Quick Business Loans

To get a quick unsecured business loan, you need to meet some basic qualification criteria. To be eligible for this business loan, you must:

• Have an active ABN;
• Be operating for more than 6 months.
• Be turning over more than $5,000 per month in the last 6 months.

With the advent of technology, the small business loan application has become simple and paperless without any hassle to take any printouts. All you need is to submit some basic details related to your business by completing the online application form and last 6 months bank statement of your business transaction account through a secured link provided by us. Additional documents may be requested depending on the type of small business loan you are applying for.

Generally, quick business loans max out at $250k and are approved basis low doc. In most cases, you just need the last 6 months bank statements of your business and a valid identification proof to get approval.

The lenders understand the nature of urgency for small business owners. You may get a preapproval within 2-4 hours and the funds into your account within 4-8 hours as well.

The interest rate charged by the lenders differs from case to case depending on various risks associated with the business, like Industry, cash flow, credit history, asset ownership, and term of the loan.

For e.g. A borrower with poor credit history would be charged a higher rate of interest as compared to a borrower with a good credit history. However, in general, the interest rates typically range between 10-20% p.a.

Generally, a quick unsecured business loan is for shorter terms and can be anywhere between 3 months – 36 months. In most cases, unsecured business loans are offered for a 12-month period.

Traditional Banks generally do not offer quick business loans. This is because they maintain a strict screening process for loan applications, which makes it a difficult and time-consuming process for a small business owner.

Opposed to Banks, there are various non-bank lenders and fintech companies who specialise in providing quick business loans to small businesses. Broc Finance is dedicated to assisting small businesses with an easy and streamlined process to obtain a quick business loan through its panel of non-bank cash flow lending partners with possibilities of financing within 24 hours. Please get in touch to know more.

A Personal Guarantee (PG) is a legally binding contract from the key person /owner of the business as individually agreeing to be personally liable if the business cannot repay the debt.

Though you do not need to be asset-backed for a quick unsecured business loan, a lender would require a personal guarantee from the director/promoter of the business to mitigate their risks to an extent.

Lenders would only run a credit check only after obtaining consent from you. This may be either at the time of application or after getting a preapproval on your loan.

The loan application is obligation-free and there are no application costs involved. You’ll be charged an origination fee only after your loan is approved and disbursed into your account. The origination fees differ from lender to lender and generally range between 2%-4% of the loan amount. The origination fee is a one-off fee and is on top of the normal interest charged on the loan amount. Please contact us if you wish to know more details.

With advancements in technology, submitting a bank statement has become super quick and easy without compromising security. On receipt of the loan application, we would provide you with a safe and secure link to share your bank statement with us. This process makes the loan approval smooth and fast as we can receive your bank statement within minutes and proceed with the loan approval process instantly.

Please note: With increasing fraud and forged documentation, lenders are no longer accepting PDF bank statements.

Generally, lenders consider the cash flow of the business to arrive at your borrowing power. They look into various other fields such as your credit score, past bank dishonours, industry, number of years in the business, age of the promoter/directors, existing personal asset/liabilities, etc. to make a lending decision on the file.

Getting a business loan with bad credit history could be tough and expensive; however, it’s not impossible. We have tie-ups with lenders who are happy to look at businesses that had a bad credit history in the past but have robust cash flow at present. Please get in touch with us for a free consultation.

At Broc Finance, we endeavour to get the most adequate facility suitable to the business requirements of our clients. In most of the cases logged in through us, we try to get an indicative offer from the lender for our client’s consideration before proceeding with formal application and consent to credit check. This approach helps our clients to avoid unwanted rejections and credit checks which can significantly impact their credit scores.

We would be happy to answer if you have any other questions. Please contact us