Grow Finance launches new Low Doc No Deposit Asset Finance product
Leading non-bank business lender Grow Finance today announces the launch of its new Low Doc No Deposit Asset Finance product for Tier 1 assets (cars, vans and utes).
“We’ve created Low Doc No Deposit Asset Finance product to remove the burden of large upfront capital requirements often faced by non-asset-backed business operators when seeking motor vehicle finance. Its launch is particularly timely given the continually increasing operational costs. In addition, the product goes hand in hand with our Low Doc Balloon Refinance product, which takes the stress out of paying large sums of money at the end of the finance term,” said David Verschoor, Co-CEO, Grow.
“The new product is asset-secured and available to both property and non-property-business borrowers seeking up to $75,000 to fund cars, vans and utes. The no deposit option for non-property owners is significant as it bucks the trend of only providing this style of finance to property-backed clients. Consequently, our goal is that the product enables SMEs to redirect the deposit back into their business to smooth out working capital and support growth,” continued Greg Woszczalski, Co-CEO, Grow.
The Low Doc No Deposit Asset Finance product requires minimal documentation. Applicants can receive instant approval through Grow’s platform, which uses sophisticated profiling, analysis and AI to assess the applicant in real-time.
The Low Doc No Deposit Finance product is part of Grow’s next-generation product development. It has been created based on consistent industry feedback to provide more clients with rapid access to a business-critical asset. Its release supports the company’s vision to be the non-bank of choice for business and brokers’ preferred partner for all SME asset finance and working capital needs.
Grow was recognised as the #1 fastest-growing company in the 2021 AFR Fast 100! and was recently received the # 1 Australian and #8 Asia-Pacific high-growth company in the 2022 Financial Times: Asia-Pacific high-growth ranking.
