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No time to apply for a traditional Business Loan?
Financials not up to date?
Frustrated with Red Tape?
Low Doc Business Finance
Our Unsecured Business Loans are much easier and quicker to organise than traditional Business Loans and are a perfect solution if time is of the essence or your historical financials don't reflect your current profitability. Typical acceptable purposes include:
- Cash Flow shortfall due to overdue Debtor/s
- Setup costs to take up a new Contract
- Business Expansion
- Operating Expenses
- Business Acquisition
- Debt Consolidation
- Marketing and advertising
- Purchase Inventory
- Equipment Upgrades
- Payment of Tax Debt (case by case)
- Any other sensible Business purpose (call us)
Ask Now! or Call 1300 736 976
Minimal Documentation Required
NO Tax Returns, Accountants Letters or BAS Statements for Loans up to $50,000. For loans over $50,000, we may need further Financial Statements to better understand your financial strength. In all cases, we will initially require your last 3 months Bank Statements so we can understand the volume and frequency of cash that flows in and out of your business. A simple one page Application Form and ID is also required. We will also need to know what the funds are needed for.
No Security Required
The loan is genuinely UNSECURED. Applicants / Directors do not need to own Real Estate to apply (Directors Guarantees are required).
48 hours for Loans to $50,000, 96 hours for Loans above $50,000. Funds deposited to your Account within 24 hours of Approval.
High Approval Rate
Currently over 80% of Loans are approved.
Large Loan Amounts Possible
Up to $500,000.
Ongoing access to funds is a simple process once you have established a track record with us.
No Separate Setup Costs
All costs are reflected in the regular repayment. There is no cost to apply for a loan (regardless of the outcome).
Credit Issues Considered
eg: Minor Defaults, Trade Disputes etc.
From 3 months to 24 months.
No Deposit Required
We will advance you 100% of the requested funds provided your Bank Statements support your request.
No Fixed or Floating Company Charges
For loans less than $100,000.Ask Now! or Call 1300 736 976
Does it cost anything to apply?
No, but we cannot provide you with a quote until we have your Bank Statements, the required Loan Amount and Term, the Funds purpose and an Application Form. You are under no obligation to proceed.
Is there any qualifying criteria?
Yes, your Business must have been operating for at least 12 months (minimum 6 months considered if strong cash flow). An indicative minimum average monthly turnover of $7,500 per month is also required.
What is the interest rate?
We do not quote an Interest Rate. We will quote you a "repayment factor" (which includes all setup and legal costs). The factor will depend on the amount that you want to borrow and the term of the loan. For example, if you want to borrow $25,000 over 3 months then we may quote a repayment factor rate of 1.30%. This means that you will repay $25,000 times 1.3 over the 3 month term of the loan (repayments are made on either a daily or weekly basis, by direct debit). It's simple to understand and easy to budget for.
Is this loan expensive?
Compared to? This loan is 100% UNSECURED and is established based on MINIMAL FINANCIALS. If you have been in business for more than 2 years and have the time and paperwork to apply for a traditional Bank Business Loan then you should definitely go down this path. However, if an opportunity presents itself and you need money fast to take advantage of that opportunity, then this loan may be the perfect solution for you.
How is my borrowing power determined?
We will examine your last 3 months Bank Statements and determine the nett result over that period (after allowing for any "once off" expenses that you may identify). If the "ins" are greater than the "outs", then you may be eligible for a loan of up to 80% of the average monthly turnover. If the "outs" exceed the "ins", then it is unlikely that you will qualify for a loan unless a suitable explanation can be provided. Our view is that this approach best represents a snapshot of how your business is running right now.
What are the repayment terms?
Repayment are P&I from your nominated Bank Account on either a Daily (eg: Retailers and businesses that receive daily income) or Weekly basis (all others).
Can I have an interest only loan?
No, All Loans are P&I and must be fully repaid over the contracted Loan Term.
What are the establishment costs?
There are no setup costs (all costs are included in the factor rate).
Are any industries excluded from applying?
We are unable to assist Developers or other Applicants that cannot demonstrate a consistent and regular cash flow.Ask Now! or Call 1300 736 976
Business Type: Medical Equipment Wholesaler
Amount required: $200,000
Purpose of funds: Client is a wholesaler of medical equipment and won a contract for a new hospital. They required $200,000 to purchase additional stock to fulfill the new contract and were not asset backed. The business had strong cashflow and was able to repay the loan over a 12 month period.
Solution: Loan approved and funded in 3 business days.
Business type: Hospitality
Amount required: $120,000
Purpose of funds: Client was seeking $120,000 to purchase a new franchise. The owner's house was fully geared and there were no other assets available to use as security. Client used the cash flow from their existing franchise business to raise a large portion of the funding for the new franchise.
Solution: Loan approved and funded in 2 business days.
Business type: Clothing Wholesaler
Amount required: $250,000
Purpose of funds: Client required $250,000 to purchase stock direct from a manufacturer in Asia who required COD terms. Previously client was purchasing stock from a range of wholesalers in Australia who allowed 30-60 day terms. The new supplier would allow for a 20% margin increase but funding the COD payment created a working capital requirement and the client lacked any form of asset security.
Solution: Loan approved and funded in 5 business days.
Business type: Painter (Sole Trader)
Amount required: $30,000
Purpose of funds: Client required $30,000 over 7 months to purchase new materials and assist with Cash Flow.
Solution: Loan approved and funded in 3 business days. Additional loan of $25,000 granted after initial $30,000 repaid (funds for a different purpose).
Business type: National Clothing Retailer
Amount required: $150,000
Purpose of funds: Client required $150,000 over 6 months to stock up on inventory.
Solution: Loan approved and funded in 5 business days. Additional loan of $200,000 for 9 months granted after initial $150,000 repaid (funds needed to open 2 additional Stores).