It is quite normal for small businesses throughout Australia to need some kind of collateral or fixed asset like your property to get a loan from any kind of financial institution. If you are a business just starting off then this makes it even more difficult because you haven’t had any chance to build up any credit history of regard to your business and so this means that you may not be able to get your hand on finance that will allow your business to grow and to prosper. You may have to turn to other lenders to borrow the money that you need and many of these charge pretty high interest rates and these really do eat into your profits.
The good news is that there are unsecured business loans currently available for businesses just like yours and just because you are a smaller enterprise, it doesn’t mean that you can’t get hold of the necessary finance. The clue is in the name and so you don’t have to put up any collateral at all in order to be able to get one of these business loans and so that takes away the ambiguity and the fear when applying for money. If this has struck a chord within you and you would like to find out more, then please keep reading.
- No collateral is needed – As was mentioned briefly before, you don’t have to put up any kind of collateral or security in order to be able to qualify for a loan such as this. This means that you’re not jeopardising everything that you have worked hard for and a lending institution cannot just take your business from under you. It is reassuring to know that in the unlikely event that you cannot pay the money back that you’re not going to lose your business property or your home.
- Straightforward qualifying criteria – You probably have some experience of dealing with standard lending institutions like banks and building societies that you also remember the amount of paperwork that you have to hand over and the time that you had to wait to get a decision. Unsecured business loans are much different and you may have to show that you make a good income every month, but that’s pretty much it and then you will be considered for this loan.
If your business needs a quick cash injection and you do not wish to put up any collateral in order to get it then an unsecured business loan sounds like it might be just right for you.