Success Story - Unsecured Business Loan for Building & Trade Industry - Amount $30K
Our customer was looking for a small unsecured business loan for $30k to meet his year-end working capital requirements.
The customer had an offer from a lender but was not very happy with the pricing as it was very high given his overall risk profile and credit history. He approached us to explore some cheaper options.
Our lending specialist started with a personal consultation to understand his business requirements and pricing expectations. Given his robust profile and clean credit history, we were able to find him a much cheaper option and get an approval for him within 4 hours.
The client was very happy with the results, and we were able to save big money for our client.
At Broc Finance, customer satisfaction is our biggest reward!
If you have a scenario to discuss, contact us or get an indicative quote
“Hope we were able to help you save substantial interest as compared to the other offer you had.”
“You definitely did! What a difference! And they said they can’t do anything about it. Thanks!”
What are the benefits of Unsecured Business Loan?
To be Eligible:
FAQ's 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.