Unsecured business funding is funding you do not have to back with property, vehicles or equipment. Instead, the decision is based on how your business trades. A GoTyme Business Advance is unsecured funding of up to R5 million, subject to assessment. It suits operating businesses with steady turnover.
How unsecured funding works
Some funding asks you to put up an asset as security, which can be claimed if payments stop. Unsecured funding does not. At GoTyme Bank, we look at your trading history and bank statements to understand what your business can carry, then agree one fixed fee up front. There is no interest.
You do not need property valuations, vehicle papers or equipment lists. What matters most is a steady record of income, which for many restaurants, shops and salons shows up clearly in their card sales and bank statements.
Who it suits
- Businesses that rent their premises. You do not need to own property to qualify.
- Owners who want to keep their assets free. Your home, vehicles and equipment are not tied to the funding.
- Businesses with steady sales. Restaurants, shops, salons and service businesses with regular turnover are a natural fit.
- Owners who want less paperwork. There are no asset valuations and you apply online in minutes.
Who it may not suit
Because decisions are based on trading history, unsecured funding is for businesses that are already up and running. If you are still planning to launch, it is not the right fit yet. It also works best when you have a clear use for the money and know what payments your cash flow can carry.
Think about what you will use the money for before you apply. Unsecured funding works well for things that help you earn, such as stock for a busy season, equipment that saves time or a refurbishment that brings more customers in. Using it to cover a long drop in sales is riskier, because the payments still need to come from your trading activity.
Choosing how you pay
You choose fixed payments (a set amount daily or weekly) or flexible payments linked to your turnover. Flexible payments can suit businesses whose sales move with the seasons, because a quieter month means smaller payments.
Fixed payments suit owners who like a predictable amount leaving the account on a set schedule. Flexible payments suit businesses whose sales go up and down, because the payment moves with what you take. Either way, the fee is agreed before you accept and does not change.
Find out if a GoTyme Business Advance suits your business.