Easy business loans
Getting approved for a business loan doesn't have to be hard. Compare these easy business loans from lenders that aim to make the process simple.
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Remember the days when getting a business loan meant making an appointment at the bank, answering long lists of questions, providing mountains of paperwork, then waiting days or even weeks for a decision?
Luckily those days are over. With so many independent lenders on the market, business owners have plenty of options when choosing a business loan. Not only are borrowers in the driver's seat when it comes to choosing the interest rates and loan terms that suit them, but business owners who might not otherwise have been eligible now have a range of lenders willing to offer easy business loans to suit almost any type of business.
Read on to find out how to compare easy business loans, and how to maximise your chances of finance success.
Easy business loans you can apply for online
What makes a business loan "easy"?
When something is easy, you know it's right. An easy business loan is one with a fast, uncomplicated application process, flexible eligibility requirements, and it doesn't make you jump through hoops to get approved. On the flipside, an easy business loan may have stricter repayment conditions and higher costs than a standard loan.
An easy business loan will combine several of the following features:
- Easy application process, usually online or with a quick phone call
- Less focus on your business's financial status and credit history, with fewer documents required
- Flexibility for businesses with poor credit, focusing on your current ability to afford the loan rather than your credit history
- Less likely to require an asset as security for the loan
- Fast drawdown of the loan, giving you access to the loan funds quickly
- Lower maximum loan amounts
- Shorter repayment periods
- Higher interest rates and other charges
How can I get approved for an easy business loan?
Follow these three steps to maximise your chances of getting approved for an easy business loan:
- Compare your business loan options to find the loan product and lender that best suit your circumstances. You have a much greater chance of having your application approved if you choose a loan product that you can afford and that suits your loan purpose.
- Check the eligibility requirements to ensure you qualify, then gather all your supporting documents. The documents required will vary between lenders, but you'll usually need information about your business, identification for yourself and other directors or major shareholders, and tax returns, bank statements, or other financial information to prove that your business can afford the loan.
- Complete the online application, which should be a straightforward process once you've already gathered all the necessary documents. Include as much information with the application as possible to reduce the chances that the lender will come back to you with a list of additional questions and documents. Set out the purpose of the loan, your business history, and detailed financial information about yourself and the business. Including a business plan with cash flow forecasting will improve your chances of having your loan application approved.
How do I compare easy business loans?
When you're looking for an easy business loan, it can be tempting to apply for the first loan that offers a quick, straightforward application process and fast access to loan funds. But keep in mind that there are plenty of lenders offering simple business loans, and the best lender for you will depend on your circumstances. Take the time to compare easy business loans before deciding who to apply with.
When comparing easy business loans, consider the following:
- The cost of the loan. Interest rates are an important consideration, but consider all fees and charges when determining the cost of a loan. An easy business loan with a low interest rate may soon lose its appeal when it includes a hefty application fee and high ongoing fees.
- The term of the loan. Easy business loans tend to offer shorter loan terms than standard loans. With a shorter loan term comes higher ongoing repayments, as the loan amount is spread out over a shorter period. Consider how the loan terms offered by different lenders suit your cash flow and the purpose of the loan. Repaying a loan over a few months may not be feasible for a new or struggling business, while other businesses may only need access to funds for a short time to cover a specific period.
- Repayment terms. Some lenders offer flexible repayment terms, giving you the choice of weekly, fortnightly or monthly repayments. Other lenders have a strict repayment schedule that must be adhered to. When comparing your options, consider your business's cash flow forecasts and the ideal repayment frequency to suit, then see which lenders will allow a suitable repayment schedule. For example, businesses like greengrocers that sell products with a short shelf life may prefer smaller weekly repayments, whereas contractors that take on large projects may prefer larger, less frequent loan repayments.
More questions (and answers) about finding easy business loans
Are all easy business loans fixed term?
Fixed term business loans are just one type of loan that can offer an easy, straightforward application process and fast access to funds. A business line of credit is another potentially easy business loan option, as is invoice factoring. The right choice for you will depend on the purpose of the loan and whether you need a one-off cash injection (fixed term); flexible, ongoing access to credit (business line of credit); or to cover the gap between issuing an invoice and it being paid (invoice factoring).
How fast will the loan funds be available?
A major drawcard of an easy business loan is that it allows for an expedited application process and fast access to the loan funds. Many independent lenders will approve loans the same business day and provide loan funds overnight. This means that you could potentially have the loan funds in your business's bank account within 24 hours of starting the application process. This assumes that you have supplied all documents requested and have satisfied the lender that you can afford the loan.
Are all easy business loans unsecured?
Easy business loans tend to be unsecured business loans and attract higher interest rates and shorter loan terms due to the increased risk to the lender. However, if you have an appropriate asset to offer as security for the loan – particularly residential property – a secured business loan could offer a significant interest rate discount and other benefits.
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