There's a new breed of non-bank lenders revolutionising the business lending market in Australia and giving business owners more financing options and flexibility than ever before.
Gone are the days of slow moving bank approval processes, unreasonable loan terms and uncompetitive rates. Aussie businesses can now get funding in as little as 24 hours at highly competitive interest rates of less than 5%.
With so many competitive new business lenders on the scene, the comparison experts at Mozo have put together this guide to some of the top non-bank business loan options on the market right now.
Moula Business Loan
Loans up to $250,000 approved within 24 hours
Interest rates starting at just 1.00% per fortnight
No establishment or direct debit fee, and no penalty for early repayment
Extra repayments and redraw allowed
Moula uses a unique platform that lets it analyse your business data in order to approve your loan. Once you enter a few details and link your Xero account up, you can take out a loan for between $5,000 and $250,000 for a term of 6-12 months. There’s no time-consuming paperwork and no upfront, ongoing or early break fees. To be eligible, you’ll need to have been in business for at least 12 months, have a fair or better credit history and make at least $5,000 in monthly sales.
Prospa Prospa Plus Business Loan
Fast same day approval and funding
Borrow $5,000 to $250,000 for terms of 3 to 12 months
Prospa is Australia’s leading online lender to small business, offering fast and flexible loans for any business purpose. This innovative Australian-owned lender focuses on removing the obstacles that have made it difficult for SMEs to access funding. A director’s guarantee is all that’s required as security, so there’s no need to put your house on the line. What’s more, Prospa assesses creditworthiness based on the health of the business, not the owner’s personal credit score.
Zip Business Capital Line of Credit
Loans up to $250,000 for 12 months
Personalised rates from 0.5% per month
No early repayment, direct debit or account keeping fees (2-3% upfront fee applies)
If you don’t have any big assets to put up as security against a loan, the Spotcap Line of Credit is worth checking out, since Spotcap offers Australia's only completely unsecured business lines of credit and small business loans. If your key financial documents are organised, you can apply for this line of credit in 5 minutes, and specialised credit assessment technology will analyse your business. Once approved, you can have the funds in your account in as little as 24 hours.
Shift Business Loan
Fast and flexible line of credit from $5,000 to $300,000
Interest rates from just 0.75% p.a., based on business profile
No application or line fees, plus you can earn Qantas points
Funds can be available within 24 hours
This innovative lender aims to revolutionise business finance with a revolving line of credit facility for trade purchases. Once approved you can call on funds up to your approved limit whenever you require. Interest rates are based on your business profile and you’ll only pay for what you use. Get Capital has less onerous criteria than the banks and a simple online application process. You’ll need an ABN plus a minimum of nine months’ business history and $10,000 monthly sales.
businessloans.com.au Flexible Business Loan
Flexible business loans of $5,000 to $500,000
Low interest costs starting from 1.1% per month
Apply online in minutes and get approval in as little as 24 hours
This efficient online lender offers fast business loans for any purpose, including staff, bills or upgrades. Businessloans.com.au offers flat pricing for qualified customers, no hidden fees, the ability to draw down on funds throughout the year and a handy redraw facility. The 100% online approval process is as simple as filling out some basic details and linking your business data. To qualify you’ll need to demonstrate 2 years business trading history and $20,000 per month in sales.