When the Bank Denies Approval

It can sometimes be difficult for a small business to get approval for a loan from a bank. The qualifications are the same for every business, which leaves no consideration for potential, circumstances, or the current condition of the business. There are alternatives when the bank denies approval. One option is unsecured business loans.

High Approval Rates

Non-traditional lenders offer higher approval rates than banks because those companies take every aspect of the business into consideration. Loans are approved on a case by case basis with a minimal amount of information. Applications can be completed online within ten minutes. In most cases, approval and funds are available on the same business day.

Qualifications

There are minimum qualifications that must be satisfied before the small business owner can be approved. The business has to have a trading history of at least twelve months. Turnover has to be in excess of five-thousand dollars per month, with regular cash flow on a daily, weekly, or monthly basis. Loan amounts range from five-thousand dollars to three-hundred thousand dollars.

The amount approved and the business loan terms are based on the type of loan requested, the current health of the business, and the amount of regular cash flow. The interest rate will also vary from case to case. If approved for a loan, the business owner will be provided with a detailed account of the approval amount, the interest rate, and any fees or charges that will apply to the loan. Short-term loans can be taken out for six to twelve month terms.

Information Needed for the Application

Information required from all applicants includes a driver's license for positive identification, and the last three months of business bank statements. Requested loan amounts over fifty-thousand dollars have to be accompanied by the last six months of bank statements, and the most recent financial report showing both incoming and outgoing transactions. Owners can visit UnsecuredFinanceAustralia.com.au for more information.

Loan Types

There are three types of loans offered by the company. The first is a flexible business loan with facility terms of three to twelve months. Money can be used for any purpose, and a redraw option is possible. A trade line of credit is the second option. This loan comes with revolving twelve month terms. The line of credit has no line fees. The money can only be used for import, export, or domestic trading and business transactions.

The third option is equipment and vehicle finance. Facility terms can be up to sixty months, with a balloon option available. A wide range of equipment qualifies for financing across industries. Go to https://www.unsecuredfinanceaustralia.com.au for a list of industries served and equipment or vehicles financed.