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You should have the financial statements of your business for the last 24 months and previous year’s turnover, duly audited by a CA. We are not independent finance advisors and so are unable to provide you with independent financial advice. If you don’t have conditional approval and don’t use Xero accounting software, you’ll need to give us a call​ on ​, 8am – 8pm, Mon – Fri . Your loan will appear in your Online Banking ready for you to use.

Things to consider with unsecured business loans

Unfortunately, you’re not qualified for Lumi Lux™ Rate-Reducing loan. % Simple Interest Per Annum and term length, including an origination fee of 2.5% of the total loan amount. Lenders will want to see a proven record of solid business income. For instance, at Lumi, we require a minimum turnover of $50,000.

  • Collateral– To get a secured business loan from a lender, you will need to provide the lender with some form of collateral or security.
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  • From the start, you get a sense of dealing with a sensible and fair company as the repayment rates are completely transparent.
  • You’ll also want to consider how repayments will align with how you plan to use your funds.
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Advisory Services ICICI Bank’s Small Enterprises Group’s Investment Banking team is dedicated to provide you niche and exclusive investment banking services. That’s right, quick application, speedy decision and funding is possible in just 24 hours. Thankfully, you can work around this by comparing multiple offers and different lenders. One way to accomplish this is by working with a fintech marketplace like National. Business credit cards can help you cover a number of different expenses.

We’re experts in small business loans

An unsecured business loan is a loan that doesn’t require any security or collateral. A secured loan uses a company’s assets as security, thus should a business default on its loan — the lender can sell the assets to recoup some of the losses. The type you may be able to get approved for will depend on many factors, including the lender, your ability to qualify, and your business and credit health.

We will inform you of the costs and fees involved upfront, with no hidden fees for you to worry about. Complete the form below and one of our team will be in touch to discuss how we can help. Funding amounts vary depending on your business’s health and financial situation, but you may be eligible to receive up to $500K. To qualify, you must have a tax-deferred account, at least $50,000 in retirement savings and your business must have a C corporation status. You also need to work for your business and eligible for the retirement plan than just being a shareholder. At Positive Lending Solutions we believe you should have all the information you need to make smart financial decisions.