Business Loans South Africa
Unsecured business finance for medium & large businesses
Give your business the fuel it needs to grow with up to R6 million in business funding in as quickly as 24 hours.
All we need from you? 6 months bank statements to assess your application!
Loan Conditions
Loan Term: From 2 month to 6 months options
Minimum Loan: R 50 000
Maximum Loan: R 6 000 000
Interest: 25 % for 6 months term
Business Age: Minimum 1 year old
Business Turnover: R 1 million per annum or more
Premises: If leased, then leased for minimum of 1 year. If owned, then at least one year old
Start Ups: NO START UP business applications will be considered
Cost Schedule
- Minimum Term – 6 months
- Maximum Term – 6 months
- Minimum APR – 50 %
- Maximum APR – 50 %
Example :
- Loan R 100 000
- Term 6 months
- APR 25 %
- Repayment R 125 000
Subject to lenders Terms and Conditions at time of quote
Get specialised finance for business
As a leading finance broker, we are committed to helping businesses in South Africa thrive and grow. If you are a business owner with a venture that has proudly surpassed its one-year mark, congratulations! You have successfully navigated the crucial early stages of entrepreneurship, and now it’s time to take your business to the next level.
In partnership with some of the country’s biggest private lendors, we offer unsecured business loans in South Africa, tailored specifically to businesses like yours – established, experienced, and ready to seize new opportunities.
Whether you need funds for expansion, equipment purchase, or working capital, we will connect you with the perfect business funding solution that aligns with your goals and aspirations. Take a moment to explore our finance for business and discover the convenience and flexibility that comes with our hassle-free online application process. Your success story awaits – let us be a part of it.
Use your business loan for…
Expanding
Get the financial resources you need to take your business to the next level.
Expand Your Inventory
Purchase stock to capitalize on new opportunities.
Upgrading Equipment
Upgrade your equipment to improve your operations and output.
Company Vehicles
Purchase new or additional vehicles for your business.
You qualify for funding if…
Your business has been trading for 12 months
You have made over R1 million in sales over the past year
You've got 6 months bank statements ready to submit
You are NOT a start-up - in other words you have a proven track record and order book older than 1 year.
How does a business loan work?
A business loan is a financial arrangement where a lender provides a sum of money to a business, which the business agrees to repay over time, typically with interest. The loan amount can range from as little as R50 000 right up to R6 000 000. This loan can be used for various purposes, such as:
- Expansion: Hiring new employees, purchasing new equipment, or expanding into new markets.
- Working Capital: Covering day-to-day operating expenses like payroll, rent, and inventory.
- Debt Consolidation: Combining multiple debts into a single loan with potentially lower interest rates.
- Purchase of Assets: Acquiring property, vehicles, or other assets.
At New Heights Finance, we specialize in finance for business. This means you don’t have to pledge any of your business’s assets as collateral to secure the loan. While this can be convenient, it’s important to note that unsecured loans typically come with higher interest rates than secured loans. This is because the lender assumes a higher risk since they don’t have any assets to fall back on in case of default.
How repayments work
Business funding repayments typically involve making regular installments over a specified period. These installments are designed to pay off both the principal amount borrowed and the interest accrued on the loan.
Repayment Schedules:
- Fixed Installments: The most common repayment schedule involves fixed weekly payments over 26 weeks. This means you’ll pay the same amount each time. See cost schedule above for more information.
Early Settlement:
You can opt to pay off the loan balance in full before the scheduled maturity date. There is NO peanlty fee for early settlement.
Late Payments:
If you miss a loan payment or make a late payment, you may be subject to late fees and penalties. These can increase the overall cost of the loan.
Default:
If you fail to make your loan payments for an extended period, you may be considered in default. This can have serious consequences, including legal action, damage to your credit score, and potential loss of business assets.
It’s important to understand the repayment terms of your loan and plan accordingly. Consider factors like your business’s cash flow, expected income, and any potential fluctuations in your industry when budgeting for loan repayments. If you’re having trouble making payments, it’s advisable to contact your lender as soon as possible to discuss possible solutions, such as restructuring the loan.
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Mining Funding
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FAQs
What is an unsecured business loan?
An unsecured business loan is a short-term credit facility, offering established businesses finance of up to R6 million within 1 day. Unsecured business loans can be used to fund business expansion and to cover expenses.
Why apply for finance for business?
Traditional bank loans for businesses have a lot of red tape and are difficult to be approved for, even for established businesses. You often need a business plan, cash flow projections and detailed historical financial data in order to even apply. Applying for an unsecured business loan through private lenders is much simpler and has a high approval rate – all we need from you are 6 months bank statements. Please note we cannot assist start ups, only businesses who have been established for over 12 months and turned over R1 million.
How does an online business loan work?
Applying for a business loan online is simple. Fill in our application form and our private lenders will be in touch with you if you meet the minimum requirements. You will be required to submit 6 months bank statements. Applying takes minutes and you will likely get a response within 24 hours. We do not meet in person, the entire transaction is facilitated online.
How quickly can I get unsecured business funding?
If you meet the minimum criteria and have submitted your documents, you can get your loan within 24 hours.
How do I apply for a business loan?
To be eligible for an online business loan, you should meet the below criteria:
- 6 months business bank statements
- Clear credit record
- Sales of R1 million in the last 12 months
Will applying for funding impact my credit score?
Applying for a loan can temporarily affect your credit score. This is because lenders typically check your credit report as part of the application process. Each inquiry creates a hard inquiry on your credit report, which can slightly lower your score.
However, the impact of a single hard inquiry is generally minimal, especially if you have a good credit history. Multiple hard inquiries within a short period can have a more significant effect.
Can I settle my loan early?
Yes, you can settle your loan early with NO penalties.
- Benefits: There are several benefits to paying off your loan early:
- Saving on Interest: You’ll pay less interest overall.
- Improving Your Credit Score: Early repayment can positively impact your credit score.
- Financial Flexibility: You’ll free up your monthly budget by no longer having to make loan payments.
Can I get same day funding?
Most of our successful applicant secure their funding within 24 hours meaning you will likely hear back regarding your application within the same day.
Apply Now
Please select how much your business has turned over in sales in the last 12 months.