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Most providers require a minimum of 6 months of trading history. However, some specialist financiers may consider applications from newer businesses if they can show strong revenue or have a detailed business plan.

A formal loan application results in a hard inquiry on your credit file, which can temporarily lower your score. It is best to avoid making multiple applications at once. Using a comparison service helps you find the right provider first, protecting your score.

Having your documents ready (e.g., bank statements, ID, ABN) is the best way to speed up the process. Applying online with a non-bank provider is typically much faster than going through a traditional bank.

Yes, many financiers offer finance for managing tax debt. To be eligible, you usually need to be on a managed payment plan with the ATO and be up-to-date with your payments.

Generally, the interest portion of your loan repayments and any associated fees are considered a business expense and can be tax deductible. You should always seek advice from a qualified accountant to confirm this for your specific circumstances.

Yes, it's possible. Many specialist financiers focus more on your current business cash flow rather than past credit issues. If you have a paid default or a reasonable explanation for a credit issue, there are still options available, though the interest rate may be higher.

You can use the funds for almost any legitimate business purpose. This includes buying inventory, purchasing new equipment, hiring staff, funding a marketing campaign, managing cash flow, or renovating your business premises.

A common misconception is that sole traders can't access larger amounts of funding. In reality, the loan amount is determined by your business's revenue and ability to service the debt, not its structure. Sole traders can successfully secure significant capital for cash flow or asset finance.

Not always. Unsecured business loans do not require you to provide a physical asset as security. However, you will almost always be personally liable for the debt if the business cannot repay it.

No. As a sole trader, you are personally liable for any debt associated with the business, so a formal Director's Guarantee isn't necessary. The distinction is that you and the business are considered a single legal entity, making your personal assets potentially liable without a separate guarantee.

A business loan provides a lump sum of capital that you repay over a fixed term. A line of credit provides a flexible, pre-approved pool of funds that you can draw from as needed. You only pay interest on the funds you have used. A key benefit is its renewable nature and flexible repayment capabilities, allowing you to repay and redraw funds without having to re-apply.

"The best way to think of a Line of Credit is like a business safety net. You don't get a lump sum of cash; you get access to a pre-approved pool of funds. It's for the unexpected—the quiet month, the big invoice that's late, the tool that suddenly breaks. You only pay for what you use, when you use it. It's not for a big project; it's for peace of mind."

-Andrew Beckett, Head of Broker and Third Party Distribution 

As a self-employed individual, you are personally liable for your business debts. If you take out an unsecured loan, your personal assets are not used as direct security. However, if you default, a provider could pursue your personal assets to recover the debt through legal action.

Financiers understand that self-employed income can vary. They will typically look at your average monthly earnings over a 6 to 12-month period to get a stable picture of your financial position, rather than focusing on a single quiet month.

Yes, most modern providers allow you to pay off your loan early without penalty, which can be a great way to save on interest. Always confirm this detail in your loan contract before signing.