Compare $20,000 Business Loans

If you need a loan to boost your small business, loo no further. From big banks to online lenders, Mozo compares a range of $20,000 business loans to help find the right one for you.

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Who offers $20,000 business loans?

Business loans are offered by banks, credit unions and even online lenders, most of which you can compare right here! By using our free comparison tool, you’ll be able to compare things like interest rates, fees and other loan features. 

How do I apply for a $20,000 business loan with Mozo? 

Once you’ve found the right loan for your circumstance by using Mozo’s business loan comparison tool, click the ‘go to site’ button. You’ll then be redirected to the provider’s site where you can fill out an application

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Page last updated December 11, 2019

$20,000 business loan comparisons on Mozo - rates updated dailyMozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.

Showing 13 results

  • Business Loan

    Business loans available from $5K to $300K and funding possible in 24 hours. Whether it’s a renovation, a marketing campaign or cash to tide you over, let Prospa help you keep your business moving – Rates from 9.9% p.a.* and no assets required to access up to $100K.

    On application


    from 24 hours

  • Business Loan

    Say goodbye to lengthy applications with online lender Moula. With a speedy 10 minute application process and potential funding within 24 hours, Moula can help you meet your businesses inventory or cash flow needs without the fuss.

    from 0.61% per fortnight


    24 Hours

  • Flexible Business Loan

    Quick and easy to access funds up to $500,000 for any business purpose. Fast approvals save you time so you can get back to what you do best: running your business.

    On Application


    within 24 hours

  • Unsecured Business Loan

    A straight forward business loan with no hidden fees or charges. Achieve business goals through having fast, easy access to finance to give your business the boost it needs.

    from 16%


    Within same day

  • Business Overdraft

    Up to $500k linked to your business transaction account with no lengthy waiting periods. One-off account set up, ongoing access to funds and no regular paperwork. Secure funds anytime and anywhere with GetCaptial's convenient online portal.

    14.95% p.a. fixed rate


    within 24 hours

  • Business Loan

    Fast, flexible business loans from $10,000 to $200,000. Great for businesses which have been trading for more than 6 months with a monthly turnover above $10,000.

    On Application


    48 Hours

  • Hot DealNew Financial Year Offer

    Unsecured Small Business Loan

    Fast, unsecured business loans approved within 24hrs. Access funds up to $300k for any business purpose with no application fees, minimal paperwork and funds in your account quickly so you can focus on growing your business.

    On Application


    24 hours

  • Merchant Cash Advance

    Capify Merchant Cash Advance is an alternative solution to traditional business loans that enables you to have flexible daily repayments based on your credit card and EFTPOS transactions, ensuring your repayments match your cash flow. Access up to $300k now!

    On Application


    48 hours

  • QuickBiz Loan

    Fast, unsecured business lending with a competitive 12.95% p.a. fixed rate. Up to $100K available for businesses and no upfront or ongoing fees. Lending criteria and T&Cs apply. Link your Xero / MYOB / QuickBooks account to apply even faster.

    12.95% p.a. fixed

    No Upfront Fees


  • Selective Invoice Finance

    A line of credit allowing you to access up to 95% of the value of your accounts receivable within 24hrs, with remaining 5% available when the invoice is paid. No need to worry about weekly repayments or property security.

    from 1.25% per fortnight

    On Application

    24 Hours

  • Invoice Finance

    Leave property out of the equation with Scottish Pacific’s Invoice Finance solution. Receive up to 85% of your debtors ledger with facilities ranging from $200K to over $100Mil.

    from 6.00% p.a.

    On Application

    from 24 hours

  • Standard Business Loan

    Faster finance for growing businesses - loans from $5,000 to $200,000. Limba specialises in short to mid term Cashflow Loans, Interest Only Business Loans, Fully Capitalised Business Loans and Good Businesses with low Credit Scores.

    From 2.40% per month

    2% or $500 minimum

    Next Day Funding


Want more? Compare all 57 bank business loans in the Mozo comparison engine.

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Business Banking Resources

Reviews, news, tips and guides to help find the best business loan for you.

How to find the right $20,000 business loan for me

If you’re thinking of picking up some new equipment or need a quick cash injection to get a new project underway, a $20,000 business loan could be your best bet. But if you’ve never had to shop around on a loan before, you might be wondering how to know when you’re onto a winner. That’s where we come in. We’ve answered some of the most commonly asked questions when it comes to taking out a business loan.

What could I use a business loan for?

If your business is a little short on cash and is looking to grow or cover an expense, then a $20,000 business loan could save the day. And while what you use the money for is entirely up to you, some of the most common uses for this kind of financing are: 

  • Buying new equipment 
  • Paying wages
  • Paying invoices 

What kind of business loan can I get?

Here are the four types of business loans you may come across once you start shopping around: 

Secured and unsecured business loans 

Business loans are either listed as secured or unsecured - it’s important to understand the difference between the two, so you can help make a decision about which option would better suit your business. Secured business loans often come with lower rates, however, in order to get that low rate, you must provide an asset to be used as security, like your car. So in the event that you are unable to make your repayments, the lender has the right to reclaim you asset and sell it on your behalf. 

On the other hand, unsecured business loans don’t ask you to offer up an asset as collateral. Unsecured business loans are also the more common type of loan you’ll see advertised, but these types of financing often mean higher interest rates. 

Short term business loans

A short term business loan is often used by business owners in need of fast funding to pay for an unexpected bill or expense. They can be used for invoice financing, which may often appear as a line of credit. 

Equipment finance business loans 

This is a type of business loan that can be used specifically to purchase equipment. You might consider an equipment finance business loan if your equipment needs an upgrade or you’re looking to expand. 

More frequently asked questions

How do I find the right loan for my business? 

If it’s your first time shopping around for a $20,000 business loan, there are a few things you’ll want to compare. Not only can the right deal help you save a bundle, but it can give you the flexibility you need when paying off your loan.

The interest rate

These two features are possibly the most important features of any type of loan. Most of us recognise interest rates as an annual charge. Business loan interest rates are a little different and can be charged on a weekly or fortnightly basis. And if there is no advertised interest rate on a specific loan, it could be because the lender will offer you a customised rate if your application is successful. 


Fees are another factor to keep your eye on, as they may come in many types. Upfront or ongoing fees are the more common fees you could come across, but others include valuation, exit or late payment fees. Keep in mind that these can add up over time and may see you fork out more than you initially bargained for, so be sure to pick a loan with minimal or zero fees.

Repayment flexibility 

Once you start comparing $20,000 business loans, you’ll soon find that many lenders offer different repayment schedules, like weekly, fortnightly or monthly. But in some cases, a lender may ask you to make daily repayments. So it’s important to carefully consider the type of repayments you’ll be able to afford making. 

Repayment features

Last but not least are repayment features that can help you pay off your loan faster, such as extra repayments or a redraw option. Having the ability to make extra repayments to your loan can help you cut down on interest and get you out of debt quicker. And if you ever need to redraw the money for a sudden bill, a redraw facility will allow you to do so. 

Can I take out a $20,000 business loan with bad credit?

If you’ve got a poor credit history, taking out a business loan for any amount can be tricky. Many lenders take into account both your personal and businesses credit history when determining your eligibility.  So if either one or both look like bad news to the lender, your application may be denied. 

If you do have a poor credit history, then you might want to consider exploring other options first, like using funds in your business savings account. It could also be worth repairing yours or your businesses credit history first before applying. 

What do you need to apply for a $20,000 business loan?

Think you’ve found the right business loan for you? Great! Now the next step is to apply. Although the necessary documentation you may be asked to provide will depend on the lender, there’s a good chance you’ll be asked to provide: 

  • Your drivers license 
  • Your Australian Business Number (ABN) or Australian Company Number (ACN)
  • Financial information, like your bank account and tax records 

Business banking guides