Unsecured business loans up to $500K

Who is Eligible to possible obtain up to $500K unsecured loan

 

Product choice;

1. Business Loan:Borrow up to $500,000 with the choice of a variable or fixed interest rate.
2. Business Overdraft:Borrow up to $300,000 to manage cash flow ups and downs.
3. Business Credit Card:Credit limit up to $50,000 to manage cash flow, and your customer can pick from a variety of cards.

Below is the criteria required to assess for the unsecured loans.

Criteria 1;

Accountant software

• Xero
• MYOB (AccountRight, Business and Essentials)
• Intuit Quickbooks
• With an active bank feed connection and at least 6 months of reconciled financial data. Minimum

Criteria 2;

• Sole trader
• Company with no more than 5 directors
• Partnership made of no more than 5 individual partners and classified as “Family” or “Other”
• Trust where the trustee is a company and classified as “Discretionary Trading” or “Fixed Unit” trust

Criteria 3;  

• Business Turnover up to $10M
• Registered ABN/ACN and GST registered 12 + months
• Annual turnover greater or equal to $75K p.a.
• No director or shareholder changes in the last 6 months
• All majority shareholders (greater than or equal to 25%) or unit holders of a fixed unit trust are either a director/s or a spouse/de-facto/dependent to any director of the borrowing entity.
• No current arrears on personal or business.

Key note;

• To apply; you must have or know your business/industry ANZSIC exclusion number to apply.
• Must fully disclose your business loans and/or liabilties and know your current loan balances and loan payments when applying.
• To have all the required information before applying will save time. 

Websites to find your industry ANZSIC code; https://www.ato.gov.au/calculators-and-tools/business-industry-code-tool-anzsic-coder

Or ; https://www.dcceew.gov.au/environment/protection/npi/reporting/industry-reporting-materials/anzsic-code-list

 

Criteria 4;

Customer Benefits

• Conditional approval in minutes for eligible applications, with full approval in just 2 business days.
• Funds in under 2 business days, of returning signed documents (loans and Overdrafts) cards dispatched in 2 business days.
• Assessments based on the customer’s business cash flow via a 1-time connection to Accounting software provider. (no need for accountant prepared financials)
• No approval fee (LAF) for overdrafts and loans and no loan administration fee for loans.
• Access to unsecured lending up to $500K – No property assets or cash security required
• No director or shareholder changes in the last 6 months all majority shareholders (greater than or equal to 25%) or unit holders of a fixed unit trust are either a director/s or a spouse/de-facto/dependent to any director of the borrowing entity

Important Information.

Interest rates and fees are current as at Monday, 20 May 2024 and are subject to change without notice. The interest rate on Variable Rate Loans is subject to change throughout the term of the Loan.

Any advice does not take into account your personal needs, financial circumstances or objectives and you should consider whether it is appropriate for you.

 

If you have any further question or interested in applying call me on 0418 604 910 or email at simon.bowler@mortgagechoice.com.au