Fast Unsecured Business Loans - Up To $500k Within 24 Hours

Documents needed and how to apply for small business loan in Sydney

Our loan guide

Unsecured Business Loans

Loan amount

$5k - $500k

Interest rates from

Starts from 7.99% p.a.

Loan term

3 months – 60 months

Pre-approval time

2-4 hrs

Unconditional approval & settlement time

24 hours – 72 hours

Repayments

Daily/ Weekly/ Fortnightly

Security

No security required

What you need to know

Can be used for

Buying stock/Inventory

Paying wages/rent

Expansion into branches or another unit

Renovating business premises

Other working capital needs

Documents required (low doc approval)

Up to $250,000 basis

Last 6 months bank statements

Valid identification proof

Documents required (full doc approval)

More than $250,000 basis additional docs

Financial statements

ATO statement

Benefits

No risk of losing asset

Quick funding process

Least documentation

*The information provided in critical information sheet is intended as a guide only. Please contact us for more information.

Calculate your business loan estimate today

Simply slide the button or enter the loan amount and terms (in weeks) you are looking to borrow.

The estimated repayments are based on the annual percentage rate and are for indicative purposes only. They’re based on interests generally charged by the lenders in this space, however, every business is different and the actual repayment would depend on factors such as:

Industry

Cash flow

Trading time

Banking conduct

Credit worthiness

...and more!

Disclaimer: The calculation provided is for indicative purpose only. The interest rate and repayment may vary based on individual business risk profile.

Total amount borrowed

$1,000,000

Total term time

weeks

0 weeks

156 weeks

Est. weekly repayments

Total you will pay

If you wish to get more accurate loan repayment figures, please complete your application form by filling out your loan details. One of our lending specialists will get in touch with you to discuss your requirements in detail.

Choose loan options

Empower your business through an Unsecured Business Loan

Top Unsecured Business Loans Compared

There are various unsecured business loan products available in the market and it could be a stressful task to think it through and figure out the best suited option for your business. We have summarised and compared the most popular unsecured business loan options among the businesses.

Small business loans

These loans are appropriate for small businesses who generally require a quick hassle-free funding with least documentation.

Need only bank statements for approval up to $250k

Loan term 3-36 months

Funding possible in 24 hours / 1 business Day

Learn More

Business line of credit

This facility gives flexibility to business owners to redraw or repay as and when the funds are required.

Interest free cash flow buffer to businesses.

Flexibility and control to the borrower

Pay interest only on utilisation

Learn More

Unsecured invoice finance

An invoice finance facility allows access to funds to businesses in advance against their invoices.

Highly effective for businesses with higher invoice realisation period.

One can get higher limits without any security.

Helps with injection of short-term liquidity in the business.

Learn More

Start-up Business Loan

This loan is for businesses which are yet to start trading or generally trading for lesser than 12 months.

Real estate security backed funding

Loan amount approved based on valuation of the property

Can get funded up to 80% loan to value ratio

Second mortgage options available.

Can be obtained to purchase an existing business.

Learn More

Unsecured Small Business Loans

These loans are apt for small businesses that generally require quick hassle-free funding with the least documentation.

Need only bank statements for approval up to $250k

Loan term 3-36 months

Funding is possible in 24 hours

Learn More

Low Doc Business Loans

This loan enables self-employed borrowers and small businesses to secure instant cash flow or business capital without the requirement to furnish supporting financial documentation typically needed for loan approval.

Minimum documentation

Borrow up to $250,000

Loan terms up to 36 Months

Learn More

Unsecured Business Line of Credit

Allows business owners to flexibly redraw or repay the funds as required. This is highly effective for businesses with cash flow fluctuations.

Interest-free cash flow buffer to businesses - no or minimal cost if you don’t use it.

Flexibility and control to the borrower

Pay interest only on utilisation

Learn More

ATO Tax Business Loans

Managing ATO tax debt is a common challenge for many, but with the right approach, it can be seamlessly integrated into your business strategy.

By consolidating tax debts into a loan, businesses can better manage their cash flow.

Timely repayment of tax debts can prevent adverse effects on your credit rating.

Tailored repayment plans to suit your business needs.

Learn More

What you should know about unsecured business loans

Have questions? Speak to our experts!

1300 253 041 Apply Now

Things to avoid while applying for an unsecured loan for business

Unsecured loans act as a quick fix to the cash flow stress in the business and borrowers can get anxious while applying this loan.

However, there are few vital things which one should always avoid while applying for an unsecured loan:

Randomly applying with multiple lenders
Not applying honestly
Excessive borrowing
Applying in quick succession.
Allowing multiple credit checks

Finding the unsecured business loan with the right rate, terms and amount could be stressful and one can often miss the things to avoid on the lookout. We work with our customers to find the best suited loan for their businesses and help them avoid these mistakes. Simply complete the application form or send us a message and one of our lending specialists will be in touch to discuss your financing requirement.

What Are The Benefits And Disadvantages Of Taking An Unsecured Business Loan?

Benefits

No need for security, no risk of losing any asset.

Can borrow up to $500,000 depending on the strength of the business and borrower’s creditworthiness.

Place more risk on lenders, as borrowers have no risk of losing any asset owned.

Loan terms are generally shorter with higher interest rates.

Quick funding possible within 24 hours

Disadvantages

An asset needs to be pledged as collateral.

No cap on borrowing, the loan amount depends on the value of the asset pledged.

Borrowers are at risk of losing the asset if unable to repay the loan.

Loan terms can be of longer tenor with competitive interest rates

Secured business loan may not be as quick as an unsecured business loan as the lender needs to lodge a caveat on your security before releasing the funds.

Common reasons why loan applications are declined

Unsecured business loans are considered as one of the riskiest business loan products and hence, the eligibility criteria for these loans could be stricter. We are empanelled with most of the lenders in this space and understand our customer profile in depth to ensure the loan presented with its strengths and approved at best terms.

Some of the reasons to decline are:

Finding the unsecured business loan with the right rate, terms and amount could be stressful and one can often miss the things to avoid on the lookout. We work with our customers to find the best suited loan for their businesses and help them avoid these mistakes. Simply complete the online application form or send us a message and one of our lending specialists will be in touch to discuss your business finance requirement.

What documents are required to apply for an unsecured business loan?

Low Doc

Generally, unsecured business loans up to $250k can be approved basis low documentation.
Last 6 months bank statements
Valid identification proof
ATO statements may be required from case to case basis

Full Doc

For an unsecured business loan more than $250k, you may require submitting some additional documents during the application process considering the size of the loan.

Last 6 months bank statements.
Valid identification proof.
Financial statements
ATO statements
BAS statements

Unsecured Business Loan Application Assessment

The unsecured business loan application process is generally simple and based on a scoring matrix. Below are some of the factors we considered that we included in our scoring matrix:

When there is no collateral offered as security, the borrower’s credit score plays a big role in determining how much they can borrow. A lender will be more confident to grant a larger loan amount if the applicant has a higher credit score, and vice versa. The good news is that you can raise your credit score by repaying the loan on schedule.

Lenders may consider “time in business” as a measure of the company’s momentum. Lenders typically believe that companies that have been in operation for more than a year are more likely to incur more debt. This does not, however, bar new companies from being granted an unsecured business loan. It simply implies that compared to more established enterprises, newer ones might not be able to borrow as much. Over time, if you make timely loan repayments, your loan limit will progressively rise.

Lenders typically assess a company’s cash flow and loan servicing capacity before determining how much to lend. A larger loan amount may be available to you if your average monthly income is higher.

The industry in which a business operates may have an impact on the amount of an accepted unsecured business loan. This is due to the fact that every business uses a different approach to get money from clients. If the majority of your firm is selling goods directly to consumers (B2C), you may accept payments using cash or credit cards. This gives you an instant cash flow, which is typically preferred by lenders. However, if your company primarily does business through business-to-business (B2B) transactions and invoices are frequently utilised, lenders may view your late payments as a danger and may reduce the amount of credit you are eligible for.

Broc Finance believes every company has distinct advantages of its own and we are here to assist you in convincing lenders of these advantages so you may obtain the necessary business loan.

What can you use an Unsecured Business Loan for?

These loans can be used for multiple expenses in the business. If you need short-term instant funding, an unsecured business loan is the right product for you.

For instance, say if you have a seasonal business and you require immediate funds to stock goods, you can get an unsecured business loan to procure your goods and multiply your sales during the peak season. Some of the other purposes for which an unsecured business loan can be used is listed below.

How do I apply for an unsecured business loan?

Check your eligibility

Check the basic loan eligibility of your business and complete the application form which takes 60 seconds.

Apply now 1300 253 041

Submit your application

Once you complete your application form. We get in touch to discuss your business requirement and advice the documents required.

Get you approved as quick as 24 hrs

Once we get all the documents required, we login your application with the most suited lender and get the loan approval in as low as 24 hours.

Get pre-approved without any credit checks!

Choose loan options

What’s the difference?

Unsecured vs. secured business loan

Start loan application

Unsecured

No need for security, no risk of losing any asset.

Can borrow up to $500,000 depending on the strength of the business and borrower’s creditworthiness.

Place more risk on lenders, as borrowers have no risk of losing any asset owned.

Loan terms are generally shorter with higher interest rates.

Quick funding possible within 24 hours

Secured

An asset needs to be pledged as collateral.

No cap on borrowing, the loan amount depends on the value of the asset pledged.

Borrowers are at risk of losing the asset if unable to repay the loan.

Loan terms can be of longer tenor with competitive interest rates

Secured business loan may not be as quick as an unsecured business loan as the lender needs to lodge a caveat on your security before releasing the funds.

Unsecured Business Loan Interest Rates In Australia Compared

Unsecured Business Loans

Interest rate is one of the key factors to be considered by small businesses owners while deciding on a business loan option. Unsecured business loans are riskier loan products and lenders offering this facility are exposed to various risks, so there no blanket rate which can be quoted to all the businesses. The interest rate varies from business to business depending up on the nature of business cashflow, industry, trading time, scale of operations, credit history etc

Let’s illustrate it by some business case illustrations

Case study 1

Grocery Retail Store

Business Overview

Industry

Retail

Trading time

3 years

Cash flow

Daily Eftpos

Credit history

Good

In this case, the business is a retail grocery shop where in it generates daily EFTPOS income. There would be hardly any debtors in the business. The trading time is 3 years and there is no past credit irregularity.

Lender analysis

Low risk

Consider higher loan

Good interest rate

Thus, this business presents lower risk to the lenders considering daily income credit, established business with good credit history and hence, the lenders would consider a higher unsecured business loan exposure with a competitive rate of interest on this business.

Case study 2

Property Development

Business Overview

Industry

Construction Trading

Trading time

5 years

Cash flow

Invoicing

Credit history

Past Settled Default

In the above case, the business is into construction. The business would have limited 3-5 invoices per month and gets paid through invoices raised which generally takes 30-60 days. There is also a settled default in past.

Lender analysis

High risk

Conservative loan

Higher interest rate

So, despite trading for 5 years, the above business presents a higher risk considering infrequent revenue, long credit days, past credit default and greater industry risk considering frequent delays in work completion. Hence, the lenders would be conservative in lending and generally would charge a higher rate of interest.

To conclude, every business is different and pose different risk to the lenders, thus showing an interest rate table would not be the most accurate information. However, we have lending specialist who have helped businesses across myriad sectors with different risk profiles and can give you an indicative quote after discussing your business risk profile without even logging the application or running a credit check. Simply complete the application form or send us a message and one of our lending specialists with be in touch to give you an indicative term.

Why choose Broc Finance for business success?

Competitive terms

We work in the best interest of our customers by getting them a business loan on most competitive terms.
- Complex deal structuring and presentation
- Team of qualified chartered accountants, CPA and finance brokers are missing.

Small business specialists

With over 15 years of experience in small business financing, we facilitate customized business financing solutions for small businesses from a suite of 90+ lenders.

Customer satisfaction

Our client testimonials speak for our service. Please feel free to view our customer reviews.

Clear communication

We understand the essence of time so don’t believe in wasting our customers time by giving false hopes. Transparent and clear communication is in our DNA.

Real results with real people.

55+ customer reviews

5.0

Niteesha Nagowah

We had an incredible experience working with Saroj from Broc Finance. He is incredibly knowledgeable, responsive, and guided us through the purchase of our company vehicle with expertise. The attention to detail and commitment to finding the best possible options truly set him apart. Highly recommend his services for anyone navigating the complexities of obtaining a finance. Thank you again for outstanding assistance.

Manpreet Kaur

Our sincere thanks to Saroj ji & his team for their invaluable assistance in securing the loan. We are extremely greatful for his exceptional service & support throughout the process. Highly recommend!

Matthew

Broc Finance were awesome…really responsive and solutions focussed. We especially appreciated having a broker who was an advocate for our interests when engaging with lenders.

Ibrahim Alpay

Saroj and his team is amazing have been using him for business funding for over a year he has found surprising solutions when others couldn’t make it happen very skill full with negotiating high loan amounts that I would never expect at wonderful terms and rates look no further I recommend broc finance for your business lending purposes look no further and don’t think twice much appreciated won’t go to any other broker at all many thanks to his team !!!!!!

vishal srivastava

We have used Broc Finance over last 2 years for various business line of credits and vehicle loan. Broc finance have been very professional in this journey. They have understood our needs as business and catered the solutions as per requirement . They look around in market and get one the best financial solution for the business be at vehicle of line of credits . I would strongly recommend the business for there services

Nasir sabiry

Thank you very much in helping me with financing a car SAS. You have been very professional and responsive every time I needed information. Fully recommend to any looking to finance a car.

Ajay Kanumuri

I would strongly recommend. Saroj Shah helped to get my loan with in span of three days. He was very supportive and clearly explained the loan process.

Scott Filby

Excellent experience with the service of Saroj! He did all the hard work and helped me find what I required. Saroj offered excellent suggestions and went the extra mile with his advice, which won my respect and helped in achieving the outcome required.

Have questions? Talk to a specialist!

Read our FAQs 1300 253 041

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Frequently asked questions

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

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

With the advent of technology, the unsecured 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 through a secured link provided by us.

In most of the cases, for an unsecured business loan up to $250,000 you just need to submit a 6 months bank statement and a valid Identification proof to get an approval.

For complex or large ticket loans above $250,000, you would generally be required to submit the financial statements, BAS and ATO transaction statements.

The lenders understand the nature of urgency for small business owners. You may get the funds into your account within 3-4 hours as well. On average it generally takes 24-48 hours to get an unsecured business loan approved.

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

A Personal Guarantee (PG) is a legal 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 an unsecured business loan, a lender would require personal guarantee from the director/promoter of the business to mitigate their risks to an extent.

Lenders would run a credit check only after obtaining a consent from you.

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 ranges between 2%-4% of the loan amount. The origination fee is a one-off fee and is on top of normal interest charged on the loan amount. Please contact us if you wish to know more details about the application process.

We have lenders on our panel who generally lend to almost every sector, so essentially there are no restrictions (barring a very few industries). In case you are sceptical about whether you can get funded in your industry or not, please let in touch for a free consultation with one of our lending experts.

With advancement in technology, submitting a bank statement has become super quick and easy without compromising the 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.

An unsecured business loan may not always be the right option for your business as you may have higher funding requirements, be looking for cheaper interest rates, or looking for a more flexible business loan product. There are various alternative business loan options which we can help you with. Some of the popular options are secured business loan, business line of credit, debtors finance and invoice finance facilities. Please reach out to us on 1300 253 041 or send us a message. One of our lending specialists would get in touch in no time to assist you.

Getting a business loan with bad credit history could be tough and expensive; however, it’s not impossible. We have tie up with lenders who are happy to look at businesses who had 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 score.

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