A business cash loan can help your Adelaide based business in more ways than one, and finding a loan to suit your needs is easy if you know what to look for.
Adelaide, in addition to being the capital of South Australia, is also Australia's fifth largest city, and around 1.3 million people reside in Adelaide. Catering to these people, and others, are scores of small and midsized businesses.
As a business, you can get a cash loan in Adelaide for different purposes. With certain lenders, you don't have to submit a lot of paperwork to qualify, and you can even expect to get a business cash loan if you have poor credit history.
NAB QuickBiz Loan Offer
The NAB QuickBiz Loan allows you to borrow up to $50,000 for your business needs. The loan is available for new or existing business needs and features no upfront fee and tax deductible interest repayments. Link your accounting software directly into the application.
- Interest Rate From: 13.85% p.a.
- Interest Rate Type: Fixed
- Application Fee: $0
- Minimum Loan Term: 1 year
- Maximum Loan Term: 2 year
- Minimum Loan Amount: $5,000
- Maximum Loan Amount: $50,000
Compare a range of personal short term finance options
Warning about Borrowing
It can be expensive to borrow small amounts of money and borrowing may not solve your money problems.
Check your options before you borrow:
- For information about other options for managing bills and debts, ring 1800 007 007 from anywhere in Australia to talk to a free and independent financial counsellor
- Talk to your electricity, gas, phone or water provider to see if you can work out a payment plan
- If you are on government benefits, ask if you can receive an advance from Centrelink: Phone: 13 17 94
The Government's MoneySmart website shows you how small amount loans work and suggests other options that may help you.
* This statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009.
How do business cash loan providers in Adelaide work?
A business cash loan is when borrow a given amount of money and repay it along with interest and fees within a stipulated time period. You can use funds you receive through such a loan for different business related purposes, which include, but don't limit to, setting up a new business, buying equipment and furniture, expanding, or simply getting by a rough patch.
If approved, these loans amounts are usually sent within three business days. Approval generally depends on how long your business has been in operation, how long it has been operating and your business’s cash flow. Loan amounts vary from $1,000 to $250,000.
How to compare business cash loan providers in Adelaide?
- Products offered.
First, you have to choose between secured and unsecured loans, and there are lenders who offer both kinds. If you're looking for a secured loan you have to provide collateral which can come in the form of real estate property or vehicles. You get to choose between fixed and variable interest rate, and other options include loans to buy equipment and quick approval loans. Certain lenders offer products especially designed for retail and hospitality businesses.
Getting any kind of a loan involves some amount of paperwork, and getting a business cash loan is no different. While most prominent lenders require you to submit copies of financials, tax returns, and business activity statements, a number of smaller lenders do way with these requirements.
- Overall cost of the loan.
When you take a business cash loan, there's a good chance you'll have to repay more than the principal amount and the interest it attracts. To establish the total cost of the loan, take into account all associated fees and charges. Some of these consist of application fees, loan settlement fees, and exit fees.
Repaying a business loan tends to offer more flexibility when compared to other types of loans. While you can make daily, weekly, fortnightly, or monthly payments through direct debits, you can repay some loans by paying a fixed percentage of your EFTPOS sales on an everyday basis. If you take a variable rate loan, you can expect to make extra repayments without attracting any penalty, and this allows you to pay your loan off sooner and also save how much you pay in the form of interest.
What areas in Adelaide are business cash loan providers available?
Business cash loans providers do not limit to any one section of Adelaide, and you can expect to get a loan irrespective of where you run your business from. For example, you can get a loan if your business is in any of the following areas.
Adelaide city centre
This is what locals refer to as the town or the city, and includes the 'square mile' as well as a part of Adelaide Parklands. Here, you can find numerous important government offices as well as South Australia's parliament.
This high socioeconomic coastal suburb, with its large sandy beach, is home to the Brighton Jetty, the Brighton Surf Lifesaving Club, and the Brighton-Seacliff Yacht Club.
This northern suburb is where you'll find the University of South Australia, and this suburb has witnessed considerable population growth in the recent past.
This fairly upper-middle class eastern suburb is amongst the first suburbs to develop in Adelaide, and this is why you can find numerous historic and grand homes located here. Homes situated atop hills offer excellent views of the city.
This predominantly middle class suburb located northeast of Adelaide city centre boasts of good schools, and you can also find a number of small shops and supermarkets here.
This inner northern suburb boasts of two reserves, the Barton Street Reserve and the Blair Athol Recreational Reserve. This suburb has a supermarket, a post office, and a number of small delicatessens.
Pros and cons of using a business cash loan provider
- Get money when you need it.
Often times businesses end up needing access to more money than they have, and in such instances applying for a business cash loan can provide almost immediate relief. Some lenders can give you access to funds within 48 hours of approval, and approval tends to take no more than a few hours.
- No collateral required.
You only have to worry about providing collateral if you're looking for a secured loan, and with many unsecured business loans on offer, you don't really have to worry about providing any kind of security.
- Varied loan terms.
If you expect to get some money to repay your loan quickly, you can opt for a loan term as less as one month. If you want to take time in repaying your loan, you can look for considerably longer loan terms, with some going up to seven years.
- Interest rates.
If you suffer from poor creditworthiness, expect to pay a higher than prevailing interest rate. If a lender offers both, unsecured and secured loans, expect the unsecured payday loan variant to attract higher interest.
Need to borrow up to $5,000? Compare your loan options here.
Questions to ask your business cash loan provider
What interest rate does the loan attract?
Even a small difference in interest rate can make a significant difference in how much you end up repaying, so this should be amongst the first few questions you ask.
Does this loan involve any fees and charges?
Fees and charges that certain business loans attract can total to a considerable sum, so make sure you find out about these at the very onset.
Can I make extra repayments for free?
While some loans, mostly variable rate loans, allow you to make extra repayments for free, some others might charge you a fee for the same.
What are the eligibility criteria?
Eligibility criteria for business loans in Adelaide can vary from one provider to the next. For example, while some lenders require that you have good creditworthiness, some others offer loans to people with poor credit history as well.
Getting a business cash loan can certainly help you accomplish your goals, but since there are multiple options from which to choose, don't forget to compare your options well.
We don't compare business cash loan providers but you might like to check out the credit cards with cash advance feature.