5 killer business lenders taking on the banks in 2019
It official. A new wave of online business lenders has hit Australian shores, bringing with them a range of low cost, flexible funding options for Aussie businesses big and small.
Utilising the latest technology on their online platforms, Australia’s challenger business lenders are offering personalised interest rates, five minute applications and funding in as little as 24 hours from approval!
So who are these new players shaking up the business loans scene? Read on for the Mozo editors picks of the five killer non-bank lenders giving the big banks a run for their money in 2019.
Bank beating business loans
Prospa - Prospa Plus Business Loan
- Small business loans from $5,000 to $300,000
- 10 minute online application and funding possible in 24 hours
- No security required when borrowing up to $100,000
Our verdict
Prospa know that different businesses have different needs and ambitions, which is why they designed their business loan with some serious flexibility. Borrowers will be able to apply for funding from just $5,000 all the way up to $300,000, with loan terms from 3 to 24 months. Plus with speedy applications and the ability to make extra repayments, you won’t only be able to get the loan fast, you’ll be able to pay it off as quickly as you want.
Moula - Business Loan
- Interest rates from 0.61% per fortnight
- Zero upfront or ongoing fees
- Funds available in just 24 hours
Our verdict
With it’s easy-to-use online platform, Moula is not only making getting a business loan simpler, but faster. Borrowers will be able to apply for a Business Loan of up to $500,000, with interest rates starting from just 0.61% per fortnight. Best of all, if you need your funds in a hurry, you’ll love the fact that Moula’s application process only takes 10 minutes and once approved, your funds could hit your bank account in just 24 hours.
Capify - Unsecured Small Business Loan
Our verdict
Whether it’s improving your business's cash flow or purchasing new stock, the Unsecured Small Business Loan from Capify could provide you with the funds you need, fast! Eligible businesses will be able to borrow between $5k and $300k, with loan terms starting from three months up to one year. Better still, Capify won’t keep you waiting, with applications on their online platform that take just 5-10 minutes, same-day approval and funding in as little as 24 hours once you are approved.
Lumi - Unsecured Business Loan
- Flexible business loans from $5K to $200K
- No upfront, ongoing or other hidden fees
- Apply in 10 minutes, get approval in as little as 2 hours
Our verdict
Lumi is committed to offering straightforward business loans to give your business the boost it needs. With Lumi, there are no sneaky fees or charges, no early repayment penalties and no collateral needed for loans up to $100K. You can choose a repayment period of 3 to 18 months and once you've applied via their simple online application process, you can get approval within 2 hours and funds within the same business day.
Shift - Business Loan
Our verdict
With Get Capital’s Flexible Business Loan, it’s all in the name. Business borrowers can apply for an unsecured loan between $10,000 and $500,000, with interest rates starting from 0.87% per month and loans terms ranging from 6 to 12 months. And if that level of choice doesn't quite pique your interest, you’ll be pleased to know that Get Capital also gives borrowers the option to make extra repayments and even dip back into them using a redraw facility.
Want to compare more business loans? Head on over to Mozo’s business loans comparison hub to compare over 40 business loans from leading bank and non-bank lenders.
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