Can someone advise if someone can borrow a small amount say $25k from bank with Lo or No doc for business expenses.
Would the banks allow it?
Thanks
Yes, you can either do it as a personal loan ( high Interest ), or if you have property or shares you can lend against these assets.
Most banks will feel comfortable lending up to $50,000 to a business without security,
For a personal loan the banks will want to see some proof of income. If you have a property to use as security then the lo doc or no doc options are possible. You will pay higher interest and need a lower LVR
Most banks would no lend on a low doc basis – none on a no doc. There may be a few fringe lenders out there who offer Low Doc personal loans – but expect rates high – maybe around 26%. A cheaper option may be a credit card – many banks treat these as low docs – some don't even require proof of income.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Overdraft?
SNM – Same again would need to be secured on lodoc basis.
Richard Taylor | Australia's leading private lender
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