Apply for a business loan of up to $60,000 with no security required.
Trove Capital’s business loans are available to small and medium businesses for up to $60,000. The application process is online and if all the required information is submitted, you can be approved and funded within 24 hours. Repayments are scheduled to match your business’s income. Trove Capital finance is unsecured, which means that you don’t have to offer collateral to secure the loan.
How does the Trove Capital business loan work?
When you apply for a Trove Capital business loan you will be asked to specify the loan purpose. This loan can only be used for business purposes such as for buying equipment, hiring additional staff or renovating business premises.
Even though the loan can be made available within 24 hours, you can choose to have the funds deposited a week or a month after the application.
Features of the Trove Capital business loan
If you’d like to apply for this loan, below are some of its features.
- Quick application process. The application process is online. Trove Capital uses read-only technology to review your business’s bank statements.
- Flexible. Besides working capital, this loan can be used for a variety of business purposes, from purchasing new equipment to refinancing debt.
- No security. This is an unsecured business loan, meaning that your business and personal assets don’t have to be offered as security.
- Loan terms. You can repay this loan over a period of 3 to 12 months.
- Loan amount. This loan is available from $5,000 up to a maximum of $60,000.
- Easy repayments. Repayments are made monthly and are linked to your business’s income schedule.
- No hidden fees. All fees and charges are stated upfront.
- Responsible lending. Trove Capital is a responsible lender, meaning that if your business can’t afford to repay the loan, you won’t be approved for the amount.
How much does the loan cost?
The fees and charges associated with this loan are set out in the loan agreement. What you pay is determined by your business profile and the amount you’d like to borrow. Interest rates start at 1.5% per month. No establishment fee is charged for setting up this loan.
How to apply for a Trove Capital business loan
You can apply for this loan online. To be eligible, the minimum trade length is six months. You will be asked to supply personal information as well as details about your business’s finances. Trove Capital will evaluate your business’s financial health with read-only access to bank statements dating back 90 to 180 days.
While approval is quick and you can have almost immediate access to funds, it is important to ensure that your business is in a position to repay the loan amount before signing any agreements. Make sure you research a range of loan options before choosing the one that is right for you.