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Business loans quicker than you can remember your office keycode

Review rates from 90+ online options in seconds, and get funds in your account in 24 hours (once approved).

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Borrow up to $500,000 and receive the funds within 24 hours of approval. Loans under $200,000 do not require security. Use this loan for your business needs, like business expansion or purchasing equipment.
Name Product Min. Loan Amount Max. Loan Amount Loan Term Upfront Fee Filter Values
Lumi Unsecured Business Loan
3 months to 5 years
2.5% establishment fee
Apply for up to $500,000 from Lumi and benefit from short loan terms, no early repayment fees and once approved receive your funds in just one business day.
Valiant Finance Business Loan Broker
3 months to 7 years
$0 application fee
A Business Lending Specialist from Valiant Finance can give you access to competitive business loans from over 80 lenders. Loans between $5,000 and $20 million are available. Request a call – your loan can be funded in 1 business day.
ebroker Business Loan
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.
ScotPac Boost Business Loan
3 months to 3 years
$0 application fee
A business loan for any industry. Borrow between $10,000 and $500,000, with approved loans funded within 24 hours. Minimum monthly turnover of $10,000 and 1 year of trading history required.
Prospa Business Loan
3 months to 3 years
3.5% origination fee
Small business loans are available from $5,000 - $500,000 on terms of up to 3 years. At least six months trading history and a monthly turnover from $5,000 is necessary.

We put every effort into ensuring information on Finder is accurate. This article was reviewed by Justine McLean from our Editorial Review Board as part of our fact checking process.

How do business loans work in Australia?

You can get a business loan from most Australian banks or from online business lenders.

The amount you can borrow, your interest rate and whether you need security all depend on your lender's requirements and your business's size, needs and financial position.

  • Security. Secured loans have lower interest rates but require an asset as security. Some lenders accept a business asset, but it's possible to use a commercial or even residential property as security.
  • Eligibility. Many lenders require your business to have been operating for 1 to 2 years, with financial records for that time. Lenders examine cash flow projections, business activity statements and conduct credit checks on company directors.
  • Loan type. Some business loans provide you with a single lump sum, which you pay off over time like any loan. But there are business overdrafts that let you spend beyond what's in your bank account to cover shortfalls, or lines of credit that let you spend money flexibly.
  • Interest rate. You can get business loans with fixed or variable interest rates from most lenders. Secured business loans have the most competitive rates.

Which type of business loan is best for my business?

Choosing the right business loan depends on your business and what you're trying to achieve.

Business term loans

The most straightforward business loan, where you apply for a loan and receive the funds in a lump sum. You can get secured and unsecured business loans for flexible amounts, and can receive a variable or fixed interest . These loans are useful when you're trying to cover large expenses.

Example: Samantha needs a variable rate business loan

Samantha runs a catering business. She needs to borrow $60,000 to cover a kitchen expansion. Samantha needs a single lump sum. But she also wants the ability to repay the loan quickly. She expects her revenue to increase as a result of the expansion and wants to clear the debt sooner.

She opts for a business loan with a variable interest rate, as variable rates tend to come with no early repayment fees.

Business line of credit

A business line of credit gives you a pool of money that you can withdraw and pay off whenever you want. Once you're approved for a line of credit you can spend money flexibly, up to the credit limit amount. You only pay interest on the money you withdraw, not the overall limit you're approved for.

This is useful for businesses that have to cover multiple smaller expenses over time or have seasonal spikes and dips in revenue.

Example: Glen needs a line of credit

Glen runs a landscaping business with 5 employees. He's approaching a quiet few months for the business and wants to have money on hand to cover a few expenses he has been putting off.

On top of paying his employees, he wants to renovate his office and upgrade his equipment. He takes out a line of credit, and is able to get a quote for his upgrades and withdraw that exact amount each time.

When his cash runs low during this quiet season, he also withdraws money in order to meet payroll. When business picks up, he pays off his withdrawals and is able to reuse that credit the next year.

Business vehicle finance

Loans to cover the purchase of business vehicles including cars and trucks. These come with a range of options, such as leasing the vehicles or buying the vehicles outright. They can be used to buy individual vehicles or an entire fleet.

Equipment finance

Loans to cover the purchase of business equipment, such as computers, tools, coffee machines, or kitchen fit-outs. You can rent, lease or buy outright.

Invoice finance

Invoice financing lets you use outstanding invoices, which represent future payments, to get cash when you need it now. A cut of the outstanding invoice is paid to the lender in return for the upfront funds.

Business overdraft

If you have a business bank account you can get an approved overdraft limit to borrow beyond what's in the account. This is useful to cover brief cash flow shortfalls that are not predictable enough to require a line of credit.

Business credit cards

Business credit cards let you cover business expenses now and pay them off over time. Useful for sole traders, small businesses, or to fund the business needs of trusted staff.

How to find the right loan for your business

To help find the right business loan, ask yourself these questions:

  • Why does your business need the loan? Are you looking to start a new business from scratch, upgrade your equipment or overcome a cash flow shortage?
  • What's the state of your business finances? The current financial performance of your business affects the type of funding you need, but also your ability to qualify for different types of business loans. The stronger your performance, the easier it is to get a loan.
  • What is your cashflow like? And can you afford to make the repayments?
  • What timeframe do you need the funds for? If you have to cover multiple small expenses in a short time, you might look at an overdraft, line of credit or a business credit card. Covering major renovations would require a large loan with a longer loan term.

Loans for small businesses and startups

It's easier for larger, established businesses to get finance in Australia. But startups and very small businesses might find it harder because they likely have fewer assets, less consistent cash flow or, in a startup's case, no established track record of business activity.

Finance for startups

Startups often need extra cash in order to bring their idea to life. While many rely on investors, there are business loans that cater to start ups.

In general, lenders will only lend to startups who have been in business for at least 6-12 months and meet certain revenue figures.

Note that many business loans are risk-based. This means interest rates are set depending on the financial position of you and your business. New, unproven businesses are obviously riskier customers. This means higher interest rates.

There are also business groups like Tech Ready Women who offer funding for startups and expansion.

Small business loans

Small businesses will find it easier to get a business loan approved if:

  • You have a good personal credit score.
  • You have a clear plan for how to use the funds.
  • Your business has been operating for several years and has detailed financial records.
  • You can secure the loan against commercial or personal property.

Compare business loan interest rates

It is important to shop around and compare business loans based on a range of factors. Business loan interest rates will vary depending on your lender, your loan type, and your own (and your business's) financial position.

  • Variable rate business loans. These rates can change at any time at the lender's discretion. Lenders move variable interest rates in response to changing market conditions and the cost of securing funds.
  • Fixed rate business loans. With a fixed rate business loan your interest rate won't change during the fixed period. After that, your rate reverts to a variable one. Fixed interest rates make it easier for businesses to manage loan expenses. Most lenders won't let you make extra repayments on a fixed rate.

Common business loan fees

Before signing a business loan contract you should look at all the loan fees. Factor in the cost of loan fees along with the interest payments.

The most common business loan fees include:

  • Establishment fee. Many lenders charge a one-off, upfront establishment or origination fee. This fee is often a percentage of the loan amount. A 3% establishment fee on a $300,000 business loan would cost you $9,000.
  • Monthly or annual account keeping fees. Some lenders charge a smaller ongoing fee to maintain the loan account.
  • Late fee. If you miss a loan repayment your lender may charge you a fee.
  • Extra repayment fee. Some loans, typically fixed rate loans, don't let you make extra repayments to the loan or charge a fee for doing so.

How can I save money on a business loan?

  1. Compare interest rates. Don't just apply for the first business loan that suits your needs. Compare business loan rates from multiple lenders.
  2. Factor in fees. Fees can really affect the cost of your loan, so add these into your cost calculations.
  3. Offer security. If you have a commercial or residential property to offer as security you can get a loan with a lower interest rate.
  4. Choose the right loan term. Longer loan terms suit larger loan amounts. Longer terms also mean smaller monthly repayments but more interest charged over time. Shorter terms increase your monthly repayments but you pay less interest.
  5. Look for a flexible loan. If you can repay a loan early you can save money. Flexible business loans let you redraw extra repayments in an emergency.
  6. Contact a business loan broker. A broker can help you compare business loan options and find a suitable solution. They can help you understand the true cost of a loan.

How do credit scores and business loans work?

Lenders assess individual borrowers along with the business itself. For larger businesses, a lender will check a company director's credit report.

Having a good credit history is even more important for sole traders and small business owners. There are also credit scores specifically for businesses.

You can improve both personal and business credit scores by establishing a good track record of repaying debts on time, not missing bills or loan repayments and avoiding applying for too many credit products at once.

How do I apply for a business loan?

  1. Work out what type of business loan you need.
  2. Compare loans and rates from multiple lenders.
  3. Prepare all your personal and business financial records and documents.
  4. Complete the application.
  5. Wait for the funds to reach your account.

Online business lenders can approve applications quickly. A traditional bank may take longer and you have to speak to a lending specialist from the bank first.

Documents you need for a business loan application

  • A valid ABN or ACN for your business.
  • Annual financial statements that include a balance sheet and income statement
  • Recent individual tax returns, an ATO notice of assessment and other details.
  • Credit reports for you and your business (the lender will check this).
  • Information about the property or asset you're offering as security.

Compare business credit cards

Name Product Bonus points Complimentary travel insurance Annual fee Interest-free period
American Express Platinum Business Card
Up to 55 days on purchases
Special offer: 350,000 Membership Rewards Bonus Points for new American Express Card members. To qualify, you must apply by 5 November 2024, get approved, and spend $12,000 on eligible purchases within 3 months of approval.

Available to ABN holders w/ $75,000 revenue. Features no pre-set spending limit with up to 55 days to pay for your purchases and a Flexible Payment Option. Plus, rewards, insurance covers and up to 99 additional cards for no annual fee.
More Info
American Express Velocity Business Card
Up to 51 days on purchases
Special offer: New American Express customers who apply by 27 August 2024 can earn 100,000 bonus Velocity Points if they spend $3,000 within 2 months of approval.

Available to ABN holders w/ $75,000 revenue. Features no pre-set spending limit with up to 51 days to pay for your purchases and a Flexible Payment Option. Plus, Velocity Points, travel insurance covers and Virgin Australia lounge passes.
More Info

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Frequently asked questions about business loans

Justine Mclean is a business finance expert, author, speaker, financial educator and host of the Secrets of Successful Business podcast. With 30 years of experience in small business, Justine is on a mission to help business owners increase their financial literacy, build solid financial foundations and create profitable and sustainable businesses.

Justine released her book Become A Business Money Magnet - Simple habits to manage your money and supercharge your profits in 2024; she is a registered BAS Agent, Ladies Finance Club Ambassador, and named one of Coach Foundation's Top Female Business Coaches for 2022.

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To make sure you get accurate and helpful information, this guide has been edited by Richard Whitten and reviewed by Justine Mclean, a member of Finder's Editorial Review Board.
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Lead Editor

Elizabeth Barry was the lead editor for Finder. She has over 10 years' experience writing about a range of topics with a focus on personal finance. You’ll find her writing and commentary in a range of publications and media including Seven News, the ABC, MSN, the Irish Times and Singapore Business Review. See full bio

Elizabeth's expertise
Elizabeth has written 248 Finder guides across topics including:
  • Banking
  • Personal finance
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34 Responses

    Default Gravatar
    vinodsinghJune 26, 2018

    i am recently retired man. i am on aged pension. i need business loan to purchase established business. i want to put some $25000 –$ 35000/ in to it from super annuation funds. i am regularly getting aged pension from centrelink.please guide me the lenders who are liberal in granting business loan to me.

      Default Gravatar
      NikkiJune 27, 2018

      Hi Vinod!

      Thanks for reaching out to us.

      To apply for a business loan, generally, you will need a summary of your business’ financials, a business plan, financial forecasts (including cash flow forecasts), and your personal information. However, many new lenders simply request to log into your business’ accounting software to get this information for themselves.

      You may refer to our list of Centrelink business loans to know which lender may consider you for a loan. Please click the name of the lender or the “More info” link to be redirected to our review page and learn more about the lender’s loan offer, rates, and requirements as well as the pros and cons of using their loan service. When you are ready, you may then click on the “Go to site” button and you will be redirected to the lender’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.

      Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. You can also contact the provider if you have specific questions.

      Hope this helps.


    Default Gravatar
    ClaireApril 7, 2018

    my question is l am looking for information for a business online banking account, what will be the monthly fees be to have this online account? l have obtained information from NAB and CWB that the account will be zero a month for an online account when you do not use the branch, all banking is done online. to have an OD attached to this online banking business account the fees are below for an unsecured amount.
    for OD facility NAB is 14.5% with 1.75% annual fees
    for OF facility with CWB 14.75% with 1.75% annual fees
    what is will the account fees be with ANZ and Westpac
    l cannot see where l find these on your site.
    also how long back did a zero fee for online banking start with an online banking account, what year?

      MayApril 9, 2018Finder

      Hi Claire,

      Thank you for your questions.

      1. l am looking for information for a business online banking account, what will be the monthly fees be to have this online account?
      Depending on the type of account, some banks have nil monthly fees, others may charge as much as $20. You may refer to our list of business bank accounts to compare your options. Most banking accounts these days can be done easily online.

      2. What is will the account fees be with ANZ and Westpac?
      You can find more information about ANZ business accounts and its fees from our comparison table. For Westpac, Depending on the account, they charge $10 monthly account fee for their Westpac Business One Account – Low Plan and $20 for Westpac Business One Account – High Plan

      3. How long back did a zero fee for online banking start with an online banking account, what year?
      I’m afraid we don’t have information in that regard. But most banks offer cheaper if not zero fees on some of their online bank accounts to their customers helping them save money on monthly charges.

      Hope this helps.


    Default Gravatar
    TomFebruary 13, 2018

    small business unsecured loan of 300,000. to buy an existing profitable business , with low fixed interest , no early payout fee ,over 5years approx. Have financial statements of business and $800,000. assets of my own , so could be secured loan.

      RenchMarch 4, 2018Finder

      Hi Tom,

      Thank you for your inquiry.

      Buying a business is a great undertaking and requires a lot of work. If you haven’t already, you might find our guide in buying a business useful. On the page is a comparison table you can use to find the right lender for you. Once done comparing, you may tick the “Go to Site” or to request a call click the available “Enquire now” button. Before applying for a loan, it would be good to check their eligibility requirements as well as their terms and conditions.

      Best regards,

    Default Gravatar
    MikeAugust 31, 2017

    Just wondering if there are any finance options available for me. Right now all I have is my business plan and projections from my account. That’s it, no assets, no defaults on my credit score however I do have 3 inquiries(Business related). I’m looking for funding for my equipment, without the equipment we can’t start. Is there any chance at all for me?


    Default Gravatar
    TrevorAugust 30, 2017

    Is there a possibility of being funded without collateral and a guarantor? Low doc, etc..?

      HaroldAugust 31, 2017Finder

      Hi Trevor,

      Thank you for your inquiry.

      You may want to consider the following low doc loans.

      Low Doc Personal Loans
      Low Doc Home Loans

      I hope this information has helped.


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