Fast small business loans

Need a small business loan right now? Compare loans that let you access finance fast.

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If you need quick funding for your business, you can get approved for a small business loan within a couple of hours and have the money the same day.

Find out if a fast business loan is right for you below.

How fast can I get a business loan?

Turnaround times vary between different lenders, but some can approve your loan within hours and send you the funds within one business day. Small non-bank lenders will generally have quicker approval times than larger banks.

How much can I borrow on a fast small business loan?

You can generally borrow from $5,000 to $500,000 on a small business loan. However, the amount you can borrow depends on a variety of factors, including the following:

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

You will need to provide this information as part of your application. Your business may also have to meet certain requirements, such as minimum turnover, to be eligible for a small business loan.

Reasons to get a small business loan

  • Assist with cash flow. Many small businesses experience issues with cash flow and a business loan can help cover you in times of irregular cash flow.
  • Purchase equipment or infrastructure. You can use a small business loan to cover the purchase of expensive equipment that is important to the operation of your business.
  • Fund expansion. If your business is looking to grow, you can use a loan to purchase stock, hire more employees or otherwise expand your business.
  • Debt consolidation. You may be able to streamline your existing business debts by using a small business loan to consolidate them into one loan.

How do I compare my fast 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 can be as little as three months to up to five years on business loans. Other products such as line of credit products offer ongoing terms.
  • Upfront and ongoing fees. These can include application fees, service fees and early repayment 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.

Some fast small business loan providers to consider:

  • Prospa
  • Moula
  • Spotcap
  • Ondeck

Will I be eligible for a fast small business loan?

The eligibility criteria will differ between lenders, but you should keep the following in mind when considering your eligibility for a fast business loan.

  • Age of the business. Lenders are more likely to approve loans to businesses that have shown they can survive the marketplace for at least a year.
  • Turnover of the business. Does your business have regular revenue?
  • Your personal credit history. Do you have 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.

Capify Unsecured Business Loan Offer

Capify Unsecured Business Loan Offer

  • Borrow up to $300,000
  • Fast application and turnaround
  • Flexible loan repayments
Security Logo

100% confidential application

Capify Unsecured Business Loan Offer

Apply for up to $300,000 from Capify, enjoy a simple application process and with same-day approval you can have your funds within 24 hours.

  • Loan Security: Unsecured
  • Interest rate type: Variable
  • Application fee: $0
  • Minimum loan amount: $5,000
  • Maximum loan amount: $300,000
  • Fast application and turnaround
Go to site

Compare fast small business loan

Updated September 21st, 2019
Name Product Min. Loan Amount Max. Loan Amount Loan Term Upfront Fee Apply Now
3 months to 1 year
3% origination fee
An unsecured business loan up to $300,000 for eligible businesses. Businesses operating for a minimum of 6 months and having turnover of at least $10,000 a month can apply.
3 to 18 months
2.5% establishment fee
Apply for up to $200,000 from Lumi and benefit from short loan terms, no early repayment fees and once approved receive your funds in just one business day.
6 months 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.
6 months to 3 years
$0 application fee
A loan of up to $500,000 that can be approved and funded within 24 hours. Available to businesses with 6+ months operating history and $5,000+ monthly sales.
3 months to 2 years
3% origination fee
A business loan available up to $300,000 that can be funded in 1 business day. Must have a turnover of $6,000+ per month and provide 6 months of trading history, 3 months history for existing business purchases.
3 months to 5 years
$0 application fee
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.
6 months to 2 years
$0 establishment 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+. Note: The establishment fee will be waived if you apply and are approved before 15 October 2019.
Up to 25 years
0.75% application fee
Borrow from $10,000 with multiple repayment options including optional fixed rate periods.
6 months to 2 years
2% drawdown 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.

Compare up to 4 providers

How do I apply for a small business loan?

Most lenders have an online application process that you can start by clicking the "Go To Site" button in the comparison table above. You will need to provide some details of your business as part of your initial application, but this will vary by lender.

What other types of business loans are available?

The following are a number of business loans to consider if you need cash fast for your business:

Picture: Shutterstock

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