Small business owner at desk

Fast small business loans

Need a business loan right now? Here’s how to access finance fast.

Cash flow can be tricky, especially when you’re running a small business. Unfortunately, the bills still need to be paid no matter how tricky your cash flow situation. If you’re in need of fast funds to fill orders or for any other business expenses, you have a few options to consider.

How fast can I get a business loan?

Turnaround times differ between lenders, but with many smaller, agile lenders cropping up in the small business finance space, turnaround times have shortened significantly in recent years. What used to take weeks now only takes a few hours.

Business loans you can compare today

Rates last updated February 23rd, 2018
Name Product Min Loan Amount Max. Loan Amount Loan Term Application Fee Product Description
Prospa Business Loan
$5,000
$250,000
0.25 to 2 years
$0
Apply for up to $250,000 and receive your approved funds within one business day. Note: Businesses must have a turnover of more than $5,000 per month and be able to demonstrate 6 months of trading history.
NAB QuickBiz Loan
$5,000
$100,000
1 to 3 years
$0
An unsecured business loan from $5,000 that can be processed in 1 business day. Businesses that apply and are approved before 30 April 2018 are eligible for a discounted interest rate of 12.95% p.a.
Moula Business Loan
$5,000
$250,000
0.5 to 1 years
$0
Small business loans of up to $250,000 approved and funded within 24 hours.
Transparent fees and rates. Note: Business must have been operating for at least 12 months and have monthly sales of at least $5,000.
Spotcap Loans
$10,000
$400,000
2 years
$0
Take advantage of a fixed interest rate and no upfront fees with this business loan, available up to $400,000. Note: Business must have been operating for at least 18 months and have turnover over $200,000.
Sail Unsecured Business Loan
$5,000
$100,000
1 year
2.5% origination fee
Apply for up to $5,000 even if you have bad credit. Note: Business must have been operating for at least 6 months and have turnover over $50,000.
OnDeck Business Loans
$10,000
$150,000
0.5 to 2 years
$0 (2.5% origination fee)
Apply online for up to $150,000 with OnDeck and receive approved funds in one business day.
businessloans.com.au Flexible Business Loan
$5,000
$500,000
0.5 to 1 years
1.5% Initial draw down fee
A 100% online business loan with amounts available from $5,000. Flexible eligibility criteria and transparent rates and fees.

Compare up to 4 providers

How much can I borrow for my fast small business loan?

The amount you can borrow depends on a variety of factors, including:

  • The amount of cash flow the business has
  • Why your business needs the funds
  • How long the business has been around
  • The credit history of the owner of the business

It’s ideal for you to think about these things before applying for a fast business loan as these are considered by lenders before deciding whether or not you and your business are eligible for the loan.

What types of business loans are available for me?

There are various business loans to consider if you need cash fast for your business. These include:

How can I compare my business loan options?

There are a few factors that can help you decide what loan is best for you. Here are a few things to consider when applying for a business loan.

    • Turnaround time. If you need access to finance fast, look at how quickly the lender can get you your funds. Turnaround can be in as little as a few hours to a few weeks.
    • Loan term. Loan terms for business loans differ and can be for as little as three months to up to five years. Other products such as line of credit products offer ongoing terms.
    • Upfront and ongoing fees. Fees can include application fees, loan origination fees, monthly fees and annual fees.
    • Interest rates. Interest rates may be standard annual rates or factor rates.
    • Secured or unsecured loans. If you have business or personal assets to attach to the loan you may want to consider a secured business loan as it can offer more competitive rates.

Will I be eligible for a fast small business loan?

The eligibility criteria will differ between lenders. However, these are a few things you should keep in mind when considering your eligibility for a loan.

  • Age of the business. Lenders are more likely to approve loans who have shown they can survive the marketplace for at least a year.
  • Turnover of the business. Is your business making a profit?
  • Your personal credit history. Do you have a bad credit history? Are you the owner of the business? This could impact your eligibility for a loan.
  • ABN/ACN. You need to have an Australian Business Number (ABN) or Australian Company Number (ACN) before applying for a business loan.

Picture: Shutterstock

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