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Seven Things to Look for in an Unsecured Business Loan

Check out the presentation titled: Seven Things to Look for in an Unsecured Business Loan. Brought to you by Moula - https://moula.com.au/finance/understanding-working-capital . Moula was founded to help hard-working business owners in Australia access the funding they need to grow. In the past, getting funding meant going through weeks of paperwork, hassle, and hurdles. We use data to assess your loan application, which means we can keep things painless and lightning-speedy. <br><br>With Moula, you can apply online with no paperwork and no hassle, and have the funds in your account the next day. For more info, check out: https://moula.com.au today.

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Seven Things to Look for in an Unsecured Business Loan

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  1. Seven Things to Look for in an Unsecured Business Loan

  2. What is an Unsecured Business Loan? • Unsecured business loans don’t require any collateral as security from you or your business. Getting this type of financing, and how much, depends on your business’s revenue or creditworthiness. • Unsecured business loans aren’t guaranteed by any type of property, so they’re a bigger risk for lenders. They normally have slightly higher interest rates than secured loans. But they can also provide bigger loan amounts and much more flexibility. • Unsecured business loans can range from $5,000 to more than $500,000 depending on the size of your business and your credit rating. 

  3. Here are the Important Things to Look Out For :

  4. Interest Rates You Understand – With No Surprises: • Pricing is one of the most crucial factors to consider as many lenders charge more than most businesses can afford to pay. • Beware of lenders who don’t disclose their rates or give you pricing you can’t understand. • Look for a simple, transparent agreement which clearly shows the interest rate that applies to your loan balance.

  5. A Technology Platform that Fits Your Business • Look for a platform which can automatically review your business data and give you a decision in real-time. • Traditional loan providers might use online forms to capture your details but this information is still processed manually. You could be waiting weeks for an answer. • Find yourself an online loan provider who uses smart technology to make decisions. You won’t waste time waiting for approval.

  6. Excellent Customer Service • Business loans can be tricky to apply for and you don’t want to waste your valuable time. • Look for a loan provider who is informed and always available to answer your questions. • You should be able to pick up the phone and have someone guide you through the process.

  7. No Penalties for Early Repayment • You might need an injection of capital to buy inventory before a busy season. • Or you might just need a loan for a couple of months and be ready to pay it back straight afterwards. But many loan providers will charge you a penalty for early repayment. • Look for companies who don’t penalise you for being responsible and aren’t out to punish you with sneaky fine print.

  8. Hidden Fees • When comparing loans, interest rates are important, but they’re not the only factor. Beware of hidden fees such as establishment fees and direct debit fees. • These are just extra costs. Choose loan providers who charge for what you owe plus the interest, and nothing else. • And look for loancomparison calculators to help you see which lenders come out cheapest.

  9. Credit Checks • Make sure that your loan provider will get in touch with you before running a credit check. You must give your consent. • And make sure they only run a credit check when you’re ready to borrow.

  10. A Simple and Transparent Application Process • Don’t become stuck in a process which lasts weeks, only to end up being denied funding. • Here’s what you need to find out about the application process: • How long will it take? • What you’re going to need? • Who to talk to? (get a regular contact – not a new person each time) • How long will it take for the money to come in?

  11. Make Sure You're Calling the Shots • In the past, it was hard for a business to borrow money. Banks called all the shots. You had to complete lots of documents to prove your worthiness. And even then there were no guarantees. Other lenders emerged on the market, but they often hid behind unreasonable terms and conditions. And they hid the real cost of borrowing behind extra fees. • But things have changed. Unsecured business loans from lending specialists like Moula mean you can get quick, easy access to capital to help you grow. So you can focus on what you do best – running your business.

  12. Check These Out! • Moula was founded to help hard-working business owners in Australia access the funding they need to grow. In the past, getting funding meant going through weeks of paperwork, hassle, and hurdles. We use data to assess your loan application, which means we can keep things painless and lightning-speedy. • With Moula, you can apply online with no paperwork and no hassle, and have the funds in your account the next day. • For more info on working capital Check out: https://moula.com.au

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