Need a business loan right now? Compare loans that let you access finance fast.
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.
- Loans up to $250,000
- Same-day turnaround
- Repay early without penalty
100% confidential application
Prospa Business Loan
A convenient business loan up to $250,000 that can be applied for online. Same-day turnaround.
- Interest rate type: Variable
- Application fee: $0
- Minimum loan amount: $5,000
- Maximum loan amount: $250,000
Compare small business loans now
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.
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.
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:
- Line of credit. A line of credit gives your business access to funds up to a specified limit. You can draw up to this limit when you need to and only repay the funds you use.
- Business credit card. This works in the same way as a personal credit card except you use the funds for business purposes. The card account can also come with extra features such as additional cardholders or rewards points for the business.
- Business overdraft. This is a function that lets you overdraw your business bank account up to a specified limit. You only pay interest when you use the funds but you may pay a regular fee.
- Invoice financing. This funding option allows you to sell your outstanding invoices to a financing company for a percentage of the invoice.
- Equipment financing. This type of financing allows you to buy, lease or hire equipment that you need for your business.