Frequently Asked Questions & Answers for Unsecured Business Finance.
Question: 1: Tell me what is unsecured business finance?
Answer: Unsecured business finance is an approved loan for business without the business owner needing to secure the loan by putting up any of his assets as security.
Normal banks tend not to offer these as the low returns and higher risks involved for a bank don’t make it worthwhile for them to work in this space.
Many small business owners find themselves having to use an asset to secure a loan with a traditional bank, or risk their business application being declined.
Question 2: What do I need to supply you in order to get an unsecured business finance approval?
Answer: This depends on the business loan amount you are applying for. For example; If your loan application is less than $50,000 then all we required is 6 months business trading statements, Borrower I.D ( Drivers Licence).
If the unsecured business finance amount is greater than $50,000 then the only other additional information required to the above is 12 months financials for the business.
That’s it…unsecured business finance approved fast and easy!
Question 3: Do you do a check on my credit file?
Answer: Not on the initial online enquiry application. However, a credit check will be completed once your application for a business finance has been qualified first by our credit analyst confirming you meet the conditions for a unsecured business finance approval.
Question 4: How long does it take to receive approval and funding?
Answer: Once all required documentation has been provided and our credit assessors have completed their assessment of your application, approval to settlement takes anywhere from 24 hrs to 48 hrs.
Funds are deposited directly into your selected trading account the day your loan settles.
Question 5: How long can I take unsecured business finance out for?
Answer: Finance terms start from min 3 months up to 12 months with many borrowers rolling over their loans for additional amounts regularly before loan expiry.
Question 6: What is the interest rate for unsecured business finance?
Answer: Unsecured business finance rates can start from a low 0.85% per month up to 3% per month depending on your overall business and assessment risk.
On average unsecured business finance rates are around 1.2% per month.
Question 7: Is there any penalty for early repayment?
Answer: There are no fees for early repayment and no balloon payment at the end of your loan. Your business loan application is totally transparent with the total amount due and the date of the final payment.
Once you make the final payment your balance will be $0.
Question 8: So how do the repayments work?
Answer: It’s essential to offer you easy ways to pay back your unsecured business loan.
To make sure you avoid missing repayments daily, weekly or fortnightly repayments ( which you decide) are automatically deducted from your nominated business loan account .
LET’S FIX YOUR BUSINESS CASHFLOW PROBLEMS TODAY!
Unsecured business finance, you can feel confident knowing you have ongoing access to funds when you need it most.
Turnover of at least $5,000 per month
ABN/ACN registered for at least 6 months