Unsecured business loans up to $300K

Who Is Eligible to Obtain an Unsecured Business Loan of Up to $300K?

Accessing unsecured business loans can be a game-changer for business owners in need of quick, flexible financing. If you're looking to borrow up to $300,000 for your business, here's a guide to understanding the eligibility criteria and the benefits that come with these loans.

💡 Available Loan Products

We offer a range of unsecured business loans tailored to suit your financial needs:

• Business Loan: Borrow up to $500,000 with the option to choose between a fixed or variable interest rate.

• Business Overdraft: Access up to $300,000 to help manage your cash flow, giving you the flexibility to cover unexpected expenses or seize growth opportunities.

• Business Credit Card: Credit limits of up to $50,000 to streamline your cash flow, with multiple card options available for your business.

To qualify for these loans, certain criteria must be met, ensuring you can manage repayments and maintain healthy business finances.

✅ Eligibility Criteria for Unsecured Loans

Here’s a breakdown of the criteria required to apply for an unsecured loan:

1. Accounting Software Integration

Your business must use accounting software with an active bank feed connection and at least 6 months of reconciled financial data. Eligible software includes:

• Xero

• MYOB (AccountRight, Business, and Essentials)

• Intuit Quickbooks

This requirement helps streamline the application process and ensures your financials are up-to-date.

2. Business Structure

Eligible businesses must meet one of the following structure types:

• Sole Trader

• Company: With no more than 5 directors

• Partnership: No more than 5 individual partners, classified as "Family" or "Other"

• Trust: Where the trustee is a company, and the trust is classified as “Discretionary Trading” or “Fixed Unit”

3. Business Financials

Your business must meet the following financial criteria:

• Annual Turnover: Up to $10M

• ABN/ACN: Must be registered for at least 12 months and GST registered

• Annual Revenue: Minimum of $75K per year

• Stable Ownership: No director or shareholder changes in the last 6 months

• Shareholder or Unit Holder Conditions: All majority shareholders (greater than or equal to 25%) or unit holders of a fixed unit trust must be either a director or a spouse/de-facto/dependent of any director in the borrowing entity

• Clean Financial Record: No current arrears on personal or business accounts

📈 How to Apply

Before you apply, ensure you have the following:

• ANZSIC Exclusion Number: You must know your business/industry ANZSIC code to apply for the loan. You can find your code on the following websites:

  • ATO Business Industry Code Tool

  • ANZSIC Code List

• Full Disclosure of Financials: You must disclose all business loans and liabilities, including current loan balances and payments. Having this information ready will help speed up the application process.

4. Customer Benefits

Applying for an unsecured loan has its perks:

• Quick Approval: Conditional approval in minutes for eligible applications, with full approval completed in just 2 business days.

• Fast Funding: Receive funds within 2 business days after returning signed documents. For credit cards, cards are dispatched within 2 business days.

• Simplified Assessment Process: Loans are assessed based on your business cash flow using a one-time connection to your accounting software. No need for accountant-prepared financial statements.

• No Hidden Fees: No approval fee (LAF) for overdrafts and loans, and no loan administration fees for loans.

• Unsecured Lending: Access unsecured loans up to $500,000 with no property assets or cash security required.

⚠️ Important Information

• Interest Rates & Fees: Interest rates and fees are subject to change without notice. The rate on variable loans may fluctuate throughout the loan term.

• Consider Your Financial Circumstances: The advice provided doesn’t take into account your personal needs, financial circumstances, or objectives. Always consider whether a loan is suitable for you before applying.

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Final Thoughts

Securing an unsecured loan for your business can help you cover essential cash flow gaps, expand operations, or seize new opportunities. If you meet the eligibility criteria, you can enjoy a fast, efficient process with no collateral required.

Ready to apply or need help with your loan application? Contact us today, and let’s get started!

📞 Contact details below – I’m here to help you navigate the loan process and get your business the funding it needs.