Compare Business Loans

Business Loan Finder™ can help you compare your credit options and apply for a business loan in minutes.

NAB QuickBiz Loan Offer

NAB QuickBiz Loan Offer

From

12.95 % p.a.

fixed rate

  • Borrow up to $100,000
  • Fast application and turnaround
  • Sole traders, partnerships and companies can apply
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100% confidential application

NAB QuickBiz Loan Offer

An unsecured business loan up to $100,000 you can apply for in minutes.

  • Interest rate from: 12.95% p.a.
  • Interest rate type: Fixed
  • Application fee: $0
  • Minimum loan amount: $5,000
  • Maximum loan amount: $100,000
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Business loans you can compare today

Rates last updated October 24th, 2018
Name Product Min Loan Amount Max. Loan Amount Loan Term Application Fee Product Description
NAB QuickBiz Loan
$5,000
$100,000
1 to 3 years
$0
Apply for up to $100,000 and get a response within 60 seconds. No upfront or ongoing fees and a transparent fixed rate.
Lending Express Business Loans
$5,000
$500,000
0.25 to 2 years
$0
Apply online for up to $500,000 and get access to over 25 lenders through Lending Express.
Valiant Finance Business Loan Broker
$5,000
$1,000,000
0.25 to 5 years
$0
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.
Moula Business Loan
$5,000
$250,000
0.5 to 2 years
$0
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.
Spotcap Loans
$10,000
$400,000
0.25 to 2 years
$0
Benefit from a fixed interest rate and no upfront fees with a loan available up to $400,000. Must have been operating for at least 18 months and have turnover over $200,000.
GetCapital Flexible Business Loan
$5,000
$500,000
0.5 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+
businessloans.com.au Flexible Business Loan
$5,000
$500,000
0.5 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.
OnDeck Business Loans
$10,000
$250,000
0.5 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.

Compare up to 4 providers

Different types of business loans & finance

How does a business loan work?

Business loans can be secured or unsecured and can come as a line of credit or lump sum payment. Banks tend to require security for business loans, but you can find some that do not. Non-bank lenders, including those on this page, generally will not require security for a standard business loan and offer terms of between three months to three years. Costs differ but a fixed rate is usually charged and repayments can be made daily, weekly or monthly depending on the lender you select. However, it's usually lined up with your business' cash flow.

Depending on what you're borrowing for, how you need to repay and which lender you borrow from, the loan will work differently. Compare your options to find out.

Some of the brands we compare

NAB QuickBiz Loan

Bigstone Logo

Max Funding Logo

Business Fuel

Spotcap Logo
Prospa Logo
OnDeck Logo
Moula Logo

Compare the business loan products below

  • Bigstone Small Business Loan: A small business loan allowing you to borrow up to $1,000,000 for 6 to 36 months
  • GetCapital: A flexible business loan allowing you to borrow up to$500,000 for 6 to 24 months
  • Max Funding Business Loan: Borrow up to $300,000 for 1 to 36 months with this business loan.
  • Business Fuel: This business loan allows you to borrow up to $250,000 for 3 months to 1 year
  • NAB QuickBiz Loan: A convenient business loan allowing you to borrow up to $100,000 for 1 to 3 years

Quick guide to business loans

Are you eligible for a business loan? How do business loan applications get approved? Why do applications get rejected? We take you through your business loan application to help you get it across the line. business loan growth


Is your business eligible for a loan?

  • Age of the business. You'll need to have been operating for at least one year for most unsecured business loans offered by alternative lenders and banks, but some do offer unsecured startup finance. Invoice factoring and equipment loans have less stringent criteria on business age, but you'll need to have been operating for at least one year for business overdrafts or a line of credit.
  • Turnover. Your business may be required to be making a certain amount of turnover in order to be eligible for a loan. This revenue may be monthly or yearly and can range from $50,000 p.a. to $200,000+. Other lenders simply require you to connect your business' accounting software or financials as part of the application process so it can calculate a loan your business can afford.
  • Credit profile. The personal credit histories of the directors may be checked along with the company's credit (unless you're a startup). If the business has unpaid defaults or tax debt you may need to find a bad credit business loan.
  • ABN/ACN. You'll need to have an Australian Business Number (ABN) or Australian Company Number (ACN).

What business financing options are available?

Business finance is split into two main categories: debt finance and equity finance. Equity finance is provided by an owner or an external investor, whereas debt finance is provided by a bank, credit union or business lender. Below, you can find out more information about the different types of short-term and long-term debt finance that are available.

Business overdraft

Business overdrafts are attached to your business banking account and allow you to overdraw up to a specified limit on that account. You only pay interest on your outstanding balance.

  • Usually come with an application fee, line or facility fees and interest is paid monthly when the overdraft funds are used

Business line of credit

You have a set limit and can use up to and including that limit as and when you need to. Repayments are flexible as long as you keep the account in good standing.

  • Draw on an account balance up to an approved limit
  • Line of credits can be secured or unsecured and more non-traditional lenders are starting to offer them
  • Interest is usually charged monthly and repayments include interest plus fees

Short-term business loan

You are approved for an amount of funds which you are required to pay over a set term, which is usually between three and 12 months.

  • Repay what you owe quickly
  • Repayments are usually daily or weekly to mitigate the impact on a business' cash flow
  • Interest may be charged on the principal or the outstanding amount depending on the lender and fees may apply

Credit card

This works just like a personal credit card except for business expenses and you can add multiple additional cardholders.

  • Interest can range from 8-20% if balance is not paid back monthly

Cash flow lending

This type of lending allows you to use your expected cash flow as collateral for the loan.

  • Use your working capital assets as security for a loan
  • Drawdown on funds as required, with your cash flow determining your loan
  • Interest is charged on the balance outstanding and fees may apply

Invoice financing

If you have outstanding invoices and you need them to be paid, you can sell them to an invoice financing company and receive what you're owed minus a fee.

  • You'll need to pay a percentage of the invoice amount

Trade finance

This type of finance allows you to fund the purchase of goods from domestic or international suppliers.

  • Various types are available such as letters of credit or bank guarantees between the buyer and seller
  • Fill large orders without putting a stop to your cash flow
  • You'll be charged interest on the amount provided for each trade as well as fees

Fully-drawn advance

This is a long-term business loan that allows you to borrow a set amount of money and repay it in pre-determined repayments.

  • Long-term financing available to purchase a business, property or equipment
  • A longer loan term of up to ten years is usually available
  • Repayments are usually made monthly with both fixed and variable rates available

Business vehicle finance

This is a secured loan available for businesses of all sizes with leases also being available.

  • Various types are available to sole traders, small and medium-sized businesses
  • Depending on the cost of the car and how it's used, there are tax benefits available
  • Repayment terms vary depending on the type of finance selected but competitive rates are on offer if the loan is secured

Equipment finance

There are various options available to let you purchase or lease equipment.

  • Options include commercial loans, equipment hire purchases, finance leases and novated leases
  • Have your choice of purchase or lease depending on your business needs

How do lenders judge your business loan application?

Lenders use a variety of criteria to see if you fit their risk profile and ensure your business can repay the loan.

  • Age and turnover of the business. Startup finance is harder to find and be approved for, so if your business is established you will find it easier to be eligible for a loan. The turnover of the business is also considered with lenders usually having a minimum requirement for monthly or annual turnover, or using your turnover to determine what the business can afford to repay.
  • Credit profile. The director's personal credit scores will be assessed as part of the application process and, if the business is established, so will the company's credit score.
  • Credit card volume. If you receive credit card payments in your business, lenders may use the volume of these payments to judge your ability to repay the loan. The assumption among some new lenders is that this volume will largely be used to repay the loan.
  • Accounts receivable. Similar to credit card volume, lenders may factor your accounts receivable value into their asset ratios to help them make a decision.
  • Company structure. Lenders will check what company structure you have and how long you have been in the existing structure. If you have recently undertaken a restructure or are applying for finance in the middle of restructuring, lenders may not want to finance you at this time.
  • Existing debt. Does your business have an existing debt with another lender? This will be considered as part of your application.
  • Profitability. For a revolving line of credit your business will usually need to be profitable to be approved.

Common mistakes that can get your application rejected

  • Frequent changes to your company structure. One way lenders judge your business is to see how long you've been in your current structure. If you're applying for finance when you're undergoing a restructure, or if you've been through multiple restructures, this could be a red flag.
  • Not having a clear loan purpose. If you don't have a clearly defined plan for all the funds you're applying for then lenders will be hesitant to lend it to you, even if your financials show you can repay it. Have cash flow projections that incorporate the loan you're applying for and show how you will use and repay it.
  • Asking for too much. Lenders will use the information you give in your application, including business details and account information, to work out how much you can comfortably afford to borrow. If you ask for too much at the onset the lender may reject the loan rather than offer you a lower amount. However, asking for too little may mean you need to borrow again soon. Work out how much you can comfortably afford so you have the best chance of being approved.
  • Being impatient. Each lender will have a different approval process for business loans and the first lender you approach may not necessarily close the deal for you. You are entitled to ask your lender how long the process will take, but keep it mind it may take longer than you first thought. Take the time to do the paperwork properly because it will be used to determine whether your loan will be approved or not.
  • Relying on your cash flow. Lenders look at things other than cash flow, such as how long the business has been in operation, the financial situation of the directors and the reason for the loan. Remember to give as much detail as possible to help your application.

How can you compare business loans?small business loan

  • Do you meet the eligibility criteria? Checking you meet the minimum eligibility criteria before you apply is the first step in your comparison process. This will help you narrow down choices that are the most suitable for you.
  • How much will the business loan cost? If you know what loan you need, the next step is deciding what your business can afford. Look at your incomings and outgoings to see what you could comfortably repay without putting too much strain on the business. If it's a loan for a startup, you'll need to rely on cash flow projections.
  • Do the repayment terms meet your business' needs? Lenders offer repayment terms of varying flexibility. Some will allow you to repay daily, others weekly and some will require you to repay your loan monthly. Work out which will best meet your business' needs in terms of your cash flow.

Enter loan details in to the business calculator below

Information about business loans you might find useful

How much do business lenders charge?

Costs vary significantly depending on the lender, but you will generally be able to find out the costs structure before you apply. Some lenders charge interest and others charge factor rates, where the interest doesn't compound. Most non-bank lenders charge their rates daily as this is when your repayments will be direct-debited from your account, whereas banks will charge an annual fee. You may need to pay an establishment fee but can generally repay early without penalty.

How long will I have to repay my loan?

Repayment terms differ depending on how much you borrow and what lender you apply with. Generally, you'll have between three months and three years to repay a loan from a non-bank lender, but banks offer longer periods.

Is my personal credit file checked or my company credit file?

The lender will specify which credit history they will need to check, but generally, it's the director's credit histories that need to be verified. Your business' financials may also be checked using accounting information that you connect as part of the application process.

Read the guide on business loans and your credit file

What's the difference between a fixed term loan and a line of credit?

A fixed term loan will provide you with a lump sum when you're approved for the loan and the repayments will be arranged so the loan is repaid by the end of your loan terms. A line of credit is where you are given a certain limit that you can draw up to and including as per your business needs. Some lenders can approve you for a limit but will not charge you if you decide not to use it. As you repay the line of credit the funds become available for you to use again. <h4>Is there anything you should avoid?</h4>

Don't apply for business loans until you can present a good case to the lender to prove your suitability as a borrower. You'll be required to show your business' financials and cash flow. Make sure you have reviewed the minimum criteria for the loan and made sure your business meets it – if you aren't sure, check directly with the lender.

"My business loan application wasn't approved. Now, what?"

There are a range of reasons why a business loan application can be denied, it is important to ask for feedback from your lender if you do get rejected. This feedback will give you an insight into what you did wrong, which you can improve on for the next time you apply. If the lender is unable to provide this feedback you may want to review your application and see if you can spot any red flags yourself. Common rejection reasons for large and small business loans can include bad credit listings, cash flow issues, insufficient security or simply not meeting the lender's criteria. Before applying again make sure you compare business loan options thoroughly so you apply with a lender that meets your needs and suits your financial situation.

Where in Australia can I get a business loan?

No matter where in Australia you're looking for business finance, there are loan options available. Take a look at the map below to see what some of your options could be.

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34 Responses

  1. Default Gravatar
    June 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.

    • finder Customer Care
      NikkiJune 27, 2018Staff

      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 can visit these pages to help you choose the lenders for your business.

      Business loans receiving Centrelink payments.

      This page shows all business loans but doesn’t sort our pension applicants.

      Hope this helps. Feel free to read through and message us should you have further questions.

      Regards,
      Nikki

  2. 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?

    • finder Customer Care
      MayApril 9, 2018Staff

      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. The business bank accounts you can compare in the market is listed here. Most banking accounts these days can be done easily through 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 on this page. 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.

      Cheers,
      May

  3. 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.

    • finder Customer Care
      RenchMarch 4, 2018Staff

      Hi Tom,

      Thank you for your inquiry. Please note that we are not affiliated with any company we feature on our site and so we can only offer you general advice.

      Whilst we can’t really recommend a specific lender to you as we are a comparison website, you may like to check our guides on these pages:
      Secured business loans
      Unsecured business loans
      Secured vs. Unsecured business loans

      You’d be best to confirm directly with the lender about your loan options and eligibility.

      Best regards,
      Rench

  4. Default Gravatar
    MikeAugust 31, 2017

    Hello,
    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?

    Regards,
    Mike.

  5. Default Gravatar
    TrevorAugust 30, 2017

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

    • finder Customer Care
      HaroldAugust 31, 2017Staff

      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.

      Cheers,
      Harold

  6. Default Gravatar
    GunJuly 20, 2017

    A lot of small businesses sell on the basis of sec-52 statement? I want to obtain a business loan on that basis. Please help me.

    • finder Customer Care
      RenchJuly 23, 2017Staff

      Hi Gun,

      Thanks for your inquiry.

      You’re actually already on the correct page on where you can compare your options for business loans. They also cater to small businesses. Please click on the name of your preferred loan to see more details, then you can click on the ‘Go to Site’ button to submit an online application.

      This page will also be helpful. You can make use of the business calculator and get more information.

      Cheers,
      Rench

  7. Default Gravatar
    jossAugust 5, 2016

    I want to invest in a business and I want to know how much I can borrow

    • finder Customer Care
      MayAugust 5, 2016Staff

      Hi Joss,

      Thanks for your question.

      The amount you can borrow would depend on the assessment of the lender of your income, assets, credit history, etc. You can discuss your loan options with a lender featured above. Be sure to review the criteria and requirements before you apply.

      Hope this helps.

      Cheers,
      May

  8. Default Gravatar
    ashimJune 22, 2016

    I’m an international student. I want to open a fancy clothing store here in perth.
    what i really wanted to ask is, can i get loan? and what should i have to do for that? please help me through this.

    • finder Customer Care
      ElizabethJune 22, 2016Staff

      Hi Aashim,

      You can find out more about temporary resident loan options on this page but I’m unaware of any lenders that can offer business financing if you’re on a student visa. However, you may be eligible for a personal loan. If you’re looking to purchase property or already own property you may be eligible for a secured loan with a bank – you can find out some more information on this page.

      I hope this helps,

      Elizabeth

  9. Default Gravatar
    JHJune 13, 2016

    seeking an unsecured (start up) business loan of $60,000.00 over 6 years. The proposed business is the same type of business I have been establishing in shopping centers since 1984 (experienced) and have never defaulted.
    your thoughts?

    • finder Customer Care
      ElizabethJune 14, 2016Staff

      Hi JH,

      The only lender we have available for comparison that will allow you to fund a new business venture is Max Funding – you can find out more about its loan here.

      Hope this helps,

      Elizabeth

  10. Default Gravatar
    SamApril 29, 2016

    Hi,

    I’m a new migrant on PR, wanting to buy land to build houses to sell. As I currently do not have a job, could you advise avenues that I can utilize to get loan to purchase the land and loan for construction too. Thanks

    • finder Customer Care
      ElizabethMay 2, 2016Staff

      Hi Sam,

      The business loan available on this site are outlined on the page above, but the only one available for new businesses is Max Finance. You’ll need to get in contact with them directly regarding your current situation and eligibility.

      Hope this helps,

      Elizabeth

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