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What is Alternative Business Lending and Online Business Lenders?

Qualifying for the Most Important Business Loan Requirements
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If you’re looking for funding to get your business the capital it needs to thrive, find out how to qualify based on business loan requirements.
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As a business owner, you have several different aspects of your business that you need to think about on a daily basis.

Between overseeing things like operations, delivery, and manufacturing, it can be easy to forget about keeping an eye on the finances.

All of a sudden you realize that money is way tighter than you imagined it being. Now it’s time to find options for improving cash flow. You know the old saying… “money doesn’t grow on trees”.

Fortunately, there are business loans that you can apply for. Here are the business loan requirements you must meet in order to receive the money you need.

1. Collateral

You might be thinking my business already has some debt to its name, I probably won’t qualify for a business loan.

While that does limit your options for business loans, you can offer up collateral in order to balance things out.

In the Lender’s eyes, you not paying off the loan they give you is far less risky if you offer up collateral. That way, if things go south, they aren’t stuck with having handed out a loan that had thousands of dollars unpaid on it.

So, what kind of “collateral” would the Lender be interested in? These can be things such as your car, your home, investments you have, or your savings account to name a few.

Does the thought of collateral seem overwhelming? Maybe an unsecured business loan is a better fit. Unsecured loans don’t require collateral to get approved.

2. Credit Score

Your personal credit score tells the tale of how successful you’ve been at paying off credit in the past.

Think of it as a resume of sorts. It shows your experience in situations similar to the business loan that you’re applying for.

That said, you’ll also need to show your company’s credit score report as well.

The definition of a “good credit score” may differ from Lender to Lender. However, you’ll typically pass this part of the business loan requirements with a score of 675 or better.

This is almost always part of a Lenders qualification process for approving or denying a business loan. If you wouldn’t consider yourself to have a good score, it’s never too late to start.

There are things you can do to improve your credit score for any future business loans or other ventures in which a good credit score is beneficial.

3. Yearly Revenue

Simply put, most Lenders are typically looking to work with businesses that bring in a minimum of $50,000 in yearly revenue.

If yours isn’t currently bringing that in, there’s not much you can do to fix that in the short amount of time you need the loan to be approved.

Lucky for you, there are small business loan Lenders that look at your monthly turnover amount (minimum of $10,000) rather than the revenue that you’re bringing in.

4. Detail of How You’ll Use the Loan

For obvious reasons, many Lenders want an in-depth description of what it is that you intend on using the funds for, should they approve the loan.

That’s why it’s important to have a plan of attack once you get the loan that you’re seeking.

What areas of your business need it the most? Are you looking to renovate or expand? Will you be purchasing new equipment? Are there other business ventures you have in mind for your company?

All are valid reasons in a Lender’s eyes and will help you get the business loan that you seek.

However, they still want to know how you plan to turn your intentions into reality. Say you’re interested in using the money to expand. What does that look like? Have you done research on expansion success stories in your industry?

Support your ideas and plan with the research that you’ve found. It gives the Lender peace-of-mind that you’ve got an educated plan in place.

5. How Long Have You Been in Business?

In order to be approved for a business loan, you’ll have to have been in business for at least two years prior to applying for the loan.

Lenders want to see someone with a track record and reputation in the industry that they’re in. It helps them know that things such as your plan for the loan have experience behind it.

If your business is less than two years old, you’ll want to turn to an unsecured business loan. They only require that you’ve been in business for at least 6 months.

From there, you’ll only need proof of ownership and a few personal references to vouge for your company and the experience that you have.

You shouldn’t have to worry about getting approved for a business loan that your company needs to take the next step. There are options out there for any situation, and those options don’t require a heavy amount of collateral to pursue.

Business Loan Requirements: Choose the Unsecured Business Loan Route

Running a business is a tedious beast. Sometimes there’s a learning curve that comes with being in the first couple of years owning your first business. You shouldn’t be penalized for that.

Why worry about secured business loan requirements when you have the option of an unsecured business loan to help in your time of need?

Be sure to read this article on improving your business and how a small business loan can help turn things around.

For more inquiries, feel free to reach out via our apply now page and we’ll be happy to assist you further.

Some of the most innovative businesses in Australia fall into the small business category.  But pushing through barriers to take advantage of growth opportunities is no mean feat.

Alternative business loans have more flexible credit requirements, more straightforward applications, and potentially quicker access to funds than traditional bank loans.

Alternative business funding encompasses everything from short-term working capital loans to long-term commercial real estate loans. Alternative lending is an inclusive term used to describe the full range of loan options available to consumers and business owners outside of a traditional bank loan.

With the ability to adapt to market changes and quickly scale up to take advantage of growth, small businesses ultimately face several advantages over the big banks.

These alternative options are most commonly used when an individual or business owner cannot obtain a conventional bank loan for any number of reasons. Alternative finance is any business finance that doesn’t come from a mainstream provider like the four big banks.

If you have questions you may want to contact our help centre or read our FAQ’s.

 

Alternative Funding Australia

In the past, alternative finance providers were hard to find, and Capify were the pioneers in Australia with over 11 years of experience.

Below is a guide that has been created for you to help business clients when they are looking for a work capital injection to get them through an urgent short term need or to address ongoing business requirements The guide outlines the main funding options from Capify.

 

What business loan is right for you?

Find out the benefits of alternative business loans, like Capify, if you own your own business is a, and we can help provide the obstacle in the way of realising growth and cash flow tends to be financing. Speak to your acc

Most of us don’t have the kind of capital needed for a startup. This leads to many people going to the bank when it’s not always the best option.

There are numerous alternative financing options available, and deciding on which one to go with is not a choice that should be made in a rush. There’s no need to be apprehensive of alternative financing methods, and there has been a worldwide increase in alternative financing.

According to Business.gov.au website, non-bank business lenders have received more than $1.1 billion worth of loan applications every month, representing approximately 11,676 loan applications per month.

 

What are alternative business loans?

Alternative business loans are a form of financing that is not provided by traditional lenders such as banks. Examples of these include private lenders, pooled investment schemes, wholesale funders, peer-to-peer, online, subscription-based loan funds, contributory loans and more. Each of these is slightly different in terms of the loan solutions they offer and, as with traditional business loans, should be thoroughly researched before choosing.

 

What are the advantages of alternative business loans?
Alternative business funders, such as Capify are often easier and quicker application process. Capify can fund a business customer within 24 hours. This is subject to the customers banking provider.

Capify small business funding takes out to the red tape than traditional lenders. This can mean shorter processing times, quicker financing of loans and no credit history checks. With more flexible credit limits and closer relations ship.

Figures reveal there are 2,056,523 small businesses in Australia employing less than 19 people, accounting for 97 per cent of all businesses by employee size, according to official figures.

Alternative lenders tend to have fewer clients than one of the four big banks does. This gives Capify the freedom to get to understand customers requirements and their businesses properly, which will lead to more flexible terms.

 

Is bad credit history can also be accepted?
At Capify, it’s possible to get a business loan with bad credit from some alternative finance providers. Your personal and business credit history may still be checked, but your business’s financial situation will be used to determine your eligibility.  Complete the small business online loan application form to get started on getting business funding.  Quick or Fast turnaround. Fewer clients lead to quick service. While you may need to wait a few weeks when applying with a bank, an alternative lender may be able to approve and fund your business loan in one business day. Apply online or call us on 1300 760930

The term ‘Alternative Business Funding’ or ‘Fintech Australia’ is something new and foreign.  Alternative lending is an emerging global market that has begun to overtake the leading position of the traditional bank when it comes to business loans and lending short term. Online Alternative business lenders such as Capify provide a range of alternative loan options for business owners rather than traditional bank loans.

Australia Fintech Online Business Loan Lender
Despite being a relatively new concept, in 2016 it was found in the Asia Pacific Alternative Finance Industry report, that Australia has now become the second-largest market in the Asia Pacific for alternative financing right behind China.

The Australian government has recognised Fintech companies and created a robust environment. The FinTech industry not only attracts much needed international innovators, but it also means that the industry is up to date in RegTech and it is no longer a risk for those who are looking into alternative lending solutions.

 

The investment in the Australian FinTech industry from $US53 million in 2012 to $US675M in 2016, has created a competitive environment that benefits the SME market. There is no denying that businesses and individuals are tired of the strict guidelines traditional banks provided, the demand for accessible, simple and tailored solutions for businesses is precisely what Capify fulfils.   These businesses succeed because they find ways to overcome the barriers that all small businesses face at one stage or another. For many, one of these is securing adequate capital to fund growth opportunities.

Speak to a lending specialist and overcome those day-to-day challenges to work on their business today on 1300 760 930 to get funds in 24 hours or start your application and apply now.

 

 

Apply Now

How to apply for a Business loan for asset purchases with Capify?

Australia’s leading finance firm, Capify, can provide a solution to every business need by their ideal short-term business loan. This business loan will help the customer’s enterprise increase their working capital as it gives them the ability to purchase inventory and make missed or late payments.

This unsecured business loan differentiates itself from others as it has an approval process of only a short 24 hours and has loan terms from $5,000-$300,000, terms and conditions apply. This means enterprises are able to receive the money with no hassle, allowing them to get on the pathway of achieving their business goals. Call 1300 760 930 to apply for funds to find out our non-fixed interest rates before April 2019 to get ahead of June 2020 tax financial income year. Capify does not provide line of credits to businesses,

How could small businesses use the funds?

  • Pay Bills
  • Marketing
  • Hiring extra staff
  • Purchasing Stock
  • Improve Cash Flow
  • Purchasing a Business car or Truck
  • Renovating or Expanding the business
  • Upgrading or Purchasing Equipment

Capify Financing Options and Business Loan Products

Capify presents ideal solutions to businesses who struggle to sustain adequate funds or want to achieve certain business goals. We offer two principal products and services that aid businesses in achieving their goals; Merchant Cash Advance and Capify small business loan.

Capify business loan ranges from $5,000 to $300,000 dollars which are deposited into the customer’s account where they will then have the ability to fund their business. This unsecured business loan will then allow enterprises to improve the health of their business and be repaid through small daily transactions.

Moreover, another business product that Capify offer is Merchant Cash Advance, which works best for businesses who tend to experience fluctuating cash flow. Merchant Cash Advance refers to the business gaining a lump sum of money and repaying it through minor percentages of their EFTPOS transactions. This will benefit the business as they are less prone to shortages within their cash flow thus allowing them to increase capital whilst repaying the loan back. As well as this, Capify provides their expertise to customers, suggesting new ways to improve the cash flow, tailored to their specific business.

Capify is Australia’s first small business lender since 2008, we have built and maintained a google review of 4.5/5.

Speak to a lending specialist today on 1300 760 930 to get funds in 24 hours or start your application and apply now. If you have any question go to our customer help centre or read our FAQ’s.

 

 

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We help businesses like:

FAQs

What are your interest rates?

We don’t use interest rates for our funding solutions.

Instead Capify offers an agreed total payback amount. The payback amount depends on the type of business you operate and the term you require the business finance for. This way your business knows up front the total costs, making managing your cash flow easy.

What are your loan amounts and terms?

Capify can lend your business from $5,000 to $300,000 in unsecured small business funding to SMEs. The repayment terms are flexible and depend on the monthly turnover of your business. Terms range from 3 months to 12 months.

We cover small business loans Australia Wide;

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