5 of the best business loans for 2019

Tom Watson

30 Sep 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? To give you an introduction, the Mozo experts have pulled together some of the hottest offers from Australia’s non-bank lenders.

Business loans 2019


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.


OnDeck Short Term Business Loan
  • Personalised interest rates on application

  • Borrow up to $250,000

  • Speedy applications and funding

Our Verdict

Need a quick fix funding solution for your business? OnDeck’s Short Term Business Loan could be just the ticket, with unsecured loans available from $10,000 to $250,000, and the added bonus of no upfront or service fees to worry about. And with a simple 10 minute online application process, you could receive funding in as little as one business day once your loan is approved.


Prospa Business Loan
  • Unsecured loans from $5,000 - $300,000

  • Extra repayments and redraw facility available

  • 10 minute online applications

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 unsecured loans from just $5,000 all the way up to $300,000, with loan terms from 3 to 24 years. 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.


GetCapital Flexible Business Loan
  • Rates from 0.87% per month

  • Borrow up to $500,000

  • Extra repayments and redraws allowed

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 years. 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.


Lumi Unsecured Business Loan
  • No need to provide collateral for loans up to $100,000

  • Get an application outcome within 2 hours!

  • Flexible repayment periods

Our verdict

If you have your hands full running a small business,  you’ll be happy to hear that Lumi’s unsecured business loan should only take minutes to apply for with the small business lender guaranteeing an outcome within 2 hours. Lumi offer loans from $5,000 to $200,000, but you will need a few things to apply, including a business that has been operating for at least 6 months, an ABN or ACN and a gross annual turnover of at least $50,000. Perks of Lumi’s unsecured loans include: no need to provide collateral on loans up to $100,000 and flexible repayment periods of between 3 and 18 months.

Want to compare even more great offers? Head on over to Mozo’s business loans comparison hub for deals from a range of banks and online lenders.

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