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Secure a loan without putting your home on the line

Secure a loan without putting your home on the line

Getting an unsecured loan is not impossible. Many small business owners still perceive loans as being a bit of a dark art – believing that they need to put their assets or property on the line to get any financial assistance. Thanks to online lending, this isn’t quite the case anymore. Here’s what you need to know to get up to speed with today’s borrowing requirements.

What is an unsecured loan?

An unsecured loan is when the health of a business is used to determine creditworthiness, without the business owner needing to secure the loan by putting up an asset as security. Larger banks tend not to offer these as the arduous paperwork, low returns and higher risks involved don’t make it worthwhile. Many small business owners find themselves having to use an asset to secure a loan, or being declined.

What is asset-based borrowing?

Asset-based borrowing is when a business owner borrows against the value of an asset they own to secure a loan. In essence it’s a way of securing new financing by using the value of what you already have. The asset is usually a personal asset like the family home or a commercial property, or a business asset like a truck or piece of equipment. The vast majority of lenders, especially the big banks, tend to secure loans against an asset. If you have trouble paying back the loan then your asset may be sold by the lender.

How did online lending change the market?

ClickCapital is proud to have been part of a big shift in business lending. As a whole, the online lending industry has turned the process of borrowing on its head by making opportunities available to small business owners in need of funding to grow. Speed, flexibility and personal service are the key differences between a big bank and an agile online lender like ClickCapital

Why is this good for a small business owner?

  1. An online business loan is typically available much faster.

The entire application process can take place online, from start to finish, and takes less than ten minutes. Due to the smart lending platform we use at ClickCapital’s Lender’s – that evaluates over 400 data points – we offer fast response times. We can often provide a decision within one hour, if the client has chosen to use our advanced bank verification system to instantly verify bank information online.

  1. The amount you can borrow is not dependent on the value of an asset.

If you are going down the path of a secured loan, you can typically borrow a set percent of the value of the asset. However, if your business has a healthy turnover you may qualify for a higher loan amount using an unsecured loan. ClickCapital offers unsecured loans from $5,000 up to $250,000 and measures the health of the business to determine creditworthiness.

  1. You can build a good credit record with timely payments

If your payment history is exemplary and your lender reports it to the relevant credit bureaus, then your timely payments can help build a better credit profile.

ClickCapital aims to provide solutions tailored to the specific needs of a business. We understand speed is vital when it comes to small business cash flow and we aim to move as fast as our customers do – by looking at their business, not their assets.

Contact us on 03 93984862 or get a quote now  to find out if we are the right option for you.

  • We don’t believe you need to put up a home as security to grow your business

  • Super simple product that even the smallest business can apply for

  • Suitable for most industries

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    Business Finance Professionals

    Business owners trust us to look after the needs of their business. We are specialists committed to delivering the very highest service in Business Finance and Insurance.

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    Frequently Asked Questions

    We keep our business very simple. We offer six products. Here are teh common questions we get asked about our products. Can’t find what your looking for here? Chat Online to Finance Expert

    We have a simple 3 step process.

    1. You apply online using our simple application process.
    2. One of our Business Finance Experts will review your application and match it to the correct product.
    3. We send your application off to your decision team and then you get the funds usually within 24 hours.
    We don’t charge you a fee for our service. Each product has a different interest rate and each application will get a different rate depending on your credit score, industry and other business factors. Before you sign up to any of our products you will know exactly how much you will be paying. We have no hidden fees or charges.
    No. We are 100% online. Everything can be done without you having to come to us or us coming to you. In the rare occasion when we have to do something face to face we will arrange something that is mutually agreeable.
    We have the expertise to be able to asses each application on its merits. Not taking anything away from the banks they are good at what they do. But they don’t have the knowledge and skills to be able to assess small businesses on their ability to repay loans so they often say no without even looking at the business. We love saying yes.

    We think that our products have some of the most competitive rates in the market. If you bring us a written quote we are pretty confident we can beat it.

    Location plays no part in you ability to get a loan with us. As long as you are registered in Australia we can get you finance.
    If it is for a worthwhile business purpose we can look at it for you.
    We can often provide a response in one hour – if you apply during standard business hours and allow us to use an advanced bank verification system link to instantly verify your bank information online. If you choose to upload copies of your bank statements, we can provide a decision in as little as one business day.