We are your partner in financial services

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 had an existing high interest business loan from a lender, which he was looking to refinance at a cheaper rate with some additional funding as the high-interest expense was taking a toll on the business.

Manufacturing Industry

NSW, Australia

The challenge

After getting in contact with the client, we understood the client’s need of getting the funding through refinancing with favourable terms.

To get the desired results, our lending specialists presented the case by highlighting the business improvements over the years. We also highlighted the strengths of the application and potential future growth in the business. Thus, through hard work and perseverance, we were able to get approval for our client at a much competitive rate.

The solution

Date

Dec 2021

Funded

$100,000

Turnaround Time

48 hours

Product

Unsecured business loan

Funding

LUMI

Broc Finance successfully refinanced an unsecured business loan with $100K funding at a rate that was 7% cheaper than his previous loan. The client was stunned by how quickly and efficiently we helped him to refinance the loan with such wonderful loan terms. He even left 5 stars review for Broc Finance on Google.

At Broc Finance, we not only work towards getting a loan for our clients but also endeavour to get them the best rates which in turn saves thousands of dollars for them.

If you have a scenario to discuss, contact us or get an indicative quote

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Learn 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 More

What are the benefits of Unsecured Business Loan?

Benefits

No need of security to get an unsecured business loan.

Unsecured business loans are the quickest way to access funds.

Low Doc Approval: You can get an unsecured business loan based on last 6 months bank statements and Identification proof in most of the cases.

No risk of losing any asset owned.

Timely repayment of your unsecured business loan helps build a strong credit history, which will help get competitive interest rates in the future.

Unsecured business loans are a major cash flow booster for the overall growth of the business.

Real results with real people.

John Christian

John Christian

Broc Finance were a pleasure to work with. Saroj took the time to understand the purpose for the facility and my business. In doing so, he secured exactly what I wanted, quickly and at a very competitive rate. I’d recommend Broc Finance to anyone looking for a finance facility who wants to work with a broker who can provide that personal experience that the Big-4’s just don’t offer. Great experience!! I look forward to working with Broc Finance in the future.
Manpreet Kaur

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!
Amish Desai

Amish Desai

A true professional with in depth knowledge of products and processes; Real time delivery of service, with a customer centric view, simply superb Saroj!
Harry Gill

Harry Gill

It was Great to work with Saroj. He was very accomodating and helpful . The process of the loan was very simple and easy. Saroj kept me updated at every step. Highly Recommend Saroj . Harry
Matthew

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.
Niteesha Nagowah

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.
Ibrahim Alpay

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 !!!!!!
Greg Canal

Greg Canal

Saroj Shah (Sas) was very easy to deal with and the outcome was just what we wanted and super fast. Thank you

Have questions? Talk to a specialist!

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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:

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

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.