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
$12 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 $12 monthly account fee is waived if you have zero balance.
Moula provides small and medium businesses with working capital through a unique platform that analyses business data to approve funding. The 7 minute online application process lets you enter a few details and link up your accounting or banking data to get credit approval within 24 hours. Interest rates start from 15% p.a. and there’s a 2% upfront fee, but no ongoing or early repayment fees. To be eligible, your business should have an ABN or ACN, been operating for at least 6 months, and a monthly turnover of $5,000.
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.
Lumi is committed to offering straightforward business loans to give your business the boost it needs. With Lumi, there are no sneaky fees or charges, no early repayment penalties and no collateral needed for loans up to $300K. You can choose a repayment period of 3 to 18 months and once you've applied via their simple online application process, you can get approval within 2 hours and funds within the same business day.