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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.
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.
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 we 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
To get an unsecured business loan, you need to meet some basis qualification criteria. To be eligible for an unsecured business loan, you must:
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.
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.
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.
Contact us today and discover how our expertise can help your small business thrive.
CALL US
1300 253 041
EMAIL US
enquiries@brocfinance.com.au
Broc Financial Services Pvt Ltd.
ACN 648 088 304
Credit Representative number 540795 is Authorised under Australian Credit Licence Number 389328