Mozo’s comparison table below makes finding the right unsecured loan for your business a piece of cake. Simply enter a few details into the fields below, including the amount you need to borrow, the amount of time you’ve been in business and your annual turnover and then hit the green ‘Update list’ button. Mozo’s tables will then do the work for you, showcasing a range of potential loan matches for your business. From there it’s just a matter of comparing interest rates, fees and features and, if you find a loan you like, hitting the blue ‘Go to site’ button.
Absolutely. Not only are more and more lenders allowing borrowers to apply for business loans completely online, they’re making it quicker and easier to do so! Applying with some of the lenders in the table below can take as little as 5 minutes, and once approved, you could receive the loan in your bank account in just 24 hours.
Zip Business Loans online application process can be completed in as little as five minutes, and once approved you can access the funds within 24 hours. A line of credit up to $500k that converts into a loan when you draw down.
Zip Business Loans online application process can be completed in as little as five minutes, and once approved you can access the funds within 24 hours. A line of credit up to $500k that converts into a loan when you draw down.
Get your customer invoices paid early, without waiting up to 90 days for payment. Apply online in 10 minutes and select your local or overseas invoices to fund. Flexible funding with no lock-in contract.
Get your customer invoices paid early, without waiting up to 90 days for payment. Apply online in 10 minutes and select your local or overseas invoices to fund. Flexible funding with no lock-in contract.
Finstead Equipment Loan with market leading rates and one dedicated specialist from start to finish. Tailored finance solutions with ongoing finance support.
Finstead Equipment Loan with market leading rates and one dedicated specialist from start to finish. Tailored finance solutions with ongoing finance support.
Business Loans from $5,000 to $600,000 with high approval rates. Access to funds in as little as 3 hours. Cash flow friendly repayments and open minded offers.
Business Loans from $5,000 to $600,000 with high approval rates. Access to funds in as little as 3 hours. Cash flow friendly repayments and open minded offers.
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.
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.
Waddle Invoice Finance connects with your accounting software to make managing cash flow easy. Get funds from your unpaid invoices with Waddle, a cash flow platform combining innovative tech with competitive rates and flexible terms.
Waddle Invoice Finance connects with your accounting software to make managing cash flow easy. Get funds from your unpaid invoices with Waddle, a cash flow platform combining innovative tech with competitive rates and flexible terms.
Zip Business Trade Plus loans from $3,000 to $150,000, interest free loan. No account fees or interest. One-off 3% extension fee, split over 4 instalments. (T&Cs apply, see website for more details. Credit approval criteria, fees and charges apply.)
Zip Business Trade Plus loans from $3,000 to $150,000, interest free loan. No account fees or interest. One-off 3% extension fee, split over 4 instalments. (T&Cs apply, see website for more details. Credit approval criteria, fees and charges apply.)
Fast, flexible business loans from $10,000 to $250,000. Great for businesses which have been trading for more than 6 months with a monthly turnover above $10,000.
Fast, flexible business loans from $10,000 to $250,000. Great for businesses which have been trading for more than 6 months with a monthly turnover above $10,000.
Easily set up a line of credit against your debtors ledger, which grows with your business. Have peace of mind you can access funds as soon as you invoice instead of waiting for your customers to pay. ScotPac is the largest non-bank lender in Australia with over 30 years' experience partnering with local businesses.
Easily set up a line of credit against your debtors ledger, which grows with your business. Have peace of mind you can access funds as soon as you invoice instead of waiting for your customers to pay. ScotPac is the largest non-bank lender in Australia with over 30 years' experience partnering with local businesses.
Unsecured business loans from $10,000 - $250,000, over 6 to 24 months. Online application takes only 10 minutes and you'll know if you're approved within hours. Apply now.
Unsecured business loans from $10,000 - $250,000, over 6 to 24 months. Online application takes only 10 minutes and you'll know if you're approved within hours. Apply now.
Prospa uses risk-based pricing to determine your interest rate, which can range from 9.9% - 26.5% p.a. simple interest. They look at factors including your industry, years in business, cash flow, creditworthiness and the overall financial health of your business. No repayments on Prospa Small Business Loans for the first 8 weeks. T&Cs apply.
Prospa uses risk-based pricing to determine your interest rate, which can range from 9.9% - 26.5% p.a. simple interest. They look at factors including your industry, years in business, cash flow, creditworthiness and the overall financial health of your business. No repayments on Prospa Small Business Loans for the first 8 weeks. T&Cs apply.
Zip Business Trade from $1,000 to $3,000 interest free. Account fee is $20 per month, it is waived if you have zero balance. (T&Cs apply, see website for more details. Credit approval criteria, fees and charges apply.)
Zip Business Trade from $1,000 to $3,000 interest free. Account fee is $20 per month, it is waived if you have zero balance. (T&Cs apply, see website for more details. Credit approval criteria, fees and charges apply.)
Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.
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.
Whether your business is newly blossoming or you’ve been in the game for years, unsecured business loans can provide you with the opportunity for growth. We want you to find the best deal with a competitive interest rate and low fees, so your business can thrive, and with the latest rates and offers, Mozo’s easy-to-use comparison table above is a great place to start.
Unsecured business loans are one of the many funding solutions there to help Aussie businesses meet a range of needs, but unlike secured business loans, an asset (like property) isn’t required as collateral against the loan.
But just like other loans, unsecured business loans come with a number of different costs and features, and they can be used for a range of business purposes both big and small. So before you start comparing offers in the table above, here are some of the most important points you’ll want to know about unsecured loans.
Costs
Features
What can I use an unsecured business loan for?
Small businesses can cost an arm and a leg to run and sometimes you just can’t predict when you’ll need extra cash flow. Typically, an unsecured business loan will bring the most benefit if the value of the loan outlasts the loan itself.
Here are some of the common ways Australian businesses use unsecured business loans to their advantage:
The simple answer is yes. Unsecured business loans are just like other business loans in the sense that both banks and online lenders maintain thorough processes to ensure that borrowers can pay back their loans. After all, it’s in their best interests that you do!
To ensure that businesses are able to pay their unsecured loans back, lenders weigh up a range of personal and financial information during the application stage, including:
One of the other reasons many businesses feel safer taking out an unsecured business loan is because they won’t need to provide their own home, car or the business itself as collateral against the loan. That’s one of the reasons many borrowers are happy to pay a slightly higher interest rate than they would with a secured business loan, for that extra peace of mind.
As we’ve mentioned, when comparing funding options the major benefit of an unsecured business loan for many borrowers is that it doesn’t need to be secured against an asset. Normally business owners would need to use their own residential property, their car, equipment from the business or the actual business itself as collateral against the loan, but with an unsecured loan this isn’t the case.
Unsecured business loans also tend to come with the same handy features you’d get with other types of business loans, including the ability to make early repayments, dip into extra payments through a redraw facility and to be granted funds quickly with speedy applications and funding.
And while interest rates do tend to be slightly higher than with a secured loan, an unsecured business loan could still be a better value funding option for major purchases and expansions than a business credit card, or a handy way to avoid dipping into your business savings account.
Of course, the best way to decide whether or not it’s going to be the right option for your own business is to weigh up the fees, features and rates on offer from the unsecured business loans in the table above.
Or if you’d like some extra help, have you considered having a conversation with one of Mozo’s business loans specialists? All you’ll need to do is complete a quick form with some details about yourself and your loan requirements and one of our in-house specialists will get in touch.
Like an unsecured personal loan, the trade off of not having to provide collateral to secure an unsecured business loan is that you’ll likely be charged a higher interest rate than you would with a secured loan. This is because lenders deem unsecured loans to be riskier, which makes sense when there’s nothing there to secure the loan with.
Likewise, the other downside of unsecured business loans is that the maximum loan amounts and loan periods on offer to borrowers are generally smaller than those offered with secured business loans. Of course, this might not matter at all if you’re only looking for a smaller injection of funds for your business and are happy to make repayments over a shorter period.
If you think a secured loan might be a better fit though, make sure you head over to Mozo’s business loan comparison table for a range of secured offers.
Like any loan, it’s worth asking yourself a few questions before making the decision to take out an unsecured business loan.
Am I getting the best value deal?
Tip 1: Paying careful attention to the major expenses - like interest rates and fees - is a must when you’re comparing business loans, so make sure you weigh them all up to get a clear picture of the total cost of the loan.
Tip 2: Finding a great value deal is important, but features may just as important to you. That’s why comparing a range of offers, and not just opting for the one with the lowest rate, could help you end up with a loan that really suits your needs.
Tip 3: You may be familiar with business loans from major banks, but did you know about the emerging number of online lenders? Comparing offers from both will give you a greater choice of rates and handy features.
Is there a better funding option available?
An unsecured business loan isn’t going to be the best way to fund or pay for every business need, so it may also be worth considering:
Secured business loans: With (generally) lower rates, longer terms and larger possible loan amounts, a secured business loan could be a better fit for your business if you’re happy or to provide the required security.
Business credit cards: A business credit card could offer a more flexible and convenient way to manage your business cash flow and pay for smaller purchases than going through the loan process.
Business cash reserves: If you’ve got money sitting idly in your business bank account or business savings account then using it over a loan or credit card could be a smart way to avoid any unnecessary fees or interest.
Still have some unresolved queries? To help you understand all the ins and outs of unsecured business loans, we’ve answered some of the frequently asked questions (FAQs) about them below. For an even more detailed run through of the whole business loans process, don't miss our ultimate guide on how to get a business loan.
Most unsecured business loans range between $1000 and $250,000, though your limit will be determined by how your business does financially.
Factors that affect how much you can borrow include:
Absolutely. Without assets to assess, most loans will only take 24 hours to a few business days to be approved. It’s important to keep in mind that just because an unsecured business loan is quick to access, doesn’t mean it’s the best option for you. If you can afford to wait or have collateral available, securing your loan can grant you lower interest rates.
High interest rates go hand-in-hand with high risk, meaning that unsecured business loans will often rack up higher costs than secured loans.
Here are some factors that affect your interest rate:
TOP TIP: Don’t forget about fees. It’s easy to be blinded by low headline interest rates when looking for a loan, so don’t forget to check if the lender has upfront or ongoing fees.
The flexibility of an unsecured business loan will help put your heart (and bank account) at ease. Without assets on the chopping block you can stress less, and with a range of great flexible features your business can grow to its full potential.
Here are just a few benefits you may enjoy:
Right here! Scroll up to Mozo's business loan comparison hub for up-to-date rates and information on a great selection of banks and business lenders alike. Once you’ve found a lender that suits the needs of your business, click the blue ‘Go to site’ for more on what your options are or to start an application.
