In some cases a guarantor will need to provide security to support a loan. This may be a Specific Security Agreement over a specific piece of security, a caveat or a mortgage.
How much can I borrow unsecured?
If you have 9 months of trading you can borrow up to $100,000. If you have been over 18 months you are eligible for an unsecured loan of up to $250,000.
While there are no hard and fast rules, you will generally be eligible for an unsecured business loan equivalent to 1 to 2 months trading turnover.
If you can offer some security you may be eligible for a partially secured business loan of $500,000 or more.
How long can I take an unsecured business loan for?
Depending on the lender, an unsecured business loans may last from 12 months to 36 months.
A unsecured business loan longer than 18 months will need to be lower then $75,000.