Venturing into the market as a small business comes with its own set of challenges. The major hurdle that any business faces, be it small or large, is the availability of finances at the right time. Some businesses need capital investment for expansion, while some need finances for managing meagre expenses and running costs like salary, overheads, electricity, etc. Not having access to the right amount of funds can prove fatal to your business.
If you’re a small business, securing a loan is a highly tedious task. Lenders get over a lot of background and credit checks, and also go through the business plans, before approving the loan.
Even if you want easy business loans, you will have to pass through parameters, like
● Healthy business cash flow
● Lucrative business plans
● Bank statement
● Credit history
Besides these, the credit history of the owner of the business is also checked in case the business itself is new and does not have credits to show.
Also, the Loan agencies charge exorbitant interest rates and demand collateral, which becomes challenging, especially if you have pending loans. As a business owner, if you have initially taken a loan for setting up your business, or capital expenditure, etc., it becomes highly difficult to secure a loan later.
Best financing option for your business
If you are looking for instant unsecured loans, Hubbe is the right lender for you. You can get easy business loans, even if your enterprise is new. With us, you will get easy unsecured business loans with perks, like:
● No collateral required
● Flexible repayment tenure
● Comfortable rate of interest
To know about how to get business loans with poor credit history click here>>
Factors that determine your loan approval
There are a few factors that determine the approval or rejection of loans. They are:
Loan amount: Loan amount is one of the driving factors. Essentially, smaller amounts are disbursed quicker and are hassle-free to acquire. However, a higher amount draws in all parameters, like collateral, credit checks, etc.
Business capacity: The business bank statement and profit-loss accounts determine how much debts your business can afford. Even if you apply for easy business loans, the debt capacity of your business is important.
Credit score: The credit score, or credit history, is checked too. However, if the business is new and does not have a credit history yet, the credit score of the owner is taken into consideration.
For newer and small-scale businesses, easy unsecured business loans seem to be the perfect option as it eases off a lot of parameters that would make the approval uncertain. Hence, if you are looking to get unsecured business loans, get in touch with alternative lenders like Hubbe.
Unsecured Business Loans: The Way to Go
Well, if you’re a business owner stuck in such a conundrum, you don’t have to worry. Hubbe provides fast unsecured business loans which can help bail your business out of financial troubles. An unsecured business loan doesn’t require any collateral, which means that the loan amount does not depend on the value of your assets.
Most secured loans that demand collateral, lend only around 60 to 70 percent of the asset value. And the risk of losing your assets if you fail to repay your loans on time looms large. Since one does not have to wait for the assessment and valuation of their property, the turnaround time is faster. It is also highly probable that you can repay your loan on time and improve your credit rating.
Unsecured small business loans help you keep your property secure, have faster disbursal, give you a chance to improve your credit rating, and is not constrained by the value of your assets. If you’re looking for a loan and don’t want to mortgage your property, or need instant money which is not restricted by your asset valuation, instant unsecured loans can be the perfect solution for you.
Also Read: Why Unsecured Business Loans are important for your Business?
How to get an easy unsecured business loans for your business?
Hubbe helps you get fast unsecured loans in a series of simple steps. The entire process is quite hassle-free and helps you get a loan amount up to $500,000. The interest rates start at 9.9%. Hubbe also provides great flexibility when it comes to repayment of your loans, as the terms range from 3-24 months.
The entire process is so fast that filling in the application will not take more than 10 minutes. And if your profile is approved, you can get funding in less than 24 hours.
Let us look at the process of getting unsecured small business loans in six easy steps with Hubbe:
Step 1: Customer Enquiry
If you wish to secure a loan for your business, all you have to do is place a simple enquiry. The representatives from Hubbe will get back to you in a bid to understand your requirements in detail.
Step 2: Pre-Qualification with Hubbe
Depending on the loan amount you wish to secure, you will be required to submit the desired/required documents. For loans of $150k or less – a Driver’s License and business bank statements of the previous 3-6 months are required.
For loans ranging from $150k to $300k – A Driver’s License, bank statements of the last 12 months, interim & audited company financials (Balance sheet, Profit & Loss), Accounts payable & receivables ledger.
EXPRESS PATH: Loans < $150k, require only 6 months worth of Bank Statements to apply.
HUBBE PLUS: Loans > $150k-$300k, require full applications (Financials, Tax Portal, etc.).
Step 3: Qualification with Lender
After assessing your documents, Hubbe helps find you Lenders who can lend you the required amount. After you choose the lender that suits your requirements the most, your application is forwarded to the lender who decides whether you are a suitable borrower or not. If the Lender agrees to go forward with the deal, most of your work is done.
Step 4: Document Collection
As you finalise the terms of your deal, you will need to submit the required physical documents to the credit team from Hubbe.
Step 5: Application Review
Once all your financial documents are collected, they are assessed for authenticity. After careful reviewing of your application, you are provided with a decision within hours. If your loan is approved, you will be given a walk-through on all the terms and conditions, and the final agreement will be sent to you electronically, to review and send back.
Step 6: Loan Disbursal
The final step requires you to provide your bank details. As soon as your banking details are received, the funds will be released and credited to your account.
Get Your Unsecured Loan With Hubbe
As you follow these simple steps, you will, no doubt, be set on the course to getting your desired funds. With Hubbe, getting an unsecured loan has never been so difficult.
Here is a brief summary about easy steps to get fast business loans in Australia: