3 lenders shaking up business lending in 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.

Top Business Loans for 2020

Prospa Prospa Plus Business Loan
  • Borrow between $5,000 to $300,000

  • Same day approval and funding in 24 hours

  • 3 to 24 month loan terms

If your business is in need of extra finance, then the Prospa Business Loan has your back. Prospa offers loan amounts ranging from $5,000 up to $300,000 over periods of 3-24 months, with loans under $100,000 requiring no security at all. With Prospa, you can also say goodbye to long waits, as approvals can be made on the same day and businesses can receive funding in just 24 hours!

ScotPac Invoice Finance
  • Borrow $10,000 up to $1 million

  • Apply online in only 10 minutes

  • Get approved on same day, and funding in 24 hours

Looking to boost your cash flow in the short term? With the Scottish Pacific Line of Credit, eligible businesses can borrow anywhere between $10,000 and $1 million over 1-3 months. What’s more, Scottish Pacific offers plenty on the efficiency front - online applications take just 10 minutes, and you can be approved on the same day, with access to funds in as little as 24 hours.

OnDeck Short Term Business Loan
  • Borrow up to $10,000 to $250,000

  • 10-minute online application

  • 6 to 24 months loan terms

Our Verdict

No matter what you’re after for your business, OnDeck can take the stress out of finding fast funding with its Short Term Business Loan. If eligible, business owners will have access of up to $250,000 over a 6-24 month term. The online application takes only 10 minutes and you'll know if you're approved within 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.