Loans
Apply for the latest and most popular business loans and financial packages with attractive interest rates and terms and conditions. Every small business lender has been verified by us and comes with genuine user reviews, so you can choose confidently from credible names in the market.
Continue Reading Continue ReadingWe are facing a time of uncertainty as we deal with the Coronavirus (COVID-19) outbreak and the devastating impact on businesses. As a small business lender, we are concerned about the speed and distribution of much-needed stimulus loan products through the major banks. That's why we are pleased to let you know that we have access to the COVID-19 SME Guarantee Scheme through our alternate lending platform, and there are several alternate lenders who will be offering the product. Do you qualify for the Coronavirus SME Guarantee Scheme? Our eligible lenders will receive the guarantee for loans that meet the following: Annual turnover of less than $50 million Maximum loan size of $250,000 Maximum loan term of 3 years (with a 6-month repayment holiday) For working capital purposes The loans will be unsecured, meaning as borrowers you will not have to provide any assets as security. We welcome the opportunity to show you what funding you qualify for without hitting your credit file.
Up to $250,000
OnDeck has helped thousands of businesses just like yours by extending business loans starting from $10,000 up to $150,000. Apply online today and you could have the funds in your account in as fast as 1 business day. Applying is quick and easy in just 3 simple steps: 1. 10-minute online application and 6 months of business bank statements 2. Know within hours if you're approved 3. Receive funds in your acount in as fast as 24 hours Minimum Requirements: - Time in business: 1 year - Monthly revenue: $8,500p/m
Up to $150,000
Apply today and take advantage of the Government instant asset write off before June 30, 2020. The instant asset write-off threshold has been increased from $30,000 to $150,000 and criteria has been expanded to include businesses with aggregated annual turnover of less than $500 million (up from $50 million). OnDeck has helped thousands of businesses just like yours by extending business loans starting from $10,000 up to $150,000. Apply online today and you could have the funds in your account in as fast as 1 business day. Applying is quick and easy in just 3 simple steps: 1. 10-minute online application and 6 months of business bank statements 2. Know within hours if you're approved 3. Receive funds in your acount in as fast as 24 hours Minimum Requirements: - Time in business: 1 year - Monthly revenue: $8,500p/m
Up to $150,000
Now that you know how business loans work and what types of business loans are out there, let’s dive deeper into how to find the best business loan product for your business. Whether you need to raise cash quickly, refinance your assets, consolidate debts, start or grow a business, find the right financing option for your business.
Every small business lender here has been verified by us and comes with genuine user reviews so you can choose confidently from credible names in the market.
Find out how to apply for the latest and most popular SME business loan products and packages with attractive interest rates and terms and conditions.
Here are some questions to ask yourself when comparing different business loans:
Both fixed and variable interest rate loans have their pros and cons, so the answer to this question will depend on your business needs. Keep in mind that loans with variable interest rates will often offer flexible features like fee-free redraw facilities and additional repayments. However, there is the risk of your repayment amounts increasing if interest rates increase, so you will need to plan for this risk.
On the other hand, fixed interest rate loans usually offer the same flexibility features and give you the certainty of the same repayment amounts. In exchange for providing you with this certainty, they will also charge you a higher rate than variable interest rate loans.
This is why choosing between a fixed rate or variable rate requires you to budget carefully and decide how much risk you are capable of taking on to meet your business needs.
For small businesses, having adequate cash flow is key to a well-maintained business. This is why securing a good interest rate for your loan is essential. By securing a low interest rate, you will be left with more working capital to spend on the day-to-day expenses of your business.
There are three main costs involved when taking out a business loan. The three costs you need to consider when budgeting for a business loan are:
The amount you can borrow depends on your credit history and your business financials. Small businesses can generally borrow anywhere from $5,000 to $250,000, and sometimes even up to $1,000,000.
However, this will all depend on the size of your business, your business turnover and how long your business has been operating.
When choosing a loan for your business, you should avoid making the following mistakes as they could hinder your chances of securing a loan.
There are generally two types of lenders you will come across when searching for the right business loan rate: banks and non-banks.
Bank lenders
An advantage of taking a loan from a bank is that you’ll always be able to walk into a branch and speak to a manager. You may also have access to greater loan amounts. However, banks often charge higher rates and fees.
Business loan bank lenders in Australia:
Non-bank lenders
A major advantage of non-bank lenders is the added flexibility they can provide as privately-owned institutions have multiple sources of funding. This means non-bank lender loans usually come with fewer conditions and don’t have to be secured.
The downside is that customers may not always benefit from rates and interest rates may be more volatile. Also note that non-bank lenders rely on a steady economy to access capital which makes them more vulnerable in times of economic downturn.
Business loan non-bank lenders in Australia:
Explore our latest business loan offers to compare loans and find the right one for your business needs.
Browse and compare our range of business loan offers today, or you can find an experienced business loan broker to assist you.
Business loans are used to purchase inventory, supplies, machinery, fixtures or equipment for a business. A business loan cannot be used to purchase real estate or pay existing debts.
Business credit card
Instead of taking out a loan, using a business credit card to manage smaller expenses may be more convenient if you’re a business that does not require a large amount of capital.
Business overdraft
This is essentially a line of credit that can be attached to your business bank account. It will allow you to draw down funds beyond the amount you actually have and can be a solution to managing your short-term cash flow.
A business loan interest rate is a fee charged for borrowing money, reflected as a percentage of the total amount of the loan. Business loan interest rates are set by a bank and are calculated based on risk, i.e. if there is low risk for the lender, the interest rate will be lower.
A business loan calculator estimates the potential repayments on your business loan against a range of scenarios and assesses the amount of interest you would pay over a set period. Most major banks and lending providers have an online loan repayment calculator on their website.