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Speedy Finance

Speedy Finance offers short-term financial solutions for Aussie SMEs

Bria Horne
Bria Horne

Updated

Speedy Finance

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Businesses generally require some sort of finance at some point in their lifetimes. Speedy Finance is a short-term business loan provider that offers a plethora of financial products for Australian businesses. And because it determines your eligibility based on your business's annual turnover, having bad credit isn't necessarily a deal breaker.

Find out more about the products offered by Speedy Finance and how they might be able to benefit your business.

Main points to consider with Speedy Finance

Speedy Finance is a short-term lender, so all of its loans have relatively quick repayment terms. Financial products for businesses that are offered by Speedy Finance include secured business loans, bridging loans, second mortgages, equipment finance and unsecured small business loans. So, there's a good chance that you'll find something for almost any business financing need.

Speedy Finance offers a quick and simple five-minute application process and fast funding for your business – usually within 24 hours of approval. While maximum available loan amounts will differ from product to product, business owners can apply for anything between $5,000 and $500,0000.

Speedy Finance also helps bad credit applicants, as its eligibility criteria is based predominantly on how well your business is doing, as opposed to your personal track record. However, to qualify for a Speedy Finance business loan, you must have an active ABN or ACN. Speedy Finance does also offer short-term personal loans up to $5,000 (also known as "payday loans") which don't have this requirement.

Features and products offered by Speedy Finance

Speedy Finance offers numerous options for financing your business. Below we have outlined each different business loan product and its corresponding features.

1. Secured business loans

Speedy Finance offers bespoke secured business loans. Features include:

  • Quick application. Apply online in just 5 minutes.
  • Quick funding. Once approved, you'll receive your loan in just 24 hours.
  • Loan term. This loan has a short term of 3-12 months.
  • Interest rate. Rates start from 1.5% per month.
  • Easy refinance. There's an option to refinance your loan if you need more money.
  • Loan amount. Business owners can qualify for funding from $5,000-$500,000.
  • Fixed rate. The rate of these loans won't change for the life of the loan.
  • Flexible loan purpose. You can use the funds from this loan for almost any business purpose.
  • No early exit fees. Pay off your loan early and save money over the life of the loan.
  • Paid credit defaults are OK. If you've got defaults on your record, your application will still be considered.
  • Minimum turnover. Your business will need to make a minimum monthly turnover of $10,000 to qualify for this loan.
  • Minimum operating time. Your business will need to have been operating for over 6 months to qualify for this loan.
  • Security. You will need to secure this loan with an asset.

2. Bridging loans

The following features apply to a Speedy Finance bridging loan:

  • Quick application. Apply online in just 5 minutes.
  • Quick funding. Once approved, you'll receive your loan in just 24 hours.
  • Loan term. This loan has a short term of 3-6 months.
  • Loan amount. Get a loan of up to $500,000.
  • Fixed rate. The rate of these loans won't change for the life of the loan.
  • Interest rate. Rates start from 1.5% per month.
  • No early exit fees. Pay off this loan early and save money over the life of the loan.
  • Security. This loan can be secured against either your existing or your new property.
  • Minimum trading time. Your business must have been trading for a minimum of 12 months.
  • Paid credit defaults accepted. If you've got defaults on your record, your application will still be considered.
  • Repay in one payment. Once you sell your asset, you can repay the loan all in one go.

3. Second mortgages

Second mortgages allow you to leverage your existing assets as security to borrow for almost any commercial purpose, such as buying or opening a business. Features of a second mortgage with Speedy Finance include:

  • Quick application. Apply online in just 5 minutes.
  • Quick funding. Once approved, you'll receive your loan in just 24 hours.
  • Loan term. This loan has a term of up to 36 months.
  • Loan amount. Up to twice your monthly turnover (maximum $500,000).
  • Fixed rate. The rate of these loans won't change for the life of the loan.
  • Interest rate. Rates start from 1.5% per month.
  • No early exit fees. Pay off this loan early and save money over the life of the loan.
  • Flexible repayments. This loan has flexible repayment options.
  • Security. Security options include commercial property, vacant land you own or your home.
  • No minimum trading period. Even start-ups with no minimum trading period can qualify for this loan.
  • Paid credit defaults accepted. If you have defaults on your credit file, you will still be considered for this loan.

4. Equipment finance

If you're looking to finance new equipment for your business, like a vehicle or machinery, maybe you'd benefit from an equipment finance loan. Features include:

  • Quick application. Apply online in just 5 minutes.
  • Quick funding. Once approved, you'll receive your loan in just 24 hours.
  • Loan term. This loan has a short term of 3-12 months.
  • Loan amount. Up to your monthly turnover (maximum $500,000).
  • Fixed rate. The rate of these loans won't change for the life of the loan.
  • Interest rate. Rates start from 2% per month.
  • No early exit fees. Pay off this loan early and save money over the life of the loan.
  • Security. You can secure this loan against the equipment that you buy.
  • Minimum trading time. Your business has to have been trading for at least 6 months.
  • Minimum monthly turnover. You must have a minimum turnover of $10,000 per month.
  • Paid credit defaults accepted. If you've got defaults on your record, your application will still be considered.

5. Working capital finance

If you run into cash flow problems, working capital finance can help to cover overheads during seasonal lulls or slow periods of trade.

  • Quick application. Apply online in just 5 minutes.
  • Quick funding. Once approved, you'll receive your loan in just 24 hours.
  • Loan term. This loan has a short term of 3-18 months.
  • Loan amount. The loan amount you qualify for will be based on your circumstances.
  • Fixed rate. The rate of these loans won't change for the life of the loan.
  • No early exit fees. Pay off this loan early and save money over the life of the loan.
  • Minimum trading time. Your business has to have been trading for at least 2 years.
  • Minimum annual turnover. You must have a minimum turnover of $500,000 per year.
  • Paid credit defaults accepted. If you've got defaults on your record, your application will still be considered.
  • Security. This loan will have to be secured against an asset.

6. Small unsecured business loans

If you would rather not use asset security, Speedy Finance also offers small unsecured business loans. Features include:

  • Quick application. Apply online in just 5 minutes.
  • Quick funding. Once approved, you'll receive your loan in just 24 hours.
  • Unsecured. These loans don't require asset security up to $30,000.
  • Loan term. This loan has a short term of 3-12 months.
  • Loan amount. The maximum loan you can qualify for without security is $60,000. The amount you will qualify for will be half your monthly turnover.
  • Interest rate. Rates for this loan start at 2% per month.
  • Easy refinance. There's an option to refinance your loan if you need more money.
  • Fixed rate. The rate of these loans won't change for the life of the loan.
  • No early exit fees. Pay off this loan early and save money over the life of the loan.
  • Minimum trading time. Your business has to have been trading for at least 12 months.
  • Minimum monthly turnover. You must have a minimum turnover of $10,000 per month.
  • Paid credit defaults accepted. If you've got defaults on your record, your application will still be considered.

How much does it cost?

The rate that Speedy Finance allocates to you upon approval will be dependent on factors such as the loan product you are looking for, your business's monthly/annual turnover, your credit history and the asset security that you can provide. Rates for these loans start at 1.5% of the loan amount per month.

To submit an enquiry with Speedy Finance and get a better idea of what you can expect to pay for a loan for your business, simply click "Go to Site". Speedy Finance is available to contact by phone, email, fax and live chat.

How to apply

To apply for a business loan with Speedy Finance, simply click "Go to Site" to submit an enquiry or an application. In order to be eligible for a loan, you must have:

  • An active ABN/ACN
  • Ownership of real estate (this does not apply to the unsecured loan products)

Please double check the eligibility criteria for the specific product that you wish to apply for before applying. Factors such as how long your business has been trading and your annual turnover will have different minimums for different products.

It's also always a good idea to compare business loans thoroughly, prior to submitting an application.

 

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