Unsecured business loan · Professional services
Unsecured business loan for professional services
Professional services finance is lending to accounting, legal, engineering, architecture and consulting firms, funding work in progress, office fit-outs, technology and partner buy-ins against fee income rather than physical assets.
How an unsecured business loan works for professional services
Because a professional firm has almost nothing tangible to offer as security, unsecured lending does much of the work. A term loan funds a specific event — an office move, a lateral hire, a tax liability, or a partner exit — with a clear repayment schedule out of fee income. Established firms with consistent billings get reasonable pricing despite the lack of security, because lenders recognise how sticky professional client relationships are. Expect director or partner guarantees as standard.
The cash-flow pattern we plan around
Fortnightly salaries against work in progress that is billed weeks later and then paid on 30–60 day terms, with seasonal peaks around tax and reporting deadlines.
What professional services typically fund
- Funding work in progress and unbilled time
- Office fit-out and relocation
- Practice management software, servers and devices
- Partner buy-in or practice acquisition
- Hiring ahead of contracted work
Unsecured business loan for professional services: the numbers
| Typical amounts | $5,000 – $500,000 |
|---|---|
| Term | 3–36 months |
| Indicative rates | 9.9% – 29.5% p.a. |
| Repayments | Daily, weekly or monthly |
| Speed | 24–72 hours after documents are received |
| Documents professional services usually need | ABN and two years of practice financials · Aged debtors and work-in-progress reports · Fit-out, equipment quote or partnership agreement |
Rates are indicative, change without notice and depend on the lender, product, asset, term and your credit profile at the time of application. They are not an offer of finance. Comparison rates, where shown, are true only for the example given.
Key terms
Professional services finance
Professional services finance is lending to fee-based firms such as accountants, lawyers, engineers and consultants, assessed on fee income, debtors and work in progress rather than on physical security.
Work in progress funding
Work in progress funding is finance that covers the cost of work performed but not yet invoiced, bridging the gap between paying staff and issuing the fee note that recovers their time.
What is an unsecured business loan?
An unsecured business loan is finance provided to a business without a specific asset held as security. Approval is based on trading history, bank statements and cash flow. Most lenders still require a personal or director’s guarantee.
How is an unsecured business loan repaid?
Repayments are usually daily, weekly or monthly direct debits over 3 to 36 months. Some lenders quote a factor rate (total payable ÷ amount borrowed) rather than an annual interest rate, so always compare the total cost.
Who is eligible for an unsecured business loan in Australia?
Typical minimums are an active ABN, 6 to 12 months of trading and monthly turnover above roughly $10,000, but each lender sets its own criteria. Lyft Money checks fit across the panel before anything is submitted.
Questions from professional services
How do firms fund work in progress and slow-paying clients?
Invoice finance advances against issued fee invoices so fortnightly salaries are covered while clients take 30 to 60 days, and a line of credit funds work in progress before it is billed. Some lenders offer facilities specifically for accounting and legal firms against their fee income.
Can a partner buy-in or firm acquisition be financed?
Yes. Acquisition finance funds buying into a partnership or purchasing a fee base or whole firm against the firm’s recurring fees and goodwill, and several lenders have packages for accountants, lawyers and other professionals with high loan-to-value ratios. The firm’s financials and client retention are the key assessment points.
Can an office fit-out and technology be financed together?
Yes. Joinery, workstations, meeting rooms, IT hardware, software and phone systems can be funded under one fit-out and technology facility, with suppliers paid as the work progresses and the loan repaid over three to five years within the lease term.
Do professionals get special lending terms?
Often, yes. Accountants, lawyers, engineers and other professionals are well regarded by lenders because fee income is stable, and several offer lighter documentation, higher limits and sharper pricing on unsecured, acquisition and property finance. A broker knows which lenders include your profession.