If you’re ready to apply, give yourself a head-start by organising your documentation. There are a few key pieces of documentation that most lenders will ask for. If you’ve got these ready to go, it gives you more time to get organised if the lender asks for something that isn’t readily available.

What can an unsecured loan be used for?

An unsecured business loan can be used to purchase property, renovate your premises, buy inventory, increase staff headcount, purchase equipment, increase working capital, ramp up marketing efforts or pay an outstanding tax debt. An unsecured loan can be used for a variety of purposes across the business, from operations through to resourcing.

Most lenders will want to see your Business Plan, and they’ll want you to clearly articulate how you plan to use the funds you’re requesting. This is a standard request from lenders, so be prepared to justify how you’re planning to spend the money.