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Best business loans*

Compare business loans to find the best one for you

When you're looking for a business loan, it makes sense to keep looking until you find the "best" loan for you. But what makes a business loan the best?

Find out what to look for and compare business loans below.

Compare business loans now

Updated April 26th, 2019
Name Product Min. Loan Amount Max. Loan Amount Loan Term Application Fee
6 months to 3 years
A loan of up to $500,000 that can be approved and funded within 24 hours. Available to businesses with 6+ months operating history and $5,000+ monthly sales.
3 months to 2 years
A business loan available up to $250,000 that can be funded in 1 business day. Must have a turnover of $6,000+ per month and provide 6 months of trading history, 3 months history for existing business purchases.
3 months to 5 years
A Small Business Lending Specialist from Valiant Finance can give you access to competitive business loans from over 60 lenders. Loans between $5,000 and $1 million are available. Request a call – your loan can be funded in 1 business day.
6 months to 2 years
Initial draw down fee
A business loan up to $100,000 for unsecured loans, or $500,000 for secured loans that you can use for any business purpose. Transparent costs and redraw facility available.
6 months to 2 years
2.5% origination fee
Apply for up to $250,000 and receive your approved funds in one business day. Minimum annual turnover of $100,000 and 1 year of trading history required.
1 month to 3 years
An unsecured business loan from $2,000 that offers convenient pre-approval and no early repayment fees.
6 months to 2 years
Initial draw down fee
A flexible business loan up to $500,000 with convenient top up and redraw facilities. Business must have been operating for 9 months+ and have monthly sales of $10,000+

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What makes a business loan the best?

There is no single factor that determines what is the best loan for your business, but there are a number of things you need to keep in mind when considering a business loan. With the number of finance options currently available to businesses, it pays to have a clear understanding of both your business's current situation and financial needs before you apply for a loan.

The business loan that is best for a start-up with no trading history will be different to the one that is best for an established business, and so you will need to consider the following when working out what business loan may be the best for your business.

  • Why you need the loan. This will help you decide what specific type of business loan to apply for. Some loans are designed for equipment, whereas others may be used to cover cash flow issues. It's important to have a clear understanding of the purpose of the loan to help narrow down your options.
  • How much you need to borrow. Different business finance options will be more or less suitable for certain loan amounts.
  • The size and age of your business. Many lenders have strict criteria that your business will need to meet to be eligible for a loan. This may include a minimum trading history or turnover, and will affect which loans you will be able to apply for.

What type of business loans are best for my business situation?

See what the best business loan options are for businesses in the following positions:

If your business doesn't fit any of the situations outlined above, you may want to consider a regular business loan

Am I eligible for a business loan?

Most business lenders will have certain criteria that you will need to meet in order to be eligible. Consider the following to determine whether you're likely to be approved for a business loan:

  • ABN/ACN. You will need to hold an Australian Business Number (ABN) or Australian Company Number (ACN) to be eligible for a business loan in Australia.
  • The age of the business. The majority of lenders, especially the big banks and other large lenders, require businesses to have been in operation for at least one year before being eligible for a business loan. Some alternative and smaller lenders may offer unsecured loans for start-ups and businesses that have been operating for less than a year.
  • Credit history. For established businesses, the credit history of the business will become a major deciding factor in the business's eligibility for a loan. In some instances – particularly where businesses do not have a strong or long enough trading history – the personal credit records of directors and major shareholders will also be considered.
  • Turnover. Lenders offering business loans need to satisfy themselves that the business will easily be able to afford the loan repayments. Lenders look at a business's turnover to gauge the profitability of the business and their cash flow situation. This requirement will vary for some loan types, such as a merchant cash advance, which will look at the average credit card transactions of a business.

How do I apply for a business loan?

By now, you probably have a good idea of what type of business loan could be the "best" business loan for your circumstances and can compare loans using the table above.

Once you have found a business loan that suits your needs, check through the eligibility criteria for that particular lender and loan product to make sure you qualify.

When you're ready to apply, click the "Go to site" button to begin the loan application process.

Picture: Getty Images

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