Need a business loan? New CommBank platform promises funding in 20 minutes
In the business world, not everyone has the luxury to wait for extra finance. Luckily if you need that cashflow boost ASAP, whether to purchase stock or pay your suppliers, Commonwealth Bank may have a solution.
This week, the big bank launched a new online platform that promises to give its customers access to business loans in near real time.
With BizExpress Online, eligible CommBank small business customers can apply for loans of up to $50,000, via their Netbank or the CommBank app. Once an automated lending decision has been made, funds will arrive in their account in as little as 20 minutes.
According to CommBank’s business banking group executive, Mike Vacy-Lyle, BizExpress Online builds on an earlier product that was introduced to speed up the lending process.
“When we launched ‘BizExpress’, the aim was to provide a simpler and faster lending experience for our small business customers, with same day decisions and funding within a week,” he said.
“Our latest investment in the new digital version makes it even easier and quicker for our customers to get the financial support they need.”
Right now, BizExpress Online is only available with business lending under the government’s SME Loan Guarantee Scheme.
Under the first phase of this scheme, 50% of all new three-year unsecured business loans of up to $250,000 issued by participating lenders until 30 September 2020 will be guaranteed.
“Small businesses need quick access to cash flow to keep them going through these tougher times - and BizExpress Online aims to provide them with this,” Vacy-Lyle said.
This funding also comes with waived fees over the life of the loan and deferred repayments for the first six months.
CommBank expects BizExpress Online will be expanded to other non-scheme loans and products in the coming months.
Non-bank lenders also deliver on speed
But what if you’re urgently after funds above BizExpress Online’s cap of $50,000?
Don’t despair, as fast approvals for larger loan amounts are possible with a range of non-bank lenders including Prospa, OnDeck and Scottish Pacific.
Many fintechs promise application processes that take just 10 minutes and you could receive approval on the same day or in 24 hours. Once approved, it should take another 24 hours for you to receive your funding.
This essentially means, two business days after applying for a loan, you could have your hands on the additional working capital.
The other good news is, like CommBank, some non-bank lenders (such as Prospa, OnDeck and GetCapital) are also partaking in the first phase of the government’s SME Loan Guarantee Scheme.
Interested in comparing these non-bank lenders and taking advantage of their short approval times? Scroll down below for a list of providers, or jump on over to our business loans comparison table for even more options.
Page last updated September 19, 2020
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