Thursday 25 July 2024
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Reasons Why Unsecured Loans Help SMBs Grow Faster

Reasons Why Unsecured Loans Help SMBs Grow Faster

In the past, there were not many options available for businesses except personal loans. The business loans were secured in nature; it just needed the borrower to offer collateral for security reasons against the loan amount. But owing to the ever-increasing number of start-up as well as evolvement of several businesses, most lenders are providing the facility of unsecured loans and  business loans in Australia.

If you need faster cash flow, contact APICKLE, one of the most reputable finance specialists in Australia. However, unsecured loans will have a higher rate of interest rates as compared to traditional loans.

Here are some reasons to choose unsecured loans for your business:

  • Easy application process

Many loan providers have made it quite a simple process for potential borrowers to avail business loans. Now they can easily apply for unsecured business loans on the website of loan providers itself, while sitting in the comforts of home or office. Such sites are quite user-friendly and have all the online guideline to instruct borrowers on how to apply for unsecured loans.

These websites even display various features as well as attractive offers on their business loans. If you need a loan, you just need to browse through different options of business loans available online, and then choose the one that suits your business requirement the best.

  • No collateral needed

As you can make out from its name itself, these business loans are unsecured, i.e. you need not offer collateral against taking the credits, especially beneficial for such businesses which are start-ups and cannot provide any material asset to provide as collateral. Therefore, availing unsecured business finance is much more feasible for SMBs or entrepreneurs who want to invest in business ventures or need funds to expand the present ones.

  • Fast amount disbursal

The process of online application makes it much easier to apply unsecured business loan. If the borrower can meet all the eligibility criteria laid down by the business loan provider like APICKLE in Australia, the application can be processed faster and the amount will get sanctioned instantly. If everything falls in place, the loan disbursement will just take a few hours and not days.

  • No shared ownership

Many businesses go to angel investors or venture capitalists to raise funds for their businesses. Although, convincing such people for investing in any business can be a huge risk. To approach such venture capitalists without having a full-proof business plan can often lead to rejection. In comparison, choosing to approach non-banking financial institutions or a bank is much easier. Many angel investors even ask for share in the profit of the company in return for their investments. The owner is not required to share any part of his/her profit with the loan provider.

  • Minimal documentation

To apply for unsecured business loans needs minimal documentation. Mainly, a borrower is only required to submit scanned copies of his address proof, identity proof, a cancelled cheque and SPDC. However, a few loan providers can also ask for certification of business existence, relevant financial document and bank account statements for checking your business vintage.

If you are looking for unsecured business loans in Australia, contact APICKLE, as they are the most versatile unsecured loan company. Their secured loans are the perfect choice if you need quick financial solutions for your business needs.