Borrowing some much needed funds should not be a stressful experience.
If you are a small or medium-sized business then it’s likely that you’re going to have to borrow some money from a financial institution at some time or another. Sometimes business opportunities present themselves and so you need to strike while the iron is hot to be able to take advantage of them. Your money may be tied up in stock and other incidentals and so it is essential that you are able to reach out to lenders to give you the money that you need at that time.
Borrowing money from a standard lending institution like a bank or building society can be an incredibly stressful experience because they will want you to provide reams of paperwork and it will take up a lot of your time and energy just to make the application. After you have provided them with everything that they need, there is no real guarantee that they will say yes to the loan. This is why many businesses take advantage of unsecured finance in Australia because of the many benefits that it provides.
- No collateral is needed – This is one of the main selling points and this is particularly important for a small business that is just starting off. They won’t have any collateral at that point or security to provide to the lender and so this is why an unsecured loan is incredibly attractive to many.
- Quicker funding – Unlike a bank or building society where they require lots of documentary evidence before they will even consider your loan application, unsecured business loans are offered to you in a much faster create of time. The approval process itself is incredibly simple and convenient. In many cases you can make your application online from your office or home and many people get a decision within 24 hours.
- Flexible payment solutions – A lot of financial institutions will want you to pay back a fixed monthly installment in a certain timeframe and this may not be suitable for your business circumstances. The beauty about an unsecured loan is that the lenders know and understand your circumstances and so they can offer flexible payment solutions.
There are a lot fewer restrictions when it comes to unsecured loans and you can use the amount that you apply for, to use for any purpose that you would like. You can use it to help start your business or to expand your business and you can even use it for buying new assets or just using it for your working capital.