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Unsecured business loans?

Discussion in 'The Pub' at netrider.net.au started by MV, Jul 21, 2010.

  1. So, Netrider being the veritable sea of talent & information that it is (on all things financial it seems anyway!), I am looking for some options & ideas regarding a business loan:

    At this point I have two options: A vendor loan (VL), which I think might be better, or:
    an unsecured business loan (UBL), which I know very little about.

    Obviously with the UBL, the interest rate will be higher & there will be account keeping fees & most likely less flexibility, but are there any other big pitfalls to an UBL?

    Also, if you know of a good supplier for an UBL, I would be all ears also!

    I don't want to give too much away, but basically I am looking at buying into an existing business.

    Any other options? I'd rather not involve the Mafia, if possible, I like my knees!

    Thanks in advance!
  2. ahhhh u want to buy netrider eh, i can loan you the 5 bux if u like :D
  3. don't worry about any of that.

    here you go, have some of my gold:


  4. ooooooohhhhh! why didn't you just say so?

    here ya go:

  5. CASH is King and read the line below this one
  6. Hmmm... From talking with Vic I got the impression it didn't make any money & took up 99.4% of his time, probablynot a good investment...

    Then again, he did always have people sending him stuff to review.

    No, the business I work in is the one I want to buy into.

    Your gold is worthless to me LC, but I may just print a few of these out in the meantime... Got a pic of the otherside?

    I haven't any cash or property, hence the unsecured loan query.
  7. Well... then I'm out lol.

    Sorry for my useless info :(

    But here's the other side!

  8. Never thought I would hear the words "your gold is worthless"
  9. Ta, might not need a loan after all :)

    No-one with any financial advice?

    Might have to bump this tomorrow!
  10. You really need to talk to a proper FA.
    I can tell you when I did my stint in suncorp business banking there was no such thing as an unsecured business loan and the only security they would take was property, this includes overdraft accounts.
  11. I thought there'd be pages of advice by now? :( ???
  12. Nice, thanks for the bump ;)

    Probably not as interesting as house loans...
  13. Yes, that's what I thought too, but after some digging on the net it seems possible. Bendigo Bank have one, but it's capped at 40K. There's some others around, still looking into it...
  14. See a good broker is the advice I give clients.
    Yes some brokers are devil spawn granted. But a good one has more contacts than an old Telecom switchboard!
    Seriously they can find loans and money we would never hear of.
    If you have a good business plan life is easier too.
  15. Yes, I will do at some point, I just mainly after some general info at the moment ie don't go with XXXX bank because, don't get a vendor loan, etc etc.

    At this stage, a vendor loan would be preferable, but I like to have options :)
  16. Is there any particular reason you aren't considering a secured loan?

    Because even if you can get an unsecured loan I'd bet money that the interest rate and cost will be higher than a secured loan...
  17. Yes, no cash or property to use as security.

    Interest rates are a lot higher than comparable business loans, between 11~14.9%.
  18. obviously I've got no idea of your circumstances, and I'm about as far removed from a financial advisor as one can get.

    But I do know that Suncorp have a platinum credit card where you get 3.9% interest for life on balance transfers for opening a new account... so if the capital injection you're looking for is modest (eg 10-20K) and your *personal* circumstances allow, you can get yourself a chunk of money at 4% which is pretty damn fine.