Original article shared by Nick Raphaely
Cashflow is essential to small business. But what do you do when the bank turns you down? Forget the bank – why not just lend yourself the money?
What if you already had the assets you needed for short term loan, but didn’t even realise it?
Personal asset lending has taken the UK and US by storm. Assetline has brought the service to our shores.
What is it?
When a business needs fast liquidity, the options are limited. Banks are not always the answer. It takes time to go through credit and income checks and your loan request might still be refused. Selling an asset is not ideal either. It takes time if you want the right price and involves hefty commissions. Not to mention that you lose your asset forever. Now, there is an alternative called a personal asset loan.
A personal asset loan is a flexible short-term loan against your valuable assets – your luxury watches, jewellery, gold and precious metals, your fine art and antiques, cars (including classic cars) and fine wine collections.
How does it work?
The process is pretty simple. You apply online by uploading a picture of your valuable – no need to leave home, or even pick up the phone to initiate the process. This also means you can do it at any time of the day or night. A professional valuation team will then value your asset. Experts are used for different assets, which means the lender understands your collateral and more can be lent against it. Once you’ve accepted the offer, you send your item in for secure, fully insured storage and get cash directly into your account within 24 hours.
What’s to like?
A few things. No spiralling debt (remember, you already own the asset), no income or credit checks needed (bad credit history not a problem), very fast turnaround time, confidential and discreet service and no penalty for early repayment.
What can the funds be used for?
Anything, really. Bridging finance. Purchasing inventory. Cashflow irregularities. Investment opportunities. You own the assets, so you make the decision. The cash is yours.
Australians have worked hard to acquire a vast array of valuables, but would never have thought they could borrow against them. They can now for the first time unlock value in these assets. This model – which is fast, flexible and discreet – has proved revolutionary in other markets and is bound to shake up short-term lending in Australia.
Previously, Australians have had to mortgage their future to secure short-term loans. The personal asset loan model is unique in that it deliberately avoids the risk of spiralling debt, in contrast to other short-term funding options. Business owners can unlock the equity in assets they already own, eliminating the risk of bad debts and putting them firmly in control