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Broc Finance is your reliable partner for Unsecured Business Loans in Australia. Broc Finance recognises that each business is unique, as are its financial requirements. Whether you’re a startup trying to scale, an established business needing working cash, or an entrepreneur with a big idea, our Unsecured Business Loans can help.
Broc Finance is here to enable your growth path with reasonable interest rates, simple application processes, and a commitment to assisting Australian businesses. Our personalised Unsecured Business Loans will provide your company with the financial foundation it needs because your success is our concern.
What makes me eligible for an unsecured business loan?
Check the lending criteria and loan eligibility of your business.
Submit your application with the required documents. Once you complete your application form. We will get in touch to discuss your business requirements and advise on the documents required.
Once we get all the documents required, we log in to your application with the most-suited lender and get the loan approval.
These loans can be used for multiple expenses in the business. If you need short-term instant funding, an unsecured business loan is the right product for you.
For instance, say if you have a seasonal business and you require immediate funds to stock goods, you can get an unsecured business loan to procure your goods and multiply your sales during the peak season. Some of the other purposes for which an unsecured business loan can be used is listed below.
The unsecured business loan application process is generally simple and based on a scoring matrix. Below are some of the factors we considered that we included in our scoring matrix:
When there is no collateral offered as security, the borrower’s credit score plays a big role in determining how much they can borrow. A lender will be more confident to grant a larger loan amount if the applicant has a higher credit score, and vice versa. The good news is that you can raise your credit score by repaying the loan on schedule.
Lenders may consider “time in business” as a measure of the company’s momentum. Lenders typically believe that companies that have been in operation for more than a year are more likely to incur more debt. This does not, however, bar new companies from being granted an unsecured business loan. It simply implies that compared to more established enterprises, newer ones might not be able to borrow as much. Over time, if you make timely loan repayments, your loan limit will progressively rise.
Lenders typically assess a company’s cash flow and loan servicing capacity before determining how much to lend. A larger loan amount may be available to you if your average monthly income is higher.
The industry in which a business operates may have an impact on the amount of an accepted unsecured business loan. This is due to the fact that every business uses a different approach to get money from clients. If the majority of your firm is selling goods directly to consumers (B2C), you may accept payments using cash or credit cards. This gives you an instant cash flow, which is typically preferred by lenders. However, if your company primarily does business through business-to-business (B2B) transactions and invoices are frequently utilised, lenders may view your late payments as a danger and may reduce the amount of credit you are eligible for.
Broc Finance believes every company has distinct advantages of its own and we are here to assist you in convincing lenders of these advantages so you may obtain the necessary business loan.
Our finance business loan repayment calculator is easy to use. Simply slide the button or enter the loan amount you are looking to borrow. Select the terms (in weeks) you are looking to borrow. The estimated repayments on the right are based on the simple interest rate.
Disclaimer: It’s important to note that these amounts are for indicative purposes only based on interests generally charged by the lenders in this space. Every business is different, and the actual repayment would depend on lots of other factors like industry, cash flow, trading time, banking conduct, credit worthiness etc.
Disclaimer: The calculation provided is for indicative purpose only. The interest rate and repayment may vary based on individual business risk profile.
Disclaimer: The calculation provided is for indicative purpose only. The interest rate and repayment may vary based on individual business risk profile.
There are various unsecured business loan products available in the market and it could be a stressful task to think it through and figure out the best suited option for your business. We have summarised and compared the most popular unsecured business loan options among the businesses.
These loans are apt for small businesses who generally require a quick hassle-free funding with least documentation.
This facility gives flexibility to business owners to redraw or repay as and when the funds are required.
An invoice finance facility allows access to funds to businesses in advance against their invoices.
Here are the basic documents you need to submit to apply for a small business loan. Additional documents may be required depending on the type of small business loan you are applying for.
Low Doc
Generally, small business loans up to $250k can be approved with low documentation.
Full Doc
For an unsecured business loan of more than $250k, you may be required to submit some additional documents as detailed below considering the size of the loan.
Discover how an unsecured business loan might help your company.
| Borrowing Limits | |
|---|---|
| Loan Amount | $5k- $500k |
| Term | 3 months – 60 months |
| Can be used for |
|
| Repayments | Daily/Weekly/Fortnightly |
| Security | No Security required |
| Pre-Approval Time | 2-4 hours |
| Unconditional Approval and Settlement Time | 24 hours – 72 hours |
| Low Doc Approval and Documents required |
|
| Full Doc Approval |
|
| Interest Rates | Starts from 7.99% p.a. |
| Benefits |
|
*The information provided in critical information sheet is intended as a guide only. Please contact us for more information.
Pros
Cons
Interest rate is one of the key factors to be considered by small businesses owners while deciding on a business loan option. Unsecured business loans are riskier loan products and lenders offering this facility are exposed to various risks, so there no blanket rate which can be quoted to all the businesses. The interest rate varies from business to business depending up on the nature of business cashflow, industry, trading time, scale of operations, credit history etc.
Let’s illustrate it by some business case illustrations
Retail Grocery Shop
Industry: Retail
Trading time: 3 years
Cash flows: Regular daily EFTPOS income
Credit History: good
In the above case, the business is a retail grocery shop where in it generates daily EFTPOS income. There would be hardly any debtors in the business. The trading time is 3 years and there is no past credit irregularity. Thus, this business presents lower risk to the lenders considering daily income credit, established business with good credit history and hence, the lenders would consider a higher unsecured business loan exposure with a competitive rate of interest on this business.
Property Development
Industry: Construction
Trading Time: 5 Years
Cash Flow: Invoicing paid on stage wise work completion
Credit History: Past settled default
In the above case, the business is into construction. The business would have limited 3-5 invoices per month and gets paid through invoices raised which generally takes 30-60 days. There is also a settled default in past. So, despite of being trading for 5 years, the above business presents a higher risk considering infrequent revenue, long credit days, past credit default and greater industry risk considering frequent delays in work completion. Hence, the lenders would be conservative in lending and generally would charge a higher rate of interest.
To conclude, every business is different and pose different risk to the lenders, thus showing an interest rate table would not be the most accurate information. However, we have lending specialist who have helped businesses across myriad sectors with different risk profiles and can give you an indicative quote after discussing your business risk profile without even logging the application or running a credit check. Simply complete the application form or send us a message and one of our lending specialists with be in touch to give you an indicative term.
When looking for a financing option, you could find yourself drowning in a sea of information online, unsure of which business loan is appropriate for your company. We have collected a list of some flexible business loans that give business finance that is most suited to your needs to save you time.
This loan is for businesses which are yet to start trading or generally trading for less than 12 months.
This loan enables self-employed borrowers and small businesses to secure instant cash flow or business capital without the requirement to furnish supporting financial documentation typically needed for loan approval.
These loans are apt for small businesses who generally require a quick hassle-free funding with least documentation.
This facility gives flexibility to business owners to redraw or repay as and when the funds are required.
With over 15 years of experience in small business financing, we facilitate customised business financing solutions for small businesses from a suite of 50+ lenders and 100+ products.
We work in the best interest of our customers by getting them a business loan on most competitive terms.
Our client testimonials speak for our service. Please feel free to view our customer reviews.
We understand the essence of time so don’t believe in wasting our customers’ time by giving false hopes. Transparent and clear communication is in our DNA.
Watch first hand experience from business owners just like you sharing their experience with us. We are proud to have helped these businesses grow by providing a hassle-free loan application process and we’re ready to do the same for you.
To get an unsecured business loan, you need to meet some basic qualification criteria. To be eligible for an unsecured business loan, you must:
With the advent of technology, the 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.
In most of the cases, for an unsecured business loan up to $250,000 you just need to submit a 6 months bank statement and a valid Identification proof to get an approval.
For complex or large ticket loans above $250,000, you would generally be required to submit the financial statements, BAS and ATO transaction statements.
The lenders understand the nature of urgency for small business owners. 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 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 a 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 terms and can be anywhere between 3 months – 36 months. In most of the cases, unsecured business loans are offered for a 12-month period.
Traditional Banks generally do not offer unsecured business loan. Even if they do, they maintain a strict screening process for unsecured business loan application, which makes it difficult and time-consuming process for a small business owner.
Opposed to Banks, there are various non-bank lenders and fintech companies who specialize in providing business loans to small businesses. Broc Finance is dedicated to assist small businesses with an easy and streamlined process to obtain an unsecured business loan through its panel of non-bank cash flow lending partners with possibilities of financing within 24 hours. Please get in touch to know more.
A Personal Guarantee (PG) is a legal binding contract from the key person /owner of the business as individually agreeing to be personally liable if the business cannot repay the debt.
Though you do not need to be asset backed for an unsecured business loan, a lender would require personal guarantee from the 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.
The loan application is obligation free and there are no application costs involved. You’ll be charged an origination fee only after your loan is approved and disbursed into your account. The origination fees differ from lender to lender and generally ranges between 2%-4% of the loan amount. The origination fee is a one-off fee and is on top of normal interest charged on the loan amount. Please contact us if you wish to know more details about the application process.
We have lenders on our panel who generally lend to almost every sector, so essentially there are no restrictions (barring a very few industries). In case you are sceptical about whether you can get funded in your industry or not, please let in touch for a free consultation with one of our lending experts.
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 secure 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 dishonours, 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.
Getting a business loan with bad credit history could be tough and expensive; however, it’s not impossible. We have tie up with lenders who are happy to look at businesses who had bad credit history in the past but have robust cash flow at present. Please get in touch with us for a free consultation.
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.
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1300 253 041
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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