Urgent Business Loans in Australia from HomeSec for Every Business Type
Whether you are short in cash flow or want to invest in growth opportunities, you should have a clear idea about Australian business loans. Business funding is a loan offered to a borrower for business purposes like meeting daily costs, making large payments or helping to grow a business. Thus, with these business loan types, it has become easier to restructure, grow or start a new business in Australia.
HomeSec understands how difficult it is to get approval for business financing in Australia from the banks due to their strict lending criteria. But we always concentrate on our clients and offer them the best business loans with good or bad credit history or strong financial records, simply by using the available equity in a property.
Why apply for business loans from HomeSec?
Business funding is specifically used for various business purposes such as making payments to a supplier, meeting daily operational costs, and expanding assisting with business expansion. Besides these, business loans in Australia are also helpful for:
- Buying additional business premises
- Buying new vehicles or equipment like a business truck or car
- Paying the staff wages and hiring new employees
- Buying stock
- Paying the outstanding invoices
- Controlling the cash flow
Different types of Business funds
Business finance is a lump sum capital that private lenders like HomeSec lend to a company. The amount varies together with the interest rate and its type, loan term, security and fees. A business loan is suitable for organizations that know how much capital they require for any worthwhile business purpose. Business funding can be of two types:
1. Secured funding
In this loan type, the borrower has to offer security such as a house or commercial property to the lender. This funding uses the available equity in a property to provide quick and easy finance options.
- Include competitive fees and rates
- A borrower can avail of a high loan amount
- Have flexible repayment terms
2. Unsecured Funding
The borrower does not need to offer any collateral as security to the lender in this loan type. HomeSec works with business partners who assess business cash flow and turnover when assessing a loan. However, some unsecured loans will still need a personal guarantee where the borrower has to personally pay the debt if the business cannot.
- No submitting an asset or property as collateral
Various Features of best business loans
Almost all business funding includes some common features like:
Funding with a redrawing facility will allow the borrower to withdraw money for any unexpected expenditure. There can be a limited amount or a redrawing charge, depending on the loan type. This funding is a line of credit which is offered by traditional lenders.
Traditional lenders can offer additional repayment of urgent business loans which allows a borrower to repay the debt faster, decreasing the charged interest rates. However, there can be an early repayment penalty in some cases.
Eligibility criteria for urgent business loans from HomeSec
HomeSec considers eligibility criteria while evaluating the application for bad credit business loans in Australia. Some of those factors include:
Credit sore is a big factor with traditional lenders, however at Homesec Credit scores are irrelevant and are not considered as part of the assessment process. This allows Homesec to offer quick business loans in Australia with competitive interest rates.
We should know the purpose for which you are applying for a business loan, how much you are borrowing and your repayment plans.
Business and personal history
A traditional lender will require information related to business and personal credit history, including any past business ventures, legal issues, or personal debts. This is not the case with homesec.
For the approval of quick business loans in Australia from HomeSec, you should submit the time from which your company has been operating in the industry. The minimum business age criteria are six months if applying for a 12 month interest only. Start up businesses can apply with Homesec for an Australian business loan with a maximum term of 6 months.
Annual business turnover
Traditional lenders will need a business to have a minimum annual turnover to ensure the lender and the business is making sufficient funds to repay the loan repayments within the scheduled date. This is not the case with Homesec.
Interest rates of business loans in Australia
Most borrowers want a loan to help them manage and grow their businesses without the hassle of high-interest rates. Some loans include fortnightly, monthly, or annual interest rates depending on their types. You usually have to select between two types of interest rates for bad credit business loans in Australia. They are as follows.
Fixed interest rate charges
Business funding with a fixed interest rate means the repayment amount will remain the same for the entire loan term. This interest rate type provides certainty with the repayment amount. But it also implies if your interest rates go lower for that particular loan type, you will not be able to reap its benefit.
Variable interest rate charges
Traditional lenders have variable interest rate on longer terms loans, however if you need urgent business loans in Australia a lender like Homesec is a good option, as we offer short term loans variable rates do not apply.
Do not hesitate to talk to our experts about any business loan and see how we can be of assistance.
If you have sufficient equity in real estate, you are almost certain to be APPROVED and funded within 24 hours.
Frequently Asked Questions
Any business owner with a registered ABN or ACN can apply for a business loan. The purpose of the funds must be for business use and you need sufficient equity in real estate assets to qualify.
The funds can be used for any worthwhile business purpose.
Full financial statements are not required, in some circumstances we may ask for business bank statements.
Yes, business loans can be extended beyond the original loan term by making interest only payments.
Our minimum loan amount is $20,000, the maximum amount is determined by the available equity in your property.
You need to have a registered ABN or ACN and sufficient equity in real estate assets.
Yes, our capitalised business loans can be repaid early without any penalty or early repayment fees.
Funding can be arranged in as little as 24 hours.
There is a small assessment fee payable if an offer for finance is accepted, this fee covers the cost of our due diligence process.