Fast Secured Business Loans
Founding, running, and building a business costs money – and the old adage that you need to spend money to make money is true. Many business owners are required to borrow money in order to build their business and allow it the opportunity to grow. This could be for wage payment, purchase of equipment, buying inventory, renting premises, or financing growth.
For this purpose, there is an array of business loan products available; however, in order to access larger sums of money with lower interest rates, you’ll need to have adequate collateral to secure the loan, usually in the form of residential or commercial property. These types of loans are referred to as secured business loans.
If your business could do with a cash injection for either short term goals or to continue building for the future, a secured business loan or a secured bad credit loan might be a viable option. Universal Finance have both the experience and expertise to recommend the most suitable financial product for your needs.
We can also provide advice and options for businesses looking into secured bad credit loans as we realise that many businesses may have difficulty in meeting the stringent conditions attached to borrowing from the more traditional lenders.
What is a Secured Business Loan?
A secured business loan is a loan for business purposes that is secured by an asset you already own. In most cases, this collateral is in the form of commercial or residential property and in the event that you are unable to pay back the business loan, your asset will be used to cover your debt. Your business loan lender will potentially sell your asset to use the proceeds of the sale to cover your outstanding debt and other expenses if you fail to honour your repayments. To reduce your risk of defaulting on any loan, the team at Universal Finance will work with you and provide impartial advice as to which type of loan is most suitable for your precise needs.
This sounds like a high-risk option, and it can be, but it does offer an array of distinct benefits. With secured business loans, opposed to bad credit loans, the loan is supported by your asset, therefore you have far greater borrowing power due to the fact that the lender is assuming a lower level of risk. This means that a secured business loan will frequently allow you access to larger loan amounts and with lower interest rates and longer loan terms.
Due to our position in the market, we have access to a number of diverse lenders who can offer secured business loans at competitive rates, one of which is likely to meet your requirements. More bespoke products such as secured bad credit loans may also be available to certain businesses who don’t meet the set criteria for a regular secured business loan.
Some lenders accept collateral other than property for a secured business loan, and this can include vehicles, equipment, cash or savings, invoices, or the value of your business itself.
Whatever your business needs may be, the team at Universal Finance can offer advice as to the best secured business loan for your requirements, get in touch today for more details.
How Can Universal Finance Help with Secured Business Loans?
Universal Finance is a renowned South Australian finance company and we offer many varied financial services including:
- Secured Business Loans
- Secured Bad Credit Loans
- Secured Small Business Loans
- Bad Credit Business Bridging Loans
- Short Term Business Loans
We have consistently provided Australians throughout the nation with effective, flexible finance solutions and an effective alternative to traditional mainstream lenders like banks and credit unions since 1999. When you deal with Universal Finance you can be assured of receiving impartial advice and gaining access to a large selection of lenders that offer the type of secured business loans that businesses like yours rely on.
At Universal Finance, we deal directly with lenders in order to save time and money. Our friendly team of professional consultants have access to a very wide array of private lenders throughout Australia, offering greater flexibility to our clients than banks and other mainstream lenders will offer.
This means that we can deliver solutions for even the more challenging finance requirements and circumstances, without delay, so your business does not suffer due to long waiting periods for loan approval.
We pride ourselves on presenting all information in an easy to understand way. If you have any questions about the intricacies of a secured business loan for your business, our staff will take the time to ensure all your questions are answered to make sure you are getting the right product for your needs.
We can also help you find lenders for secured bad credit loans if required and deliver decisions within the same time frame as the process for mainstream secured business loans.
A fast secured business loan could be the right solution for you, particularly if you are:
- An established business
- A business with strong credit history
- Have valuable assets
- Require a large financing amount
- Are seeking finance for renovation, expansion, or are refinancing
Frequently Asked Questions
What is a secured business loan?
Secured business loans are loans that are secured against collateral; i.e. something of value that you own. While this may sound risky, it’s quite common for businesses to opt for a secured loan for a couple of reasons. Firstly, they’re likely to be accepted by more lenders and get a better interest rate, since there’s less of a risk that the lender will be left out of pocket. Secondly, it can allow you to borrow more money than an unsecured business loan, so if you need a bigger loan, you might want to consider secured options.
How do secured business loans work?
When you sign up for a secured business loan, you put some of your property down as a collateral. This allows you to borrow against the things you already own. As long as you make the agreed repayments on time, you won’t have any issues and can keep using your property as usual. However, if you default on your payments, eventually the lender will be able to apply to repossess the property, which allows them to recover the money owed. So, it’s important that you don’t overstretch yourself and ensure you can keep up with payments.
What asset can I use as collateral on loan?
There are a number of different assets that can be used as collateral for a secured business loan, and different lenders have their own criteria for what’s acceptable. You may be able to use residential or business properties, land, business vehicles, equipment, future invoices, or equity from the business. Universal Finance have over 50 lenders on our panel, so when you apply to us, we can help you find a loan based on the type of collateral you can offer.
Can I still get a business loan with no assets?
You can sometimes get a secured business loan based on personal assets such as your home. Also, there are a wide range of things that can be used as collateral, so you may have something that’ll be accepted by a lender. However, you may find an unsecured business loan is more suited to your needs, which is based on a loan agreement and isn’t secured against property. Universal Finance can find lenders for both unsecured and secured loans, so don’t hesitate to get in touch and we can find one to suit your circumstances, even if you don’t think you have assets you can use.
How long does it take to get a secured business loan?
Secured business loans have traditionally taken quite a long time to arrange, as they are usually for larger amounts and there used to be a lot of paperwork involved. Universal Finance have streamlined the process, so we can ensure you get the money you need in as little time as possible. We deal directly with lenders and take care of as much of the admin as possible, so when you need money for your business, we can get it into your account quickly.
Choose Universal Finance TODAY
If you have been less than satisfied with other lending institutions and their ability to deliver a suitable secured business or bad credit loan for your precise requirements call Universal Finance for unparalleled knowledge and industry experience.
We are equipped to quickly understand your loan requirements and we will work with you to develop a very satisfactory solution. Our network of providers gives you a better chance of securing that financial product that can move your business forward.
Look no further than Universal Finance for the best secured business loans available.