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Mythbusters: The Truth Behind Commercial Loans

For business owners who may be dealing with cash-flow challenges, there’s a dangerous misconception that fast loans – those that can be approved in just 24 to 48 hours – are somehow less-secure at best, and a pure scam at worst. But this smear campaign doesn’t represent the truth: that most business loans need to be approved quickly in order to support owners.

There are so many amazing benefits of getting a commercial loan from a high-quality lender – and making sure it’s approved quickly and securely is our top priority. So, to set the record straight, here’s the truth behind getting a loan.

How can a commercial loan support your business needs?

There are so many different reasons why you might need to take out a commercial loan. Maybe you’ve outgrown the startup phase and are looking to establish your brand in new regions. Perhaps you’ve outpaced the market and want the capital to acquire a competitor. Or maybe you need some financial support for debt consolidation. Whatever the reason, commercial loans are designed to meet the needs of business owners.

For many, however, speed is both a blessing and a curse. Owners know they need the cash fast – especially those who are dealing with tight margins and cash-flow struggles. But there’s often a fundamental misunderstanding that ‘fast’ must be ‘worse’. This is completely false, and in fact it’s the ability to approve commercial loans quickly that is helping owners right around Australia. If you supply the right paperwork, such as recent bank statements and your ID, your lender may be able to get you the money you need within just two days – and sometimes in a matter of hours.

Top myths about commercial loans – busted

Fear of the unknown is what keeps many business owners from even reaching out to a lender in the first place. So we’re here to dispel some common myths about commercial loans:

  • Applying for a commercial loan is long and requires mountains of paperwork on your end – FALSE
  • If you want a loan to start a business, your business plan has to be extremely detailed and full of clear milestones, otherwise it will be outright rejected – FALSE
  • You need a perfect credit score to get a commercial loan – FALSE
  • Fast-approval loans are a scam – FALSE
  • Commercial loans are only for large and established businesses, not SMEs and startups – FALSE
How commercial loans work at Nero Financial
1. Speak to your broker:

You’ll jump on a phone call to discuss your business, your objectives and your current financial position. Then we’ll ask you to send us a copy of your recent business bank statement, via our secure link supported by Illion.

2. Letter of offer:

Once we understand your needs and financial situation, we’ll find the most appropriate loan product and send you a letter of offer that outlines the loan amount, term and interest rate. Ask us as many questions as you want, and when you’re ready, sign it (we’ll ask for your electronic signature – too easy).

3. Approval:

We get to work on turning around your application. You may speak directly to your chosen lender at this point and provide your ID. Once approved, you’ll be emailed a set of official loan documents to sign.

4. Money is sent:

Once the loan documents are certified, funds will usually be in your account on the same day. The whole process from start to finish can take as little as 24–48 hours, and sometimes less!

“Unfortunately, we still talk to clients who say the idea of a fast approval raises red flags for them, but the reality is, brokers and lenders alike know cashflow is critical to business success,” says David Crook, Managing Director at Nero Financial.

“We work with incredibly efficient, technology-driven processes that allow fast formal credit assessments,” he says. “As long as your broker is able to provide your chosen lender the relevant paperwork and a robust overview of your business position, we can work quickly to get the tick of approval you need to sustain and grow your business.”

Getting a commercial loan quickly and securely

At Nero Financial, we understand that time is of the essence in business. Decisions need to be made quickly, and having the financial support of a fast lender means you can run your business without always worrying about whether you’ll be able to borrow what you need.

We can help you find the right option from a huge range of commercial lending products. So forget the myths and start making those business dreams come true today.

No matter what your lending needs, we can help find the right commercial product to suit – quickly and efficiently. Contact Nero Financial today on 1300 025 949 to find out how we can help your business thrive.