Sole Trader Business Loans in Australia

Getting loans as a sole trader

Bad Credit? OK! info icon
Same-Day Funding info icon
Easy eligibility info icon
No Security Required info icon
Customised & Flexible Repayment

Customised & Flexible Repayment

FREE, non-committal application

Free, Non-Committal Application

Decision within one working day

Decision Within One Working Day

An Alternative to traditional banking

An Alternative to Traditional Banking

What is a Sole Trader Loan?

To be able to explain this financial instrument we have to speak about the nature of a sole trader first. The term is often used to refer to a person who owns and control all aspects of a business by themselves, making them responsible for all executive decisions including but not limited to the administration of profits and the handling of resources.

  • The sole trader has the advantage of having full control over his operation and calling the shots on every strategy that can lead him to new sources of revenue.
  • Sole traders also deal with a lot less bureaucracy when it comes to signing business deals and since they have no staff to pay all the earnings goes straight to their pockets.
  • Sole traders can also keep their finances private and their financial information is handled by a private person, not as a business brand. The Australian Taxation Office doesn’t have a registry of sole traders and as such, they don’t get to pay most of the administrative fees charged to branded businesses. The other side of the coin to all these advantages is that most of these sole traders are considered high-risk entities by banks and financial institutions. The sole trader is stigmatized by these companies as someone who may not answer to them at any given moment because of the sole nature of their working system.

Sole Trader Business Loans are Ideal for the Self-Employed

Even if sole traders experience a couple of bumps on their journey to obtaining financing, they can benefit quite a bit from it. A sole trader can finance a startup very easy with the right loan, or purchase an existing business to apply his set of skills. They can also use the money to buy stock in a business venture or more equipment to keep the technology of their operation up to date. The grant can even be used to restock inventory or to expand the business by adding staff when the services offered by the trader increases over time.

A sole trader looking for loans from a regular bank is often considered the proverbial needle in the haystack: it’s a rare sight to see, especially if the trader doesn’t come prepared with extensive financial records, a spotless credit history and tax returns that comply with the banks requirements. Most of the time these entrepreneurs have to rely on commercial lenders to get their funding and keep their operations up and running. As most sole traders tend to be very disciplined when it comes to money administration, this option generally turns out to be a great way to obtain funding. These services are always ready to provide these workers with funding at low-interest rates with flexible payment terms that go along their growth as professionals.

Looking to Qualify for Sole Trader Funding from Us is Easy

The good news for sole traders is that working with commercial lenders takes away a lot of the uncertainty that arises when dealing with banks. Attempting to obtain a grant with a regular financial institution when a line of credit or invoice financing is needed can be tedious and it’s also very likely that the bank will throughoutly trace your past finances just to look for the tiniest details so that can deny their services.

To qualify for a sole trader loans from us is quite easy. We have revised our application process so that it is fast to complete and easy to gain approval. Unlike banks, we don’t ask for many documentation and have a much shorter approval time. All you need to do is fill the application form online, the pre-approval time takes less than 5 minutes. Once you get the decision, our friendly specialist will contact you and ask for a few basic documents for verification. The last thing is sign the contract and waiting for the funding to be transferred into your account.

Where Can I get a Sole Trader Loan?

There are many services offering loans across Australia, the most popular ones are always listed and well-rated based on performance all across the internet. The big twist for sole trader funding is the ability to get the required cash injection even through applying for a loan. This also expands the range of operation of the money granted since the trader can now use it to cover for personal expenses without having to justify every single dime expense to the bank. The access to this kind of financing is just one click away on your PC. You just need to go online and choose the service of your liking and fill the pre-approval application form. After stating your case, you might go through confirmation to get the money you need to keep your operation running.

How Can I Use These Types of Loans?

As we mentioned earlier, this loan can be used for many purposes. Sole traders also dwell on the same setback as major business operations, they have to deal with ongoing concerns about unexpected costs on supplies or the need to pay for outsourced services. If the sole trader has a craft-based entrepreneurship it’s very likely he’ll need to hire additional workforce as demand for his services increase. There is also the need to cover expenses based on day to day operation or even a seasonal flux when business is low.