After a business loan? You’ve come to the right place! Mozo compares a range of $100,000 business loans available in Australia and can help find the right deal for your financial circumstance.
Read moreBy using Mozo’s free comparison tool, you’ll be able to compare a range of financing options from short term loans to equipment financing.
You can apply for a $100,000 business loan from various financial institutions. like big banks, credit unions and even online lenders.
Mozo currently compares over 40 business loans from different types of lenders. We can help you compare interest rates, fees and other loan features. Once you find the best loan for you, click the ‘go to site’ button, this will take you to the lenders site where you can submit an application
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Page last updated October 31, 2020
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Reviews, news, tips and guides to help find the best business loan for you.
Whether you’re looking to grow your business or kickstart a new project, a $100,000 loan could be a massive leg up getting you there. When it comes to finding the right loan for you, there are a number of factors to consider, like the interest rate, fees and other loan features. So if it’s your first time considering a business loan, here are a few things you’ll need to keep in mind.
While it’s one thing to have the dream of starting up your own business, having the funds to get that dream rolling is another. And if you’re like the many small business owners that don’t have hundreds of thousands of dollars stashed away in your business savings account, you might be considering another plan of attack.
Some of the most common uses of a $100,000 business loan include:
If you’ve never had take out types of business financing before, then you might not be aware of the type of business loans out there. Generally business loans come in two types: secured and unsecured.
Secured business loans often come with lower interest rates but in order to get that lower rate, you’ll need to put up an asset as security, like your home, car or business. So if you ever become unable to make your repayments, the lender will have the right to repossess your asset and sell it on your behalf.
But if you don’t like the idea of using an asset as collateral, you might want to consider an unsecured business loan. These are the more common type of business loan you’ll come across when you start shopping around. Just keep in mind that while you won’t be asked to provide security, unsecured loans typically come with higher interest rates.
Other common business loans you might see are short term business loans or equipment finance business loans. As you can probably tell by the name, a short term business loan is a temporary financing option - usually for business owners looking to give their business a quick cash injection. These also often exists as a line of credit to pay invoices.
An equipment finance business loan is a type of loan that can be used specifically to buy new equipment for a business. This could be because you’re looking to grow or expand your business or need to give your tools an upgrade.
Then once you’ve found the right loan for your business, all that’s let to do is apply You’ll typically have the money deposited into your account within 24 hours. Then you can put the money toward your business in whatever way you’d like.
Of course, $100,000 is no small amount of money, so you want to know that you’re eligible before you apply and while eligibility requirements differ between lenders, some of the more common requirements include:
It doesn’t take an expert to know that $100,000 is a decent chunk of change to be borrowing, so it’s important to look for a competitive rate when you start shopping around for business loans.
Business loans may be a little different to what you’re used to and one thing you’ll want to keep an eye out for is how interest is charged.
Depending on the lender, interest may be charged on a weekly, fortnightly or daily basis. And in some cases, there may not be an interest rate with the loan, as the lender could provide you with a customised interest rate if your application is successful.
Taking out a business loan could see you paying fees like:
Your loan may also come with a few handy repayment features, which can help you cut down on the amount of interest you pay.
For example, some lenders allow you to make additional repayments to your loan, getting you out of debt faster and saving on interest. And if you ever need that cash again for an unexpected bill, a redraw facility allows you to withdraw the money.
Once you’ve found the right business loan for you, it’s time to apply. The details you’ll need to submit an application will depend on the lender, however some of the more common documents you might be asked to provide are:
