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Fast business loans

Compare quick business loans and get funding today

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Do you need a business loan? Do you need it yesterday? If you're looking for quick funding for your business, you can get approved for a business loan within a couple of hours and have the money the same day. Find out more about fast business loans and if there's one that's 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. Some lenders might even offer same-day funding. It's good to note that non-bank lenders will generally have quicker approval times than larger banks.

How much can I borrow on a fast business loan?

You can generally borrow from $5,000 to $1,000,000 with a business loan, but some lenders have no limits as to how much you can borrow. 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
  • The value security you can offer on the loan (for secured business loans)

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 business loan.

Reasons to get a fast business loan

  • Assist with cash flow

    The number one complaint you'll hear from any business owner is always cash flow, cash flow, cash flow. Many small businesses experience issues with managing capital and a business loan can help cover you in times of irregular cash flow. While a fast business loan can help you to manage cash flow, you may also benefit from invoice financing.

  • Compare invoice financing products

Data indicated here is updated regularly
Name Product Min. Loan Amount Max. Loan Amount Loan Term Upfront Fee Filter Values
Timelio Invoice Finance
$10,000
$100,000,000
Up to 4 months
$0
Get up to 100% of the value of your invoices without having to wait for customer payments, and with no minimum turnover or operating history required.
Scottish Pacific Invoice Finance
$200,000
$100,000,000
From 1 year
No set amount
Improve your business cash flow by financing your outstanding invoices. No minimum trading history required, but minimum 12 - month term and $200,000 in invoices.
Scottish Pacific Selective Invoice Finance
$10,000
$1,000,000
1 to 3 months
$500
Finance your unpaid invoices on demand with terms of 1 - 3 months. 95% of invoice is paid upfront, with no minimum trading history required.
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  • Purchase equipment or infrastructure

    If you need to buy equipment in a hurry, you can use quick finance to cover the purchase of expensive equipment that is important to the operation of your business. Time is money, and if you need certain tools of the trade in order to be more efficient, the sooner you can get them, the better.

  • 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. Growing your business won't happen overnight, but your finance can.

  • Debt consolidation

    You may be able to streamline your existing business debts by using a small business loan to consolidate them into one loan. The quicker you can get that finance, the more interest you'll save by consolidating your debts sooner.

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 as much as a few weeks.

    • Top tips. To cut down your turnaround time and get approved quickly, make sure that you:
    1. Meet all of the lender's eligibility criteria
    2. Ensure that all of the necessary documents are submitted with the loan application. Failure to submit a document will delay your application
  • Loan term

    Loan terms vary with business loans. Commonly, they can be as little as three months to up to five years. But some business loans even have loan terms of up to 25 years. Other products such as business line of credit products offer ongoing terms.

  • Up-front and ongoing fees

    These can include application fees, establishment fees, service fees and early repayment fees. Lenders usually also charge for late payments. Try to find a loan with low fees, or fees that suit your budget.

  • Interest rates

    Interest rates may be standard annual rates or factor rates. Make sure to check the comparison rate when comparing interest rates, which can be found in our tables. Comparison rates take into account any mandatory fees which are included in the loan. This makes them more indicative of the true cost of the loan than the interest rate alone.

  • 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. Secured loans (depending on the value of your security) also usually give you access to higher levels of funding.

Some providers to consider:

  • Prospa
  • Moula
  • Spotcap
  • Ondeck

Will I be eligible for a fast 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 for businesses that have shown they can survive the marketplace for at least a year. However, there are some lenders that lend to start-ups. Many also accept businesses that have been in business for just 6 months.

  • Turnover of the business

    Does your business have regular revenue? The higher the revenue of your business, the more funding you will qualify for.

  • 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. If you do have a less than perfect credit history, never fear, because there are a number of lenders that accept bad credit borrowers. Most invoice financing companies also consider bad credit applicants, because they use the value of your invoices as security.

  • ABN/ACN

    It's important to note that you need to have an active Australian Business Number (ABN) or Australian Company Number (ACN) before applying for any business loan.

Valiance Finance Logo

Get access to a wide range of business finance options with Valiant Finance. Fill out this form to speak to an expert.

Valiant Finance works with a large panel of lenders that can help you find a loan for your business.

  • Access to 60+ lenders
  • Dedicated credit specialists
  • Various loan options available

Valiance Finance Lender Logos

Compare fast business loans

Data indicated here is updated regularly
Name Product Min. Loan Amount Max. Loan Amount Loan Term Upfront Fee Filter Values
Valiant Finance Business Loan Broker
$5,000
$1,000,000
3 months to 5 years
$0 application fee
A Business Lending Specialist from Valiant Finance can give you access to competitive business loans from over 70 lenders. Loans between $5,000 and $1 million are available. Request a call – your loan can be funded in 1 business day.
Prospa Business Loan
$5,000
$300,000
3 months to 3 years
3% origination fee
Small business loans are available from $5,000 - $300,000 on terms of up to 3 years. At least six months trading history and a monthly turnover from $6,000 is necessary.
Max Funding Unsecured Business Loan
$2,000
$300,000
1 month to 1 year
$0 application fee
An unsecured business loan from $2,000 that offers convenient pre-approval and no early repayment fees.
OnDeck Business Loans
$10,000
$250,000
6 months to 2 years
3% of loan amount
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.
Westpac Business Loan
$5,000
$1,000,000
1 to 30 years
$0 application fee
Purchase a new vehicle, equipment or support your cash flow with a business finance solution from Westpac.
ANZ Secured Business Loan
$10,000
$10,000,000
Up to 15 years
$600
Benefit from a low rate when you secure this loan with property and/or business assets. Loans from $10,000 available.
ANZ Unsecured Business Loan
$10,000
$1,000,000
Up to 15 years
$600
Apply for a loan from $10,000 with no security required and benefit from flexible repayment terms.
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How do I apply for a fast 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.

Man in suit deciding between loans

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:

What to remember

While we understand that you need your funding in a hurry, still try to take the time to compare your options prior to submitting an application. Comparing what's available on the market enables you to make the most informed and therefore the best possible decisions for your business. It pays to compare.

Picture: Getty images

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