Expand your small business or make essential trading purchases with an unsecured business loan from Accrutus.
This loan is designed with smaller and newer Australian businesses in mind. All you need to be eligible is to show that your business has been trading for at least nine months. Many lenders are less than eager to lend large sums of money to small start-ups, so Accrutus is a lender to consider if you are having trouble getting capital for daily business operations.
How do the loans work?
As long as your business has been trading for nine months or more, you can apply for this loan through the Accrutus website. Loan amounts start at $10,000 and go right up to $200,000. There is no need to provide financial statements for loans under $70,000.
The loans are short term, the minimum being 3 months and the maximum 18 months. You can make daily, weekly or monthly repayments that can be tailored to your business cash flow. Once your loan is approved, you can expect the funds to be deposited in your nominated bank account within two to five business days.
Features of the Accrutus unsecured business loan
Features of this loan include the following:
- Short loan terms. The loan terms are 3 to 18 months, so you won’t have a long loan term hanging over your head as your business grows.
- Large borrowing amounts. You can borrow a minimum of $10,000 and a maximum of $200,000.
- Unsecured. This type of loan is unsecured which means you don’t have to put down any assets that you own as collateral if you are unable to pay the loan.
- Straightforward process. All the information you need in order to apply can be found on the Accrutus website in easy-to-read dot points. This makes it easy to assess whether this loan is right for you and your business before you apply.
- Early repayments. There are flexible funding solutions in place that allow you to pay back the loan early if you are able and wish to do so.
- Variety of lending partners. As Accrutus is a facilitator that acts between you and the lending partners, it gives you access to a wide range of lenders that will take a chance on your small business.
- Varying interest rate. Before applying an interest rate to your loan, Accrutus takes into consideration the industry your business is in, your current sales turnover, your credit score, the amount you wish to borrow and your loan term. However, rates are typically between 1–3% per month.
- Ideal for small businesses. Your business has to have been trading for at least nine months, but this unsecured capital is ideal for business owners who have big ideas but not enough capital to help them get there.
How much does the loan cost?
Once you are approved for the loan, some of the fees you can expect to be charged include:
- A monthly account-keeping fee. This is a set fee charged monthly to your nominated bank account.
- An establishment fee. This is charged when your loan is approved.
- A direct debit dishonour fee. If Accrutus tries to take out funds they are owed but find they are unavailable, it will charge a dishonour fee.
All the fees you will be expected to pay will be outlined in your loan approval statement.
How to apply for this loan.
The eligibility criteria that you need to meet for this loan includes:
- Solid evidence of business trading over the last six months, such as profit and loss statements.
- Proof of where your business premises are situated, as well as details of the leasing agent if you have one.
- Six months of recent business bank statements.
- Financial evidence for business deals above $70,000.
- Evidence of any outstanding overdraft and other loans.
- Evidence of any paid defaults.
- 100 points of ID, which can include your driver licence and Medicare card.
Some of the documents you need to provide are:
- Your Australian driver licence.
- Business financial information such as evidence of trading, your Australian Business Number (ABN) or Australian Company Number (ACN), plus six months of business bank statements so Accrutus can assess your assets and liabilities situation.
An Accrutus unsecured business loan is ideal if you need capital for building your smaller-sized company. Compare other business loans as well to ensure you choose one that best meets your business needs.
Comparison of other business loans
Whilst we don't directly compare Accrutus Unsecured Business Loan, compare other business loans offering similar features.