4 under the radar lenders to think about for your business loan
When you’re out doing your weekly shop, it’s usually easier to pick out the first product you see or maybe even the brand you’re most familiar with.
But as business loans are a heavier financial commitment, you may be weighing up all of your options before finding the one that meets your needs. Research is the key, so if you haven’t found what you’re looking for with the big banks, check out these four alternative business loans.
Bizcap - Unsecured Business Loan
What does the start to finish process look like when applying with Bizcap’s Unsecured Business Loan? It has a breezy 10 minute application process and approval within an hour. Plus successful applicants might receive funding in 3 hours! Borrow as little as $5,000 or as much as $2,000,000 for those small or large business solutions. Pay no ongoing fees and make repayments on a flexible schedule.
Lumi Lux - Business Loan
Want your interest rate to lower the longer you have your business loan? Take advantage of a 0.25% interest drop every 6 months with Lumi Lux’s business loan (up to 2% off) if you're eligible. Borrowers might expect a loan term of between 1 to 4 years with this property secured loan, giving you a bit more time to pay it off. It also boasts no transaction fees, or early repayment penalties so you can make free extra repayments if you’d like!
Scotpac - Boost Business Loan - powered by business fuel
Save on ongoing fees with Scotpac’s Boost Business Loan and borrow between $10,000 to $500,000 for your business needs. Take out as much as $100k without putting up an asset as collateral, or up to $200k if you’re a property owner. If you want to borrow more though, it’s certainly possible if you’re a property owner and you don’t mind a secured loan. Repayments are on a weekly basis, and the loan term on offer is available for 3 months to 3 years, giving you a bit more time to finalise your loan.
Prospa - Prospa Plus Business Loan
With the Prospa Plus Business loan, borrowers might enjoy a speedy application process of 10 minutes and same-day approval. The option to make extra repayments is also available for when business is booming and you have some extra cash to pay off your loan quicker. Plus, there are no ongoing fees, so you can take that out of the budget with this unsecured loan. Borrow between $150,000 - $500,000 for a period of 3 months, up to a maximum of 3 years.
You can compare more business loans on our hub page. If you’re Interested in opening up a line of credit instead, check out some business credit cards and charge cards to find the right business banking solution for you.
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