Your Questions Answered, Empowering Your Business Journey
Dive into our extensive FAQ page to discover detailed answers to the most frequently asked questions about our business loan products and services. Gain the knowledge and insights you need to make confident and informed decisions for your business’s financial growth.
An unsecured business loan is a type of financing that doesn't require collateral or assets as security. This makes it a more accessible option for businesses that don't have significant assets to secure a traditional loan.
To apply for a business loan, simply fill out our online application form with the required information. One of our account managers will then review your application and provide you with the best loan options.
Yes, we work with a variety of lenders, including those who cater to businesses with lower credit scores. However, the terms and interest rates may vary depending on your credit history and overall financial situation.
Depending on the loan product and amount, we can source the funds you need in as little as 24 hours. The average time for a traditional loan varies from 24-48 hours to 10 business days.
Interest rates for business loans vary depending on several factors, including the loan type, loan term, and your business's financial health. Our account managers will provide you with the best loan options and interest rates tailored to your specific needs.
Yes, many lenders allow for early repayment of business loans. However, it's essential to review the loan terms and conditions, as some lenders may charge prepayment penalties.
A merchant cash advance is a financing option that provides businesses with a lump sum of cash in exchange for a percentage of future credit and debit card sales. It's an alternative to traditional loans, ideal for businesses with fluctuating revenue.
Invoice finance factoring is a financing solution that allows businesses to sell their outstanding invoices to a third party (the factor) at a discounted rate. This provides immediate access to working capital and helps manage cash flow.
A business line of credit is a flexible financing solution that allows you to draw funds up to a pre-approved limit. You only pay interest on the amount you've used, and you can repay and redraw as needed.
We charge ZERO Dollars for our services. We only get paid in the form of a commission from the lender directly when we match you with the right loan solution(s).
We work with businesses across various industries and sizes, from small startups to established enterprises. If you meet the eligibility criteria, we're here to help you find the right financing solution.
The amount you can borrow depends on the loan type, your business's financial health, and your specific needs. We offer short-term unsecured business loans from $5,000 to $500,000 and secured loans of up to $2 million.
You can use a business loan for various purposes, such as working capital, inventory, equipment purchases, business expansion, and more. It's essential to have a clear plan for using the funds to ensure successful growth.
The required documentation may vary depending on the loan type and lender. Typically, you'll need to provide proof of identity, an active ABN, bank statements, and financial statements, such as profit and loss statements or balance sheets.
While not always required, having a well-prepared business plan can help strengthen your loan application and demonstrate how you intend to use the funds to grow your business.
To improve your chances of approval, ensure you meet the eligibility criteria, have accurate and up-to-date financial records, maintain a good credit score, and demonstrate a clear plan for utilizing the loan funds.
Yes, you can apply for multiple types of loans simultaneously. However, it's essential to ensure you can manage the repayments and have a clear plan for using the funds effectively.
Loan terms vary depending on the type of financing, the lender, and your specific needs. Terms can range from a few months for short-term loans to several years for long-term loans or equipment financing.
If you're unable to make a repayment, it's crucial to contact your lender as soon as possible to discuss your options. Lenders may be able to offer alternative arrangements or payment plans to help you manage your loan repayments.
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Check Your Unsecured Loan Eligibility
Discover if you qualify for an unsecured business loan with our easy online form. Get instant feedback on your eligibility without affecting your credit score or any commitment. Let 121 Brokers guide you towards financial success.
