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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 was looking for a loan to buy out his competitor business as a way to expand his local market share. After failed attempts with few brokers, he reached out to us for assistance. Initially, he was turned down by multiple lenders considering the limited trading time of his existing business and no asset backing under his personal name.
Metal Trading Industry
Victoria
The challenge
With our expertise in structuring complex deals and vast network of 50+ lenders, we were able to find a lender who were happy to look at funding 50% of the purchase consideration as an unsecured business loan. We presented the deal with all the documents first time right and were able to secure an approval for him.
The solution
Date
July 2022
Funded
$500,000
Interest rate
6.78
Product
Unsecured business loan
Term
7 Years
As a result, we were able to help the client to get $500K unsecured funding at a rate below 7% just in time and were able to save his initial deposit of $100K on the deal.
At Broc finance, we understand the difficulties of small businesses. We always 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 a gesture of gratitude, the client poured his heart with a 5 Stars review on Google.
If you have a scenario to discuss, call us now on 1300 253 041 or submit an enquiry.
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.