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. Buy now pay later provider Zip is also making waves in business lending with its new interest-free BNPL option for businesses, called Zip Business Trade.
So if you're looking to boost your business growth in 2021, read on for our expert review of the top business lenders giving the big banks a run for their money right now.
1. BUY NOW PAY LATER FOR BUSINESSES
Zip Business Trade Zip Business Trade
Apply online to get $1,000 to $3,000 fast and interest-free
$20 monthly account fee (waived if you have zero balance)
Fast and easy way to cover everyday and unexpected spending
If you’re looking for fast, interest-free finance to help cover your expenses, purchase inventory and grow your business, then Zip Business Trade could be just the solution you're after. Simply apply online for a Zip Business Trade buy now pay later account and use it to cover everyday spending or unexpected costs up to $3,000. Minimum repayments are just $200 a month, there is no interest charged ever and the $20 monthly account fee is waived if you have zero balance.
Since launching in 2018, Bizcap has been committed to helping small businesses access finance when they need it most. Bizcap offers business loans ranging from $5,000 up to $600,000 with repayment terms of 3-12 month and prides itself in being an “open-minded lender”, so one of their main points of difference is that they welcome businesses with bad credit, defaults or judgements of hardships. There's an upfront fee of 3%, starting at $399 and interest rates are personalised on application.
ANZ’s GoBiz Business Loan features a speedy online application process with approval in as little as 20 minutes. On top of that, there’s no assets needed for approval on loans up to $200,000 and funds are received within two business days. And as an added bonus, there are no additional costs for early repayments made making it ideal for growing businesses.