5 of the best business loans for 2020

Tom Watson

02 Jan 2020

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It's 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 our expert review of the top new business lenders giving the big banks a run for their money right now.


5 Top Business Loans for 2020

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

  • Extra repayments 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 can apply for unsecured business loans 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 just be able to get the loan fast, you’ll be able to pay it off as quickly as you want.

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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 can 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.

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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.

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Capify Unsecured Small Business Loan
  • No upfront fee

  • Same-day approval available

  • Borrow up to $300,000

Our Verdict

No matter what you’re after for your business, Capify can take the stress out of finding fast funding with its Unsecured Small Business Loan. Business owners will have access of up to $300,000 and won’t have to pay an upfront fee, though there is a daily $2.25 fee to consider. Your interest rate will be decided upon application and if you’re approved, you’ll have the money deposited into your account within 24 hours! 

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GetCapital Flexible Business Loan
  • Borrow up to $500,000

  • Extra repayments and redraws allowed

  • Funds available in just 24 hours

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 your interest rate decided upon application 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. What's more, Get Capital's application process takes just 10 minutes and if approved, you could have access to your funds within 24 hours. 

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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