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How to qualify for an unsecured business loan

While unsecured business loans may not have as many approval requirements there are still a few boxes that you have to check to qualify. We have outlined all these requirements to qualify for an unsecured business loan below:

Income Requirements

You may not need to put up any assets or provide collateral to qualify for an unsecured business loan but there are still income requirements to get your application approved. You will need to provide 6 month’s bank statements and have a turnover of R1 mil per annum of more to apply with Business Loans.

Credit Requirements

It is preferred that you and your business have a clean credit profile, however in some circumstances assistance can be given where your credit profile is not good.

You must own an Existing Business

Your business must have been trading for at least 1 year at the same premise top qualify for an unsecured business loan.

Sales

Credit card sales, EFTPOS transactions or regular cash flow in your bank account is preferable when applying for an unsecured business loan.

Collateral

Unsecured business loans do NOT require any form of collateral or for the business owner to put up assets to be approved for a business loan.

Type of business

If you have been trading for over a year and have regular cash flow, any business can qualify for an unsecured business loan.

In summary, if you:

  1. Income of R 1 million per annum or more…
  2. No security needed.
  3. Clean Credit record.
  4. 6 months bank statements.
  5. Consistent Cash flow.

you are eligible to apply for an unsecured business loan.

Apply for an unsecured loan today click here.

How Unsecured Business Loans Work

There are a couple of reasons why unsecured business loans are more desirable then a traditional secured loan. As a small to medium sized business that is ready to scale you may NOT have enough collateral or assets to apply for a secured business loan making growing your business almost impossible without access to the… Continue Reading

The Advantages of an Unsecured Business Loan

With competition becoming fiercer in business, small to medium enterprises find it harder to compete and stay ahead of competitors and in many cases, this is due to cash shortages. Access to instant capital for SME’s can be one of the biggest factors that can help them grow their business and keep their competition at… Continue Reading

How to apply for an unsecured business loan

When you need extra cash or capital to finance your business expansions, pay debt or to purchase inventory, an unsecured business loan could be for you. With only a 3 day wait for approval and a short online enquiry form, unsecured business loans are the best option for business owners who require an increase in capital quickly.… Continue Reading

Why a Business Needs Unsecured Lines of Business Credit

We have all heard the saying, ‘it takes money to make money’, which rings true to many small business owners alike, especially during lengthy business expansions. However, most business owners will admit that access to instant lines of capital is not always easy to come by. With these two factors at play, applying for unsecured… Continue Reading

Why an unsecured business loan is the best option for your business

If you’re a South African business owner, you may have investigated small business loans as a source of financing to purchase new inventory and machinery or to expand your business. Traditional lenders, such as banks, generally require some form of collateral for the business loan, such as; property, or assets to obtain the financing. Many… Continue Reading

6 Reasons Why Your Business Loan Was Rejected

The process of applying for a business loan may be daunting, especially with the number of documents required, all at the risk of potential rejection from the lender. After submitting your application, you may feel as though you have provided all the necessary documents, but you receive a notification that your loan request was rejected,… Continue Reading

Invoice Discounting

The traditional invoice discounting, invoice factoring or debtors discounting model is fast being surpassed by the Unsecured Business Loan model. The Unsecured Business Loan (UBL) can be arranged in 3 days, if a business has sales of R 1 million per annum, has been trading for more then 12 months, is a registered legal entity… Continue Reading

Purchase Order Bridging

Many companies reach a stage where they have secured big orders but they are not able to fund the purchase of the stock. New Way To Fund Trading At last business owners now have access to self employed loans. In the past it was very difficult for the self employed person to secure funding from… Continue Reading

SHARIAH COMPLIANT LOANS

Shariah Compliant business advances without security, are now possible from private lenders. Cash advances from R80 000 to almost any amount are available within a few days (terms and conditions apply). Repayment of the advance is based on a percentage of turnover. The repayment term is between 4 months and 11 months. Continue Reading