Quick answer
An easy business loan is one where the lender asks only what it needs. Company Cash asks about the amount, the security, your business and your contact details. There are no bank statements, financials or valuations to supply for loans of $20,000 to $50,000.
Key points
- No bank statements, financials or profit and loss.
- No formal valuation to start.
- A short form that takes minutes.
- Security on property or an unencumbered company vehicle.
- Not asked
- Bank statements, financials, tax returns, valuations
- Asked
- Amount, purpose, security, business details, contact
- Loan size
- $20,000 to $50,000
- Credit check
- None to enquire
Every small business owner has had the experience: you ask about a loan, and the reply is a list. Bank statements for six months. Financial statements. BAS. Tax returns. A schedule of debts. Often there is a second round of questions after the first. If you are time poor and in a hurry, that list is a reason to give up.
What we ask
For loans of $20,000 to $50,000, secured on property, the form asks:
- What do you need the money for, and how much do you need?
- Is the loan for a business purpose?
- What can you offer as security, and roughly what is it worth and what is owing?
- What state is the security in?
- Roughly what is your monthly business cash flow?
- What is your business name, and how do we reach you?
That is the whole form. There is no upload step and no folder of documents to find.
What we leave out, and why
Bank statements. Statements let a lender judge cash flow. Because our loans rest on equity, we do not need to judge it.
Financial statements and tax returns. Same reason. They tell a lender about trading, not about the value of a house.
A formal valuation. Valuations take time to book and deliver. We lend using your estimate of value, and up to 80% of residential value and 70% of commercial value, which leaves room if the estimate is a little optimistic.
Long conversations. A person does look at each enquiry, and we will call to confirm details, but we aim to keep it short.
The trade-off, said plainly
An easy loan is not a free loan. The trade-off for few questions is security: you must have enough equity in property, or an unencumbered company vehicle. If the company defaults, the security is what protects the lender, so the lender pays attention to that and little else.
That is a sensible bargain for many owners. A director with a home and a short-term problem can solve it without exposing the company’s books. But you should understand what you are offering. Read the contract, ask about every fee, and speak to your accountant or lawyer if the amount matters to you.
Why it feels easier
Think of the difference between two kinds of lenders. A cash flow lender is a detective, trying to piece together how your business will perform. A secured lender is closer to a surveyor, checking that what stands behind the loan is solid. Detective work takes paperwork. Surveying takes a few facts.
That is also why this kind of loan can suit companies that look poor on paper. If cash flow has dipped, or the account is crowded with repayments to other lenders, a detective sees a problem. A surveyor sees a property.
When it is not the right fit
An easy loan may not suit you if you do not own property or a vehicle outright, if you need more than $50,000 in a hurry (a separate path with a few extra questions exists for that), or if you could get cheaper finance from a bank and have time to wait. Good advice sometimes means saying so.
What “easy” should and should not mean
Easy should mean a short form, a clear explanation and a prompt answer. It should not mean hidden costs or a rushed signing. Before you agree to anything, you are entitled to a clear statement of the amount you will repay, how often, what the fees are and what happens if a payment is missed.
Look for lenders who are open about who they are, give you time to read the contract and will answer questions in writing. If you are putting up your home or a company vehicle, it is worth a call to your accountant or lawyer, even if the loan is small. A few minutes of advice is cheap compared with the cost of misunderstanding a contract.
A short checklist before you apply
Know your amount, the date you need it, the security you will offer and its rough value and what is owing, and your ABN and ACN. That is all the form needs, and it keeps the process as easy as it should be.
Next step
If it sounds like what you need, the application form is short. The first question asks whether you need up to $50,000 or more, and the rest follows from there. There is no credit check to enquire. For the full overview, see small business loans from $20,000 to $50,000.
Everything here is general information, and any lending is subject to assessment.
Frequently asked questions
Is it really no questions asked?
Almost. We ask what we need to assess the loan: how much, what for, what you will offer as security and who the business is. We do not ask for evidence of cash flow.
Do I need financial statements or tax returns?
Not for loans of $20,000 to $50,000 secured on property or an unencumbered company vehicle.
Why do other lenders ask so many questions?
Most lend against cash flow, so they have to examine it closely. We lend against equity.
Is there a catch?
The trade-off is security. You must have enough equity in property, or a company vehicle with nothing owing. Read the contract and understand the costs.
Can I still apply if I have bad credit?
Yes. Credit history is considered, but with a secured loan it is not the deciding factor in the way it is for unsecured lending.