The Benefits of Unsecured Business Loans and How to Pick a Reputable Lender


Regardless of whether you’re trying to initiate a new business venture or supplement an existing one, it’s in your best interests to take a long and hard look at the lucrative arena of unsecured business loans, especially if you’ve been struggling to obtain the resources that you need through a traditional bank loan.

With this notion in mind, we’ve compiled a comprehensive reference guide to help you understand the ins and outs of modernised collateral-free funding options; feel free to read along and learn more about how the process works.

Intuitive Five-Minute Application

In stark contrast to a customary bank loan application that can take weeks or even months to finalise, today’s unsecured loan process can be facilitated in less than one day:

  1. Complete an easy pre-approval request to establish a preliminary outline of your current financial status. You’ll be able to complete the form within just a few minutes.
  2. Provide your lending partner with some basic documentation to ensure an accurate depiction of your situation. You won’t have to provide anywhere near the amount of paperwork required for a traditional bank credit application.
  3. Acquire an authorised approval for $1,000–$500,000 depending upon your established revenue stream, future forecasts, and required capital inflow.
  4. Sign a simple lending agreement that outlines the terms, conditions, and stipulations within your unique contract. Don’t worry; you don’t have to be a seasoned accountant or business attorney to understand the arrangement as it’s very easy to understand.
  5. Transfer the entire loan amount directly to your bank or business account.

The Advantages of Unsecured Loans

As you can see by now, the application process is very simple and streamlined, which explains why so many prudent people rely on unsecured business loans for new business ventures in today’s day and age, but it’s important to understand the more obscured advantages as well:

  • No financial statements or historical business records required
  • No need for any extensive business plans or strategic outlays
  • Anyone over the age of 18 can apply
  • No collateral assets or securities required
  • Adaptable and flexible financing options starting at a mere 2% per month
  • Repayment schedules optimised to account for your unique situation and you can even pay off your loan using direct business proceeds on a pre-established timetable
  • No need for an official Australian Business Number (ABN) in order to obtain funding

Regardless of whether you wish to focus on corporate expansion, inventory supplementation, product development, marketing initiatives, or even debt repayment, you’ll be able to use your unsecured loan to reinforce and bolster your company’s financial standing in a myriad of ways.

To boot, the amenable financing terms will also allow you to repair a broken credit score if you should have one; as you continue remunerating the principal amount, you’ll begin noticing incremental corrections in your financial profile.