Getting a business loan can be one of the best ways to take your business to the next level. Here at Mozo we compare Sydney business loans from banks and online business loan lenders, to help you get the best deal you can.
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Reviews, news, tips and guides to help find the best business loan for you.
Looking to set the foundations for your new online business? Or maybe you want to
upgrade your company’s tech or office space? Whatever your KPIs are, you
may find yourself needing a financial boost in the form of a business loan.
We answered some of the more common questions about Sydney business
loans, to help you make a better informed business decision.
Business loans have most of the same eligibility requirements as other loans, such as being an Australian citizen or permanent resident and being over 18. On top of this, most lenders will need to see that your business meets certain requirements, usually starting with a minimum turnover and proof of at least a year of operation.
You’ll also find every lender has its own specific list of things that they will ask you, such as what industry your business is in, what you intend to use the loan for and your business’ or personal credit score.
All this information will be used to determine if you are eligible for a loan and what sort of loan you can get.
What are the different types of business loans?
There a number of different business loans that a Sydney business can receive, all of which will having varying features, fees and benefits. For the most part, there are 3 types of business loans you should be aware of:
That depends on you and your business. What you should be looking for comes down to what your business needs and what will help you manage your money more effectively. That said, there are some features that most people should look for:
Business loans often come with a few fees that you’ll need to be aware of before signing on the dotted line. So before you get a shock by some of the extra costs, here’s a list of some of the fees you might be up for:
These are the most common fees you are likely to see, but there are others that may apply to specific loans, so make sure you read the fine print to know just what you’re getting into.
Not necessarily. There are two types of business loan available, depending on whether or not you have any big assets to put up as security.
If you want some more information on an array of areas of the business loans process, you can check out our business loans guides, which contains everything from business loans application tips to the pros and cons of business overdrafts.
Then, before you start applying it’s important to spend some time comparing business loans to see which one might be best for you.