tradies

Loans for tradies

Rates and fees last updated on

Finding a loan for business or personal use as a tradie can be tough, but there are options available.

Whether you need a loan to cover financing for equipment, cash shortfalls due to unpaid invoices, or even for a personal purchase, it’s important to know how to find the right financing for you. Tradie loans can be secured or unsecured, are available from many different lenders and can be used for both personal and business reasons. Read this guide to find out how to get financing for what you need.

What options do tradies have for loans?

Prospa Business Loan Offer

Prospa Business Loan

  • Borrow up to $250,000
  • Same-day turnaround
  • Repay early without penalty
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100% confidential application

Prospa Business Loan Offer

The Prospa Business Loan allows you to borrow up to $250,000 for your business needs. The loan is available for new or existing business needs and features no upfront fee and no fees for early repayment.

  • Interest rate type: Variable
  • Application fee: $0
  • Minimum loan amount: $5,000
  • Maximum loan amount: $250,000
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Business lenders you can compare

Rates last updated September 23rd, 2017
Name Product Min Loan Amount Max. Loan Amount Loan Term Application Fee Product Description
Prospa Business Loan
$5,000
$250,000
0.25 to 1 years
$0
Apply for a business loan from $5,000 and enjoy a shorter loan term up to 12 months.
NAB QuickBiz Loan
$5,000
$50,000
1 to 2 years
$0
An unsecured business loan from $5,000 that can be processed in 1 business day.
Moula Business Loan
$5,000
$250,000
0.5 to 1 years
$0
Small business loans of up $250,000 approved and funded within 24 hours. Transparent fees and rates.
businessloans.com.au  Flexible Business Loan
$5,000
$500,000
0.5 to 1 years
1.5%
A 100% online business loan with amounts available from $5,000. Flexible eligibility criteria and transparent rates and fees.

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RateSetter Personal Loan

RateSetter Personal Loan

from

8.66 % p.a.

fixed rate

from

9.17 % p.a.

comparison rate

  • Get a personalised comparison rate based on your credit score
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100% confidential application

RateSetter Personal Loan

The RateSetter Personal Loan offer provide you the facility of peer-to-peer lending with a personalised comparison rate based on your credit score. Borrow up to $45,000

  • Interest rate from: 8.66% p.a.
  • Comparison rate: 9.17% p.a.
  • Interest rate type: Fixed
  • Application fee: $0
  • Minimum loan amount: $2,001
  • Maximum loan amount: $45,000
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Rates last updated September 23rd, 2017
$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Monthly Service Fee Application Fee Monthly Repayment Product Description
RateSetter Personal Loan
From 8.66% (fixed)
9.17%
$2,001
0.5 to 5 years
$0
$0 (Upfront fee $250 for loan terms of 2 years and above)
RateSetter offers personalised interest rates ranging from 3.7% p.a. to 9.6%.p.a. determined by your risk profile.
SocietyOne Unsecured Personal Loan
From 7.75% (fixed)
9.77%
$5,000
2 to 5 years
$0
3% (of loan amount)
Based on your risk profile, you will receive a tailored rate between 7.75% and 20.14% with a SocietyOne personal loan.

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Sunshine Short Term Offer

Sunshine Short Term Offer

  • Centrelink borrowers considered
  • Fast approval service
  • Borrow up to $2,000
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100% confidential application

Sunshine Short Term Offer

This is a short term loan offer with a fast and easy online application for bad credit borrowers who are employed. You can apply today to get approved for up to $2,000.

  • Loan amount: $2,000
  • Loan term: 9 weeks
  • Turnaround time: 30 Minutes - conditions apply
  • Fees: 20% of borrowed amount + 4% of borrowed amount each month
  • Bad credit borrowers OK
  • Quick and easy Approval
  • No Credit Checks - Must be employed
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Rates last updated September 23rd, 2017
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You can find loans from various types of lenders, including:

  • Peer-to-peer (P2P) lenders. If you have good credit, you might want to consider applying with a P2P lender, also known as a marketplace lender. P2P loans are funded by individual investors, and the lender operates as an intermediary. You can usually find more competitive rates compared to other types of loans, depending on your credit history. These loans are available for both personal and business use.
  • Banks and credit unions. If you have a good relationship with your current bank or have been operating as a sole trader for long enough to provide tax history, you may be eligible for a loan from a bank or credit union. There are flexible line of credit or overdraft loans, and some lenders offer same-day funding.
  • Payday lenders. If you’re looking for short-term finance or have bad credit, a payday lender could be an option to consider. They offer loans of varying amounts that are designed to be repaid within the short-term. Keep in mind that you will be charged higher fees and rates with these lenders.

What types of tradie loans are available?

There are different types of personal and business tradie loans, any of which you might have in mind when you’re searching for a loan as a tradesman. Here’s a breakdown of these types, and some of the features that come with them:

  • Car loans.
    These loans can come in various forms, including as standard personal car loans, novated leases, chattel mortgages or low doc loans designed for tradies and other self-employed borrowers.
  • Truck and equipment financing.
    While essential to your business, covering the costs of these machines can be expensive. There are secured and unsecured loans that can help cover the immediate cost of purchasing or leasing this equipment.
  • Business loans.
    These loans are designed to help a small business get off the ground or cover the costs in your existing business.
  • Short-term finance.
    If you just need a loan to see you through, small loans up to $2,000 and loans for larger amounts up to $5,000 are available.

Compare business loans to find one to meet your needs

Tradie at work

Here’s how you can compare your tradie loan options

Still unsure which type of loan is best for you? Here are a few points to keep in mind when comparing your loan options:

  • Loan term.
    How long do you need the loan for? Some of the loan options are designed to be short-term, such as payday loans, which may be ideal for certain scenarios but not in others. Decide what you need and choose a loan term to work for you.
  • Loan amount.
    If you’re unsure how much you need to borrow, there are some loan options that can provide you with ongoing credit to draw down on as you need to, for instance a line of credit. If not, only borrow as much as you need.
  • Repayment flexibility.
  • Are you able to select your repayment flexibility, that is, weekly, fortnightly or monthly? You should also check if you are able to make extra repayments without being charged a fee or if you can pay back the loan completely without being charged.
  • Fees and interest.
    Compare the costs of similar loan products against each other to ensure they are competitive.
  • Ease of application.
    Can you apply for the loan online? Are your business financials taken into account? Check what is involved in the application process before you apply.
  • Turnaround time.
    This is especially true if the need for funds is time-sensitive. Check how quickly the funds will be disbursed following approval.
  • Loan management.
    Most lenders allow you to easily manage your loan through an online account or app. Find out what services the lender provides.

Frequently asked questions

Am I eligible for a tradie loan?

Eligibility criteria depends on the lender you’re looking to apply with and your own personal situation. Generally, you need to be over the age of 18 and an Australian citizen or permanent Australian resident. Minimum income criteria will also apply.

How do I verify my income?

This depends on the lender you are applying with. You will usually need to provide your bank statements or the last two years of tax returns, but you can verify this on finder.com.au review pages and the lender’s website before starting your application.

Can I use a P2P loan for business purposes?

There are a few lenders that offer marketplace loans for business purposes. You can find out more about P2P business lending in this guide.

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RateSetter Personal Loan

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