Traditional bank lending options can be cumbersome and often require submitting financial statements. They require lengthy approval processes, have limited flexibility, and need assets as security. Sometimes these are personal assets, such as residential property.
Banks also tend to be risk-averse and will often require that businesses have several years of strong trading history before lending to them. This creates a challenge for small business owners looking to grow.
Small businesses often need quick access to funds and upfront capital to invest in various facets of their operations for business growth. In today’s fast-paced environment, a lack of cash can mean missing out on crucial opportunities. Traditional business finance in Australia isn’t structured to capitalise on short-term opportunities in a fast-moving marketplace.
A Moula unsecured business loan provides true flexibility, enabling you to use the funds for what your business really needs, without weeks of waiting.
With the certainty of consistent repayment options, you’re in complete control and you’re not required to use any of your assets as collateral for the loan.
If you operate a business that doesn’t own a significant asset, such as a property, then you’ll usually be locked out of secured business finance options. A Moula unsecured business loan provides freedom and flexibility to use the funds for what you really need. Money is lent to you against the current trading position of your business. This an ideal solution for service-based businesses seeking small business loans in Australia.
If you’re looking to make a quick move in the market – waiting for a secured loan may mean a missed opportunity. An unsecured business loan can be the ideal solution for businesses that are nimble or have identified a gap in the market requiring quick action. Your business can invest right now in growth opportunities with a short-term business loan.
Unsecured business finance from Moula is quick and smart. Moula enables businesses to maximise opportunities today. Gone are the days of having to go through lengthy application processes and jump through multiple hoops to get funding in Australia.
An Unsecured Business Term Loan is a loan of $10,000 to $400,000 with a term of 1 to 36 months.
A Line of Credit is traditionally a more flexible facility in that the Line of Credit amount is an approved limit that you can draw up to. You can draw down the amount that suits your business and have continuous access provided you stay under your approved limit.
There are some variations to the specific terms of a Line of Credit facility depending on the lender, so it is essential to understand how you can access the funds, and if you can have access to the limit ongoing of over a set period. Some Line Of Credit facilities still required regular weekly payments to be made.