Low Doc Business Line of Credit
- Low interest rate line of credit starting at 7.50%
- Apply in 3 minutes, fast decision
- Extend your supplier payment terms
- Australian Government Backed SME Guarantee Loan
- Get your invoices funded quickly
- Get funded up to $500 000
- Low doc options up to $250 000
- Simply upload invoice and have them paid
- Pay back in easy 3 easy to manage instalments
- Getting a Quote is free and Won’t Affect Your Credit Score
Grow your business and manage your cash flow
Low doc business loans are designed for business owners who have difficulty in providing sufficient financials to qualify for a business loan from traditional bankers. The purpose of a low doc loan is to meet a business’ short term financial needs or long term expansion strategy.
Unsecured
Asset seurity not required. No need to put your home on the line; all you need are derictor’s guarantees.
Flexible
Fast
Decisions in as little as 1 hour – 90% of customers receive their funds within 1-2 business day
Helpful
Our friendly team is availalbe 9am – 9pm 7 days a week. For support please call 1300 617 673 or chat online.
Key Features & Benefits
Convenient end to end funding solution
Less Steps to achieve funding
Fund local & international invoices
Competitive rates
Unlimited redraws
Facility Term: Unlimited & Revolving
Australian Government SME Recovery Loan Scheme Information
If you are a Small to Medium Enterprise with a turnover of less than $250 million you may be able to access loans of up to $5 million.
The Government’s SME Recovery Loan Scheme is designed to support the economic recovery, and to provide continued assistance to SMEs that are dealing with the economic impacts of the coronavirus crisis.
Participating lenders are offering guaranteed loans on the following terms under the
SME Recovery Loan Scheme Key Features:
- The Government guarantee will be 80% of the loan amount.
- Lenders are allowed to offer borrowers a repayment holiday of up to 24 months.
- Loans can be used for a broad range of business purposes, including to support investment. Loans may be used to refinance any pre-existing debt of an eligible borrower, including those from the SME Guarantee Scheme.
- Borrowers can access up to $5 million in total, in addition to the Phase 1 and Phase 2 loan limits.
- Loans are for terms of up to 10 years, with an optional repayment holiday period.
- Loans can be either unsecured or secured (excluding residential property).
- The interest rate on loans will be determined by lenders, but will be capped at around 7.5 per cent, with some flexibility for interest rates on variable rate loans to increase if market interest rates rise over time.
What can I Use the Loan for?
Loans issued under the Scheme can be used to refinance existing loans or for a broad range of businesses purposes (including to support investment) but cannot be used to:
- purchase residential property;
- purchase financial products;
- lend to an associated entity; or
- lease, rent, hire or hire purchase existing assets that are more than half way into their effective life
Read more information about the program here:
https://treasury.gov.au/coronavirus/sme-recovery-loan-scheme/smes
How do I qualify for an unsecured small business line of credit?
At Clickcapital we like to make it easy for you to access the funds you need to grow your business. You can either fill out our, or call one of our friendly team on 1300 617 673, so they can help you with the application. The form takes approximately ten minutes to complete.
For our Line of Credit Product all you need to have ready is:
1.Your Driver’s Licence number
2. The ABN for your business
3. The BSB and account number of your main trading account.
When we’ve finished assessing your application, we’ll give you a approved amount that is yours to use anytime you like and for anything you like. Simply head to our online portal and draw-down the amount you need.
Apply Online
Easy Application – No paperwork, secure online
process, takes minutes to apply.
Get a Decision Fast
Fast Helpful Response – Apply today and receive
a decision within hours.
Get Funds the Same Day
Grow! – Cash flow friendly repayments
No penalties for early payback.
We have access to a large range of Australian Lenders
Frequently Asked Questions
Low Doc Business Lines of Credit are a great tool for growing your business. The banks don’t like doing them because they don’t require your house as security. Here are the questions we often get asked.
How do I apply for a business line of credit?
How easy is it to get a business line of credit?
What can I use the business of credit facility for?
You can use the facility to pay any supplier to your business, including:
- Suppliers of stock/inventory/materials
- Suppliers of key services to your business
- Subcontractors
- Bills – EFT Payment Only
You cannot use the facility to pay the following:
- Repayment of other financing facilities
- Statutory obligations such as tax, superannuation etc
- Wages / Payroll
- Rent
How do I repay the facility?
The facility is a revolving line of credit, however there are minimum repayments required.
The repayment terms (minimum payments) for the Clickcapital Facility is 33%, 33%, and 34%. After we fund the invoice payment using your facility, the first minimum payment of 33% will be due on the 28th of the following month. The next 33% will be due on the 28th of the next month, and the final 34% on the 28th following. Normally due payments will be direct debited from your nominated bank account on the due date (28th of each month) however EFT, BPAY and Credit Card payments prior due date is also available.
What is a business line of credit?
How to qualify for a business line of credit?
Can demonstrate that your business has been trading for at least 24 months
Own or represent an Australian business with a registered ABN/ACN
If you have more detailed questions about your eligibility, please feel free to call us on 1300 617 673 or email us on hello@clickcapital.com.au
How do I terminate/cancel my facility?
How old can invoices be?
How long until I get access to the funds?
How much will I get access to?
Does a line of credit affect personal credit score?
How do / Can I repay facility early?
Is this an unsecured facility?
What are the fees and charges?
Below are the fees and charges associated with your line of credit:
- Service fee: 1.95%
- Monthly Fee $10 inc GST
- Documentation Fee – Capitalised on approval: $250 (No GST)
- Interest rates between: 7.95% – 13.95%
Is there anyone I can speak to about my facility?
How can I increase the line of credit limit?
Expert Finance Advice
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Disclaimer: Clickcapital helps Australian firms access business finance, working directly with firms and their trusted advisors. We are a credit broker and do not provide finance products ourselves. All finance and quotes are subject to status and income. Applicants must be aged 18 and over and terms and conditions apply. Guarantees and Indemnities may be required. Clickcapital can introduce applicants to a number of providers based on the applicants’ circumstances and creditworthiness, we may receive a commission or finder’s fee for effecting such introductions. Clickcapital does not provide any kind of advice and in giving you information about providers products, we are not making any suggestion or recommendation to you about a particular product. Offers of finance are subject to a separate assessment process by the provider and subject to their terms and conditions. If you feel you have a complaint, please read our complaints section which is contained within our terms and conditions.
Things you should know: No repayment period offer available to new and existing approved customers on a new or refinanced Prospa Small Business Loan settled between 3 May and 30 June 2021 (inclusive). Approved customers can elect to take an optional initial no repayment period of between 1 to 8 weeks, during which interest will accrue but no repayments will be required. Total loan repayment term will be extended by the time equal to the selected no repayment period (1 to 8 weeks) and interest will accrue from the loan settlement date until the end of the term. Interest that accrues on the loan during the no repayment period is capitalised and included in the total interest expense, and forms part of the regular fixed daily or weekly principal and interest repayments due on each payment date following the end of the no repayment period. Offer only available to businesses established and operating in Australia. Offer not available to refinance an existing Prospa loan that is within a no repayment period at the time of application, or in conjunction with any other Prospa offer. Offer may be withdrawn without notice. Standard credit approval criteria, fees, terms and conditions apply.
100 Douglas Parade, Williamstown Victoria 3016 Australia
