Compare $20,000 Business Loans

If you need a loan to boost your small business, look no further. Mozo compares a range of $20,000 business loans right here!

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$20,000 business loan comparisons on Mozo - last updated 22 April 2024

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  • Business+ Unsecured Loan

    A simple way to fund your business’s big plans. Borrow up to $50,000 without using your assets as security. A fixed interest rate means your repayments don’t change over the life of the loan. Apply in minutes with the Business app. Enjoy a fast approval process. $495 establishment fee.

    Interest Rate
    Upfront Fee
    Funding speed
    Rates range from 11.95% p.a. to 22.95% p.a.
    $495
    Varies
    Details
  • Unsecured Business Loan

    Business Loans from $5,000 to $2,000,000 with high approval rates. Access to funds in as little as 3 hours. Cash flow friendly repayments and open minded offers.

    Interest Rate
    Upfront Fee
    Funding speed
    On Application
    3%, starting at $399
    from 3 hours
    Details
  • Unsecured Business Loan

    A straightforward business loan with no hidden Lumi fees or charges. Speedy application and approval process with fast access to funds according to Lumi.

    Interest Rate
    Upfront Fee
    Funding speed
    from 9%
    -
    Within same day
    Details
  • Prospa Plus Business Loan

    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.

    Interest Rate
    Upfront Fee
    Funding speed
    Interest rates vary based on risk.
    3.5%
    from 24 hours
    Details
  • Business+ Unsecured Overdraft

    Manage the cash flow in your business with ease. Access up to $50,000 without using your assets as security. Lending criteria apply. Access your available limit from your linked Business+ Account. Use your Debit Mastercard for added convenience. Interest is charged on your balance owing, not your limit. Easy online application. $495 establishment fee.

    Interest Rate
    Upfront Fee
    Funding speed
    Rates range from 14.95% p.a. to 25.95% p.a.
    $495
    Varies
    Details
  • Invoice Finance

    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.

    Interest Rate
    Upfront Fee
    Funding speed
    0% for the first 60 days, then rates starting from 9% p.a.
    On Application
    Instant on approval
    Details
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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

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.

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 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.


Frequently Asked Questions

How do I find the right loan for my business? 

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.

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