Sail Unsecured Business Loan
Borrow from $5,000 up to $150,000. Loan terms are short, up to 12 months, and interest rates are risk-based.
Sail offers an unsecured business loan available for amounts from $5,000 up to $150,000. As this loan is unsecured, you do not need to offer an asset as security. Loan terms are short, ranging from 3 months to 1 year. Bad credit applicants may be eligible. Interest rates are risk-based, meaning that your credit history will play a role in the rate you receive. If you have good credit, you can expect to receive a lower rate, but bad credit applicants can expect higher rates. Rates range from 13% p.a. to 25% p.a. They don’t charge monthly fees, but the establishment fee will be 2.5% of the total loan amount. They fund businesses in hospitality, retail, professional services, health and wellness, as well as trades and labour.
2.5% origination fee
Max. Loan Amount
3 months to 1 year
|Product Name||Sail Unsecured Business Loan|
|Min. Loan Amount||$5,000|
|Max. Loan Amount||$150,000|
|Upfront Fee||2.5% origination fee|
|Loan Term||3 months to 1 year|
How does the Sail Unsecured Business Loan work?
Sail evaluates your business finances when you apply and then approves an amount and an interest rate suited to what you can afford. As long as your business is Australian-owned with an annual turnover of at least $50,000, you can apply for this loan.
No fees are charged for repaying the loan early or settling the whole outstanding balance. This is a fixed-rate loan, which means that repayments stay the same throughout the loan period. While this loan is unsecured, a personal guarantee from one of the business owners is required.
Features of the Sail Unsecured Business Loan
If your business needs a financial boost, consider the following features offered by this unsecured business loan.
- No security required. This is an unsecured loan, so you won't be asked to risk your valuable assets to secure the amount. However, Sail will require a personal guarantee from at least one of the business owners.
- Easy application. Applications are submitted online. The form takes a few minutes to complete and you receive a decision within a maximum of 24 hours. If approved, your loan is available within one business day.
- Tailored terms. The loan terms and interest rate will be determined following Sail's assessment of your business finances.
- Fixed rate. The interest rate is fixed, which means your repayments remain unchanged during the loan period.
- Loan amount. You can apply for amounts between $5,000 and $150,000.
- Loan period. This loan can be paid over a period of 3 months to 1 year.
- Repayments. Repayments are made weekly. You can make additional repayments or pay off the loan without penalty charges.
- Possibility to increase loan. If you need additional funds, you can apply for a loan increase after you've paid off at least half the balance.
- Bad credit. Sail will check your credit as part of their assessment, but even if you have bad credit, you might still be approved for a loan.
How much does the loan cost?
Here are some of the fees you can expect to pay.
- Establishment fee. An amount equal to 2.5% of the loan amount will be charged for setting up the loan.
- Interest. The interest rate is set by Sail and is tailored to what your business can afford.
You will not be charged monthly fees or penalties for additional repayments or early settlement.
How to apply for the Sail Unsecured Business Loan
Applications are accepted online. This is a paperless loan, which means that Sail will make a comprehensive assessment of your business using big data. Following their evaluation, you will be offered loan terms suited to your financial situation.
You'll need to meet the following eligibility criteria before you apply:
- Your business must be Australian registered
- You must have a trading history of at least 6 months
- Your annual turnover must be at least $50,000
Sail will also need the following to facilitate the application:
- An ABN or ACN
- Driver's licence
- Cloud accounting software
- Access to your business banking details
Although no security is required for this loan, failure to make repayments could still have a disastrous effect on your business. It's a good idea to read up on other offers, including secured loans, before committing to a loan that isn't right for you.