Business loans to help your SME take the next step

Niko Iliakis

17 Jan 2019

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Between managing staff, keeping on top of operating costs, and enduring times of unpredictable turnover, running a small business can feel like one big, protracted headache. So for small business owners looking for a leg up, taking out a business loan could be a great idea. 

Fortunately, there are a number of lenders that have done away with the seemingly endless paperwork, making it as easy as possible for businesses to source finances. We’ve compiled some fantastic small business loans below to help you take your SME to the next level.

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Moula Business Loan
  • Easy online application

  • Same day response

  • No upfront fees

Moula might be a relative newcomer on the scene, but it’s certainly no lightweight. With its tech-based approach to business loans, it’s managed to carve out a reputation as one of the more innovative and user-friendly lenders in Australia. If you’ve been operating for at least six months, can show $5,000 minimum in monthly sales, and your credit history isn’t spotty, the application process should be a breeze.

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Prospa Business Loan
  • Apply in 10 minutes

  • Same day response

  • Terms range between 3 and 24 months

Having doled out more than $750 million in funds to Australian small businesses, Prospa is well on its way to becoming a household name. The fintech darling offers loans of up to $250,000, and its streamlined application process means you could see those funds in your account by the next day. If you’re borrowing $100,000 or less they require little more than basic identification and bank details. More than that and they’ll need some financial statements to properly evaluate your creditworthiness. There are a few upfront fees you’ll need to cover too.

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Beyond Merchant Capital Unsecured Business Loan
  • Funding as fast as 48 hours

  • No ongoing fees

  • Variable payment structure

Beyond Merchant Capital knows that small businesses have their ups and downs, so it’s injected some much-needed flexibility into the loan process. Repayments are made more manageable thanks to its pay-as-you-trade model, which deducts an agreed upon percentage directly from your daily EFTPOS sales. That means if business is slow, you pay less during that period. There are no ongoing fees or charges, just a factor fee which is arranged at the outset. And if you’re uncertain about things, there are business consultants on hand to talk you through which options best suit you.

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GetCapital Flexible Business Loan
  • Easy online application

  • Interest rates from 0.87% per month

  • $500,000 maximum loan

The minimum requirements are a bit higher for this one: your business needs to have been trading for at least nine months and have a monthly turnover of at least $10,000, plus you’ll have to provide six months’ worth of bank statements regardless of the size of the loan you’re taking out. The upside is that loan can be up to $500,000, so it’s perfect for big refurbishings or purchasing new equipment. There’s also a redraw facility that’s available once half the principal has been repaid. Just keep in mind there are a few costs, including upfront and ongoing fees.

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NAB QuickBiz Loan
  • Borrow up to $100,000 unsecured

  • No upfront or ongoing fees

  • Choice of 12, 24 or 36 month term

The NAB QuickBiz Loan is open to a variety of businesses and allows for repayments to be made over 12, 24 or 36 months. More established businesses will have an easier time applying, as you need to have been operating for at least 12 months and be able to show turnover of at least $100,000 a year. You’ll also need to provide 12 months of financial reports, but that can be easily done by uploading your business’s data from Xero, MYOB, or other accounting packages. Besides the 12.9% fixed interest rate there are no other ongoing costs.

Small business loans can be a great way to ramp up your SME, by allowing you to hire new staff, increase inventory, or finally get around to those renovations. If you’re still eager to see what else is available, check out our small business loans page for an overview.

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