How does it work
For lenders to assess your business, they want to see a few things. First, they want to see that you have an average monthly turnover of $5,000 or more. This is the average over a 6 month period. Next, they want to see that your business has been trading consistently for over 12 months. Finally, lenders are looking to see if there any defaults or credit file related issues which could place them in a higher risk position if they were to lend to you.
It’s important to remember that traditionally, these lenders use tools that assess bank statements and work off an sophisticated algorithm. This however, does not factor in certain circumstances or changes in your business. The numbers only tell half the story and the lender knows this, it’s important to provide as much upfront, honest information so that they can assess you properly and give you the best possible outcome.
What are the benefits of an Unsecured Business Loan?
There are many benefits to using an unsecured business loan to fund your business. Some of the most notable benefits include:
1. You can get the money you need without worrying about any risk associated with using your assets as security.
2. You can focus on growing your business without worrying about any risk associated with using your assets as security.
3. An unsecured business loan is a great option for borrowers who don't want to be restricted by the traditional lending process.
4. Unsecured Business Loans are setup so that they can be cashflow friendly to your business an enable to use the loan as a stepping stone to grow
