We currently don't have that product, but here are others to consider:
How we picked theseWe assess over 150 business loan products for their rates, fees and important features, assigning them a score out of 10.
| Type of loan | Loan amounts | Features and repayments | Pros and cons |
|---|---|---|---|
| Business overdraft | Loan amounts will vary based on the lender and your business' financials. You may be able to get an overdraft of up to $750,000. | - Linked to an existing business account - Available once you use up funds in your account - Unsecured loan - Variable interest rates - Ongoing account, minimum repayments required |
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| Line of credit | Loan amounts will vary based on the lender and your business' financials. It could go up to $15 million or higher. | - A line of credit allows you to draw cash as and when you need it. - You pay interest only on the money you use, not the entire loan amount. - Regular, minimum repayments on your balance |
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| Secured business loans | Loan amounts vary, with some lenders offering up to $100 million while others don't have maximum borrowing amounts. | - Borrow a large sum of money, using an asset as security. - Fixed or variable interest rates. - Regular loan repayments over a period of time. |
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| Unsecured business loans. | Loan amounts could range up to $1 million, although it varies according to the lender. | - Borrow without security - Faster applications - Higher interest rates than unsecured loans. |
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| Invoice financing. | You could borrow up to 80–90% of your unpaid invoices. Funding up to $150 million may be available. | - Get funding against your unpaid invoices - No asset required as the loan is secured against your unpaid invoices - Get quick access to funding. - Fees apply, with your invoices will pay for the rest of the loan. |
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A business loan with a lower interest rate saves you money by reducing your interest charges.
Secured business loans have lower rates than unsecured loans.
Business loans often come with application or establishment fees charged as a percentage of your loan amount. Monthly fees can also add up and make the loan more expensive.
Factor fees into your comparison and try to find a loan with lower fees.
The amount a sole trader can borrow depends on their business income. But lenders have minimum and maximum loan amounts for their loans.
Check if a loan will let you borrow as much (or as little) as you need before applying.
Does a business loan let you choose fortnightly or monthly repayments? Does the lender offer fast loan approval? Can you repay the loan early without penalty?
Comparing all of a loan's features gives you a clearer idea of how suitable it is for your business needs.
Sole traders might use a business loan to:
"When you take out a business loan, lenders require that you use the funds for business purposes and not personal use – so you can't take out a business loan and then use that money to buy a car for personal use, or spend it on rent or personal bills. Some lenders may also request access to your bookkeeping software to get evidence of your profit and loss."
Every lender requires slightly different documents, but most lenders require some or all of the following:
If you haven't been running a business as a sole trader long enough to have the financial information a lender requires, you have a few options:
ScotPac’s Boost Business Loan offers simple access to funding, allowing your business to borrow between $10,000 and $500,000.
Whatever your business loan requirement, ebroker may be able to help. With a range of loan options from over 80 bank and non-bank lenders compared on-site, could you find the right loan for your business?
Lumi offers a variety of short-term unsecured tailored business loans for SMEs, so you can find the loan that fits your business goals and your specific company.
Benefit from flexible loan terms and loan amounts through over 80 lenders from Valiant Finance.
Thinking of buying a pharmacy? Check out this guide to choosing the right pharmacy and finding the right pharmacy loan.
Buying a petrol station? Here’s how to find the right business and compare petrol station loans to finance your purchase.
Floorplan finance, also known as inventory finance, provides the funds your business needs to purchase high-value inventory without affecting cash flow.
We’ve covered a wide range of loans you can apply for if you’re a small business in need of finance.
If you're looking for a flexible business finance solution, Prospa has a competitive offering that you can consider. Apply for up to $300,000 online and receive approval within one hour.
Looking to apply for a business loan? This business loan calculator lets you compare the cost of two business loans so you can see which is the one to apply for.