From rewatching your favourite television series to putting in the same lunch order, sometimes it’s just tempting to stick to what we know.
But should we?
If you’re a business owner and are considering taking out a business loan, then you might be thinking about popping down to your local big bank branch to do it. While using a big bank can mean convenience and easy access, it doesn’t always mean you’re getting the best deal around.
So if you’re interested in expanding your business's banking horizons, check out these six challenger business loans.
If you’re after a business loan that’s light on fees but heavy on speed, look no further than the Moula Business Loan. With this unsecured loan, business owners will be able to take advantage of interest rates from 0.61% per fortnight and pay no upfront, ongoing, late payment or exit fees. Need the cash fast? Filling out an application only takes 10 minutes and once you’re approved, the money will be deposited into your account within 24 hours.
Need a quick loan to get your business back on track? The OnDeck Short Term Business Loan can help get it done, with loan terms between 6 months and 2 years. This unsecured loan comes with no fees and you’ll have your choice of daily or weekly repayments. Apply online in 10 minutes and receive the cash in just 24 hours once approved.
GetCapital Business Loan
0.87% monthly interest rate
2.00% upfront fee waived if you apply before October 15
Speedy application process
Whether it’s paying invoices or hiring new staff, the Get Capital Flexible Business Loan can help your business grow. Interest rates start from 0.87% per month and if you apply before October 15, Get Capital will waive the 2.00% upfront fee. And that’s not all, business owners will be able to make additional repayments on their loan or redraw the extra repayments they’ve made whenever needed.
Need some help with managing your cash flow? Then you might be considering a line of credit, like the Scottish Pacific Selective Invoice Finance. Business owners will be able to choose a line of credit of between $10,000 to $1,000,000 on which they’ll pay no ongoing or transaction fees. Interest rates start from 1.25% per fortnight and with same-day approval, you can get your business back on track in no time!
Beyond Merchant Capital Unsecured Business Loan
Rates from 1.00% per fortnight
Funding within 48 hours
If you’ve got big dreams for your business, let us introduce you to the Beyond Merchant Capital Unsecured Business Loan. Thanks to its speedy, online application process, business owners can get pre-approved within 24 hours before having the funds deposited into their account within 48 hours. And with zero fees and personalised rates in your corner, those dreams are set to become reality in no time.
Prospa Business Loan
Borrow between $5,000 to $300,000
Extra repayments and redraw available
Taking your business to the next level is easy, thanks to the Prospa Business Loan. Prospa offers simple interest rates between 9.90% and 26.5% for a 12 month term and there’s no upfront or ongoing fees, allowing you to focus on paying off your loan. And speaking of paying off your loan, with the Prospa Business Loan you’ll be able to make additional repayments and redraw those extra funds if you ever have to pay an unexpected bill.