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The nature of a secured business loan is a long-term loan. At Sure Capital, we have partnerships with over 50 lenders that offer credit up to 15 years, and it is possible to negotiate the repayments amount and terms. A secured business loan usually has longer repayment terms than unsecured business loans.
Many small Australian businesses often cannot provide any collateral when borrowing money. Therefore unsecured business loans are prevalent because in case of repayments cannot be made, and the lender cannot claim the business’ assets. However, interest rates can be very high. The reason why secured business loans are desirable is the low-interest rate charged by the lender (traditionally a bank). The lower interest rate comes with the opportunity to schedule the repayments for a longer time than an unsecured business loan. The lender is willing to offer more favourable conditions on the basis that the loan is less risky when it is secured to an asset. The lender in case of default can recover potential losses by taking possession of the asset.
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