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What is the rate for an unsecured loan?

Each fintech lender has their own way of assessing risk. Their approach is called “Risk for Rate”. It has been said that some lenders have over 300 data points when assessing an application. Most fintech lenders weigh their assessment heavily on the transaction history seen in your bank business account. Some of the data points include:

  • Red flags such as reversals, dishonours, overdrawings
  • How many loans, therefor how leveraged is the business
  • Volume of cash deposits
  • Gambling related transactions
  • Debt collection
  • Tax Debt
  • Credit Score and adverse on file

At Sqale Finance, our top 7 lenders rates calculated as an annual simple interest can range from 8%-20%. Our next 3 lenders (typically used as bridging finance) can cost upwards to 30% annually. In most cases, our clients would exit these loans after a few months to ensure they do not absorb such an overall cost.

Traditionally, most clients would be used to comparing rates to the major banks however when supporting SME’s, the need usually outweighs the cost. Our advisory approach will ensure our clients are well informed about the products available, it’s features, benefits and cost impact so they can make a strategic decision on the most suitable loan for their needs.

“When business owners raise the question about rates, I often ask them what was their need in coming to see us in the first place” – Yuan Chong, Finance Partner at Sqale

  • "Dedicated"


    I was really impressed by Yuan's dedication and professionalism. One thing makes him standing out from others is he genuinely trying to help you, not only a one-way or once off sales push.

  • "Trustworthy"


    Yuan is a trustworthy professional who takes the time to nurture relationships and who takes his service seriously. He has strong expertise in his field and I look forward to doing more more business together.

  • "Pro-active"


    In my dealings with Yuan I always found him to be pro-active with his dealings for our clients and his ability to help find solutions was second to none.

  • "Reliable"


    Yuan has been a reliable source of information in the SME business lending space. He has always been very good at communicating, whether it’s discussing additional requirements, new product offerings or alternative solutions for a number of my clients. Highly recommended

  • "Memorable"


    Yuan is memorable and worthwhile. I love working with Yuan as I feel a genuine passion, energy and desire for connection. Looking forward to each and every interaction with Yuan for a long time ahead!

  • "Fantastic"


    Yuan is fantastic to deal with and always has time for his clients. Nothing is ever too much and he will always make you feel appreciated.

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*Our reviews are conducted internally without a credit check. This does not guarantee a full approval by a lender. All final approvals are subject to a formal application and assessment by our panel of lenders.

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