnover and net profit

While this is a competitive business financing product, it's still a good idea to compare your options prior to submitting an application. If you are not a business owner, you can also check out and compare buy now, pay later platforms for consumers.