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.
|Best suitable For|| |
|Settlement Time*||Within 24 hours|
|Loan Term||Up to 12 months|
|Indicative Loan Amount||From $5,000|
|Dedicated Account Manager||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 product and features are best for you? Use our comparison
table. Otherwise, reach out to us. We’re happy to help!
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