Unsecured business lending assist in taking advantage of the upcoming busy Christmas period for Australian business. Does your business need a cash injection to purchase stock, fund late invoices, or to execute your Christmas marketing strategy? If you are looking to improve your business financial performance and need the funds WillFinance.com.au helps find you the right loan for your unsecured business lending.
Will Finance Unsecured Business Lending Criteria:
- Minimum 6 months trading
- Purpose: to improve the business financial performance
- Revenue: minimum $7K monthly
- Credit Rating: Satisfactory credit history with no defaults
Unsecured Business Lending
Unsecured Business Lending a Survival Tool
Unsecured Business Lending for COVID-19 survival is a form of funding that has been a lifesaver for many Small to Medium Enterprise (SME) businesses. The speed and access to funding helps keep business moving forward and gives many Australian business the support they required through tough COVID-19 times.
COVID-19 has been an event for which many businesses has seen an alarming depletion of revenue. For business owners to grow and operate successfully they need consistent cashflow.
Thanks to the government’s Coronavirus SME Guarantee Scheme businesses can access cash from eligible lenders faster and easier. This scheme is supporting up to $40 billion of lending to SME’s by guaranteeing 50% of new loans from eligible lenders. It enables lenders to provide cheaper finance to a broader spectrum of businesses. The government’s intention is to assist more businesses with recovery from COVID-19 with easy access to funds for investment and growth.
Many businesses rely on borrowed capital to operate like a vehicle relies on fuel. An unsecured business loan is a smart solution to improve cash flow and working capital.
What is Unsecured Business Lending?
An unsecured business loan is a flexible financing solution for needed working capital. The lending provides fast cash which can be executed by a variety of formats. These can be by a single or flexible payment, a line of credit to draw on as needed or an overdraft facility to name but a few. With this finance many lenders are willing to negotiate terms and conditions. The two most attractive lending criteria for unsecured business lending is that you have access to funds within 24 to 48 hours.
The second attractive criteria is that you don’t usually need to use property to secure the loan.
How to Qualify
As mentioned, finance for less than $100K generally does not require security. The history of a business performance is the usual manner a lender assesses the borrower’s ability to repay the loan. Repayments are then calculated upon expected revenue. Some lenders also take into consideration the business credit rating.
Advantages of an Unsecured Business Loan
Unsecured business loans are a reliable financing solution to raise capital for business operations like waiting incoming invoices, needed merchandise, employee’s pay etc. It is short term and a cheap form of funding, often recovered with the profits it can generate. An example is waiting for payment of outstanding invoices. If late fees are charged the cost of the loan and the interest can be recouped. This will allow general operations & revenue to continue with no disruptions. Another example is for salary payments. Businesses can often repay the loan & interest with profits and revenue expected from the employees.
Unsecured Business lending products offer smart finance solutions to help trade through tough times and take advantage of opportunities like Christmas trading. Whether you are looking at getting stocked up for a busy forecast Christmas period, implementing new innovative marketing strategies or simply taking on more staff, Will Finance can assist with fast flexible funding to suit your needs.