A straightforward business loan with no hidden Lumi fees or charges. Speedy application and approval process with fast access to funds according to Lumi.
A straightforward business loan with no hidden Lumi fees or charges. Speedy application and approval process with fast access to funds according to Lumi.
Increase cashflow by unlocking the power of your receivables with Octet’s Invoice Finance solution. Receive up to 85% of your debtor’s ledger with tailored facilities ranging from $100K to $12M.
Increase cashflow by unlocking the power of your receivables with Octet’s Invoice Finance solution. Receive up to 85% of your debtor’s ledger with tailored facilities ranging from $100K to $12M.
Prospa uses risk-based pricing to determine your interest rate. They look at factors including your industry, years in business, cash flow, creditworthiness and the overall financial health of your business.
Prospa uses risk-based pricing to determine your interest rate. They look at factors including your industry, years in business, cash flow, creditworthiness and the overall financial health of your business.
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While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.
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. We're here to help you across all areas of business banking.
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:
Here are the four types of business loans you may come across once you start shopping around:
Secured and unsecured business loans
Business loans can be either secured or unsecured and it’s important to understand the difference between the two so you can 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. In the event that you are unable to make your repayments, the lender has the right to reclaim you asset and sell it.
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 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
Equipment loans are 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.
For more flexible business finance options, you may want to consider business overdrafts or business credit cards and lines of credit.
Finding the right $20,000 business loan can be a challenge, but Mozo is a good starting point to compare the fees, features and interest rates of a range of business loans. Not only can the right deal help you save money, but it can give you the flexibility you need when paying off your loan.
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.
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: