If you are confident in your ability to repay the loan, personal loans can be a great alternative when business loans are not an option for you. Typically, you will be expected to have some documents to hand, such as recent bank statements and accounts. These will help the lenders understand more about your trading history and general financial position. Our team at Touch will work with you to understand which are the best lenders to approach for your circumstances.
- Fast business loans up to £100,000 can be paid out same day or within 24 hours.
- The lack of adequate fund can cripple your business and hinders the growth.
- Lines of credit can be used to pay for working capital costs, that is, day-to-day operating expenses of the business.
- Capitalise is built on the solid, principled relationships we have with lenders.
- This has discouraged many business owners from trying to secure a loan since they are worried it will affect their credit rating or just waste their time altogether.
The convenience and speed at which small business can finally get access to money through unsecured business loans online is helping drive small business Australia forward. To a bank, whether you are borrowing $30,000 to do a renovation or wanting to borrow $2,000,000 to acquire a competitor makes no difference to them. For this reason, banks aren’t always overly excited to facilitate this loan for you.
A Good Candidate for an Unsecured Business Loan:
There is an unsecured business loan that is given without the need for collateral in the form of personal assets or business assets. On the other hand, a secured business loan requires collateral as part of the loan agreement. For starters, you may not have access to the kind of high-value assets like real estate or equipment that can be used as collateral. Second, unsecured financing greatly diminishes the risk of you losing your assets in case of a default. It’s no wonder why unsecured business loans are highly sought-after.
Choose from our range of business mortgages, and get the right kind of support with our specialist industry knowledge10. We’ll need to see certain identification documents and financial statements when you apply. We’ll try to give you a full decision within a few days but sometimes, we may need a little more information from you.