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Broc Finance is committed to small business owners with the financial support they need to succeed. Our team of lending experts understand the challenges faced by SMEs today and is dedicated to providing innovative financial solutions that meet their unique needs. Whether you need a Secured Business Loan, Refinancing or any other type of financing, Broc Finance can help. We are experts in getting flexible repayment terms, competitive interest rates, and fast approval times to ensure that your needs are met in a timely manner. The success in facilitating the funding and refinancing of the property is a testament to the importance of having access to expert financial services. In today’s competitive market environment, it’s crucial for homeowners to have access to funding that can help them refinance their property, seize new opportunities, and grow their businesses.
Meet the business
The client was hoping to refinance his existing high-interest business loan while securing additional funds. He had reached out to multiple lending partners and brokers but they were unable to help due to dip in the business turnover owing to covid. After a series of rejections, the client was referred to us by one of our lenders to assist him.
Logistic & Transportation Industry
The challenge
As the business turnover was impacted greatly by covid and had slumpy cash flow in the recent past, it was hard to justify serviceability for any additional loan.
Our senior lending specialist was able to structure and present the deal in a way that increased the serviceability of the deal and got the desired loan amount approval for the client.
The solution
Date
June 2022
Funded
$118,000
Product
Unsecured business loan
Term
24 Months
We were not only able to get the additional funding required by the client but also refinanced his existing high interest loan at a more than 50% reduced pricing.
At Broc finance, we try to pitch each of our applications on its merits and try to structure them in a way that would meet our client requirements as well as fall within our lenders credit policy to create a win-win situation. The client was thrilled by our work and left us a 5-star review.
If you have a scenario to discuss, contact us or get an indicative quote
Get pre-approved without any credit checks!
Choose loan optionsLearn more about unsecured business loans
What do you need to be eligible?
Be an Australian Business operating in Australia with an active ABN
Turning over more than $5,000 per month
Operating for more than 6 months
Read more or speak to an expert!
Learn MoreWhat are the benefits of Unsecured Business Loan?
FAQs about Unsecured Business Loan
To get an unsecured business loan, you need to meet some basis qualification criteria. To be eligible for an unsecured business loan, you must:
With the advent of technology, 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.
Typically, unsecured business loan max out around $300,000 however, some small business lenders can offer up to $500,000 for a strong business. The offering may differ from business to business depending upon factors like existing financial strength, cash flow, industry, credit scores etc.
In most of the cases, for unsecured business loan up to $150,000 you just need to submit 6 months bank statement and a valid Identification proof to get an approval.
For complex and large ticket loans above $150,000, you would be required to submit the financial statements, BAS and ATO transaction statements as well.
It all depends on the complexity of your case. 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 up 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 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 term and can be anywhere between 3 months – 36 months. In most of the cases, unsecured business loans are offered for a 12-month period.
Generally, banks do not offer unsecured business loans as they require security in any form to back the loans. There are various non-bank lender and fintech companies who specialize in providing business loan to small businesses. We are empaneled with most of the major lenders operating in this space. Contact us to know more.
Though you do not need to be asset backed for an unsecured business loan, a lender would require personal guarantee from 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.
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 secured 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 dishonors, 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.
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.