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.
Keep reading for the stress-free process on how to apply for an unsecured business line of credit:
- You must own an existing business to be approved for an unsecured business loan and you need to have been operating for at least 1 year and
- Sales – you will need to show that your business has generated R1 million or more in turnover to be able to apply for an unsecured line of credit. Ideally, you need credit card sales, EFTPOS transactions or regular cash flow through your bank account. You will need to supply 6 month’s bank statements with your application.
- Credit Profile – you will need a clear credit profile for your business, your business partner and yourself.
- Collateral – You will not be required to outlay any form of collateral or pay a deposit.
You qualify to submit an application:
- Income of R 1 million per annum or more…
- No security needed.
- Clean Credit record.
- 6 months bank statements.
- Consistent Cash flow.
If you meet all the above requirements, follow these steps to apply for an unsecured business loan:
Complete a basic form about your business and submit 6 month’s bank statements to apply for an unsecured loan.
Receive a response within 3 working days
If approved the funds will be deposited into your bank account