Traditionally, Australian small businesses have turned to banks to help fund their everyday operations and help them grow, but a wave of new challengers have hit the business loans scene in recent years, including online lender Moula.
And a recent move by Moula may be evidence that the challenge to traditional banks is serious, with the Melbourne-based lender announcing that it will provide an extra $250 million to help fund small businesses across the country.
In order to give businesses even more borrowing flexibility, Moula is also bumping up it’s maximum loan amount from $250,000 to $500,000 and extending its loan terms from 24 months to 36 months.
Ready to find out what the hype is all about? Read on for our rundown of Moula’s Business Loan, as well as some of the other online lenders challenging the traditional banks.
Taking out a business loan shouldn’t be a chore, which is why Moula’s simple three step application process only takes 10 minutes, meaning Australian businesses can get $5,000 - $500,000 in funding approved in just 24 hours. Add on the ability to make extra repayments, as well as a lack of upfront fees, and borrowers might just be on to a winner with Moula.
Don’t have the assets to secure a traditional business loan? Well online lender OnDeck has an answer for Australian businesses, providing unsecured loans between $10,000 and $250,000. And because they’re an online lender you’ll be able to apply for a loan from your laptop or phone in just 10 minutes, with approval and funding in as little as 24 hours.
Beyond Merchant Capital Unsecured Business Loan
Interest rates from 1.00% per fortnight
Unsecured loans from $5,000 to $500,000
No upfront or ongoing fees
Whether you’re wanting to hire new staff or upgrade your existing equipment, an unsecured business loan from Beyond Merchant Capital could be the fast, simple funding solution. With loans ranging from $5,000 to $500,000 and rates starting from 1.00% per fortnight, businesses will be able to apply for a loan that matches their needs in just 10 minutes with Beyond’s speedy online platform.
Prospa Business Loan
Borrow between $5,000 and $250,000
Same day approvals
Variety of loan terms from 3-24 months
Speed, speed, speed. Online lender Prospa is all about matching businesses with the funding they need, and fast! Featuring a 10 minute application process, eligible businesses can be approved to borrow between $5,000 and $250,000 in the same day, and if that’s not enough, then perhaps Prospa’s flexible loan terms of 3-24 months and the ability to make early repayments may sway you.