Unsecured Business Loans in Australia
Unsecured business loan is one of the most popular business loan products evolved from the old-schooled merchant cash loan which only qualifies only businesses with EFPOS terminals. The unsecured business loan these days will accept any industry that generates a consistent and stable turnover.
As the name suggests, unsecured business loan does not involve any collateral, not even business/commercial equipment. It is a finance product solely relies on the business sales performance and lenders of this category exposes themselves to a much greater risk than those that require asset. For this reason, the business owner’s and company’s credit plays a more important role in qualifying.
If your business is established and has a great credit history, chances are you qualify for an unsecured business loan. Why not save your assets to be used for a rainy day and leverage your existing business performance to the next level.
No Asset Required
Up to 12 months loan term
Business Turnover Focus
Is unsecured business loan suitable for your business?
Despite being one of the most popular business finance options for business owners, being qualified for it can be quite difficult. Businesses typically needs to be fully established with proven stable and regular cash flow, which means businesses that are new, cash base or rely on receivables would not be qualified. In addition, not owner the business owner must have a decent credit score, the lenders are also selective with the type of industry they would accept.
If you have been rejected by unsecured business loan lenders before, there is no need to be disappointed. Speak to our business managers today and explore other finance options FundSpot is able to offer, and we hope you may find some surprises.
Unsecured Business Loans - Fact Sheet
| Best suitable For |
|
|---|---|
| Settlement Time* | Within 24 hours |
| Loan Term | Up to 12 months |
| Indicative Loan Amount | From $5,000 |
| Financial Statement | Required |
| Dedicated Account Manager | Yes |
| Tax Deductible | Yes |
| Interest Rate | The business’ financial strength, such as cashflow, stability and payment history would be included for consideration. If approved, the loan structure will be disclosed to you. |
| Save Interest |
|
*Turnaround time is indicative only and after signed loan contract is received. Fund transfer is subject to fund availability and settlement condition satisfied.
Not Sure Which Loan?
Not sure which loan product and features are best for you? Use our comparison
table. Otherwise, reach out to us. We’re happy to help!
FAQs about Unsecured Business Loans
To qualify, your business must:
– Have a registered ABN/ACN
– Established stable and frequent turnover
– Minimum monthly turnover of $5,000
– Average and above credit score
– No arrears on any existing liabilities
Unlike traditional bank requiring the business to have a minimum 2 years trading history as a company and an auditable Profit & Loss Statement; FundSpot is able to accept businesses with trading history as short as 6 months and financial statements are not usually not needed. In addition, there are more flexibility to the loan amount, with no obligation to commit to obtain a larger liability than needed with fast processing time.
With your cooperation and prompt response, your unsecured business loan can be settled within 1-2 business days once the loan is approved. Best of all, everything can be done with the touch of your finger on your phone or computer.
The approval amount is mainly based on your business performance and serviceability. It is always best to only borrow what is needed rather than maximum the debt. If you need any further information, be sure to contact our business managers
