Apply for this paperless business loan and repay with interest rates tailored to your company profile.
Sail offers an unsecured business loan available for amounts up to $100,000. Instead of submitting paper or electronic documents, Sail uses big data to assess your business and whether or not it can afford a loan. The application process is fast and fully online. Loans are approved quickly, with interest rates tailored to your business finances. You can have money in your business account within 72 hours of applying.
|Product Name||Sail Unsecured Business Loan|
|Min Loan Amount||$5,000|
|Max. Loan Amount||$100,000|
|Interest Rate Type||Fixed|
|Interest Rate (p.a.)||From 15% (fixed)|
|Application Fee||2.5% origination fee|
|Loan Term||3 to 12 months|
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 $100,000.
- Loan period. This loan can be paid over a period of 3 to 12 months
- 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.