Best business loans*

The best business loan for your business will depend on why you need the loan, how much you need to borrow plus the size of your business.

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Must read: Looking for the best business loan?

There's no single loan that's best for everyone as all our needs are different - and what's best for you might not be best for someone else. Keep in mind that we don't compare every product in the market, but we hope that our tools and information will allow you to compare your options and find the best loan 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.

Swoop Finance Business Loan

Swoop Finance Business Loan

  • Access a range of partnered lenders
  • Quick online application
  • Good and bad credit options
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100% confidential application

Swoop Finance Business Loan

Borrow up to $100,000,000 with terms from 1 to 30 years to fund businesses of all sizes.

  • Loan security: Secured
  • Upfront fee: Depending on your loan contract
  • Minimum loan amount: $1,000
  • Maximum loan amount: $100,000,000
  • Minimum loan term: 12 months
  • Maximum loan term: 2 years
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  • Alternative finance options for small businesses during the COVID-19 outbreak

    If your business has been affected by COVID-19 there are a number of options available to help you financially:

    The banks are offering various relief measures to help small businesses during this time of uncertainty. This includes measures such as payment deferrals, fee and interest waivers and discounted rates on business loans.

    The government is employing various tax relief measures including: refunds, deferrals, and waivers to help businesses retain staff and purchase new equipment during this time.

Name Product Min. Loan Amount Max. Loan Amount Loan Term Upfront Fee Filter Values
Swoop Finance Business Loan
$1,000
$100,000,000
1 to 20 years
Depending on your loan contract
Apply online and borrow between $1,000 and $100,000,000. Options for good and bad credit borrowers.
Zip Business Loan
$10,000
$500,000
Up to 5 years
No establishment fee
Borrow up to $500,000 with loan terms of up to 5 years. Flexible weekly, fortnightly and monthly repayment options available with no early repayment fees.
Lumi Unsecured Business Loan
$5,000
$300,000
3 months to 3 years
2.5% establishment fee
Apply for up to $300,000 from Lumi and benefit from short loan terms, no early repayment fees and once approved receive your funds in just one business day.
ebroker Business Loan
$5,000
$5,000,000
1 month to 30 years
$0 application fee
Small business loans available between $5,000 and $5,000,000. Get access to 70+ non-bank lenders on this independent platform.
Valiant Finance Business Loan Broker
$5,000
$1,000,000
3 months to 5 years
$0 application fee
A Business Lending Specialist from Valiant Finance can give you access to competitive business loans from over 70 lenders. Loans between $5,000 and $1 million are available. Request a call – your loan can be funded in 1 business day.
Moula Business Loan
$5,000
$250,000
1 to 2 years
2% Establishment fee
A loan of up to $250,000 that can be approved and funded within 24 hours. Available to businesses with 6+ months operating history and $5,000+ monthly sales.
Max Funding Unsecured Business Loan
$3,000
$30,000
1 month to 1 year
$0 application fee
An unsecured business loan from $3,000 that offers convenient pre-approval and no early repayment fees.
OnDeck Business Loans
$10,000
$250,000
6 months to 2 years
3% of loan amount
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.
Prospa Business Loan
$5,000
$300,000
3 months to 3 years
3% origination fee
Small business loans are available from $5,000 - $300,000 on terms of up to 3 years. At least six months trading history and a monthly turnover from $6,000 is necessary.
ANZ Unsecured Business Loan
$10,000
$1,000,000
Up to 15 years
$600
Apply for a loan from $10,000 with no security required and benefit from flexible repayment terms.
Octet Trade Finance
$100,000
$10,000,000
1 month to 2 years
Transaction fee 2.5%
Access a line of credit to pay suppliers in over 65 countries. Borrow from $200,000 up to $7 million.
ANZ Secured Business Loan
$10,000
$10,000,000
Up to 15 years
$600
Benefit from a low rate when you secure this loan with property and/or business assets. Loans from $10,000 available.
Westpac Business Loan
$20,000
$3,000,000
1 to 30 years
$0 application fee
Purchase a new vehicle, equipment or support your cash flow with a business finance solution from Westpac.
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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:

Compare invoice financing products

Name Product Min. Loan Amount Max. Loan Amount Loan Term Upfront Fee Filter Values
Waddle Invoice Finance
$10,000
$4,000,000
From 1 month
$0
Apply to borrow up to $4 million against your unpaid invoices and receive your approved funds within 48 hours.
Timelio Invoice Finance
$10,000
$100,000,000
Up to 4 months
$0
Get up to 100% of the value of your invoices without having to wait for customer payments, and with no minimum turnover or operating history required.
ScotPac Invoice Finance
$10,000
$150,000,000
From 1 year
No set amount
Improve your business cash flow by financing your outstanding invoices. No minimum trading history required, but minimum 12 - month term and $10,000 in invoices.
ScotPac Selective Invoice Finance
$10,000
$1,000,000
1 to 3 months
$500
Finance your unpaid invoices on demand with terms of 1 - 3 months. 95% of invoice is paid upfront, with no minimum trading history required.
Earlypay Invoice Finance
$50,000
$15,000,000
From 1 month
No set amount
Access a revolving line of credit that grows in line with your accounts receivable. Funding available from $50,000 to $15,000,000+.
Octet Invoice Finance
$100,000
$10,000,000
1 month to 2 years
No Set Amount
Convert up to 85% of your company's receivables into cash flow. The value of your receivables need to be worth at least $250,000 to be eligible.
Earlypay Trade Finance
$20,000
$15,000,000
1 month to 15 years
No set amount
Get finance for 100% of your outstanding supplier invoices. Borrow from $20,000 to $15,000,000 with Earlypay.
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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.

Moula Business Loan

Moula Business Loan

  • Borrow up to $250,000
  • Flexible lending criteria
  • No hidden fees
Security Logo

100% confidential application

Moula Business Loan

An unsecured business loan with online application and no upfront or early repayment fees.

  • Interest rate type: Fixed
  • Interest rate: from 8.3% p.a. to 29.22% p.a.
  • Comparison rate: from 15.64% p.a. to 52.14% p.a.
  • Establishment Fee: 2% Establishment fee
  • Minimum loan amount: $5,000
  • Maximum loan amount: $250,000
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Compare business loan rates below

Name Product Starting Interest Rate (p.a.) Starting comparison Rate (p.a) Max. Loan Amount Loan Term Upfront Fee
Moula Business Loan
From 8.3 %
15.64%
$250,000
1 to 2 years
2% Establishment fee
You will receive a comparison rate between 15.64% p.a. and 52.14% p.a. based on your risk profile
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.
Lumi Unsecured Business Loan
From 15 %
15.64%
$300,000
3 months to 3 years
2.5% establishment fee
You will receive a comparison rate of between 15.64% p.a. and 52.14% p.a. based on your risk profile
Apply for up to $300,000 from Lumi and benefit from short loan terms, no early repayment fees and once approved receive your funds in just one business day.
Max Funding Unsecured Business Loan
From 24 %
24%
$30,000
1 month to 1 year
$0 application fee
You will receive a comparison rate between 24% p.a. and 40% p.a. based on your risk profile
An unsecured business loan from $2,000 that offers convenient pre-approval and no early repayment fees.
Valiant Finance Business Loan Broker
From 9.9 %
12%
$1,000,000
3 months to 5 years
$0 application fee
You will receive a comparison rate between 12% p.a. and 52.14% p.a. based on your lenders risk assessment
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.
Prospa Business Loan
From 9.9 %
11.75%
$300,000
3 months to 3 years
3% origination fee
You will receive a comparison rate of between 11.75% p.a. and 33.5% p.a. based on your risk profile
Eligible businesses can qualify for a loan of up to $100,000 or up to $300,000 with asset security. Eligibility for loans over $150,000 will be determined based on a variety of factors regarding your business.
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The interest rates offered by each provider are indicative interest rates that have been supplied by each provider. These rates change often. Please ensure you confirm the actual interest rate with the relevant provider prior to applying for any loan.

Picture: Getty Images

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