$20,000 Business Loans

Get your $20,000 loan approved in no time when you compare and choose from Savvy’s partnered lenders here.

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, updated on July 26th, 2023       

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The features and benefits of $20,000 business loans

Repay at your own pace

Part of the beauty of a business loan is that you can pay it off at a speed which suits your business’ cashflow, with terms as short as three months available to take out.

No security necessary

You won’t be required to put forward your car, home equity or any other valuable asset as part of your finance deal, as we work with lenders offering unsecured business loans.

Low rates and fees

As lenders vie for your business, they’re more willing to lower rates and fees to entice you to take up a business loan with them, helping you cut down on the cost of your loan.

No paperwork required

Save on the hassle of organising stacks of paper for your application and complete it all online, with digital copies of your documents and loan contract all part of the process.

Apply 24/7

Because this process takes place online, you’re free to submit your application whenever suits you, which is valuable for business owners without enough hours in the day.

Line of credit options available

Loans aren’t the only type of finance you can take out, though, as lines of credit are seen as a highly flexible option which enables you to access funds whenever you need them.

Types of business loan

Why compare business loans through Savvy?

How to compare $20,000 small business loans

Frequently asked business loan questions

Will my loan have a fixed or variable interest rate?

You can select whether to take up a business loan with a fixed or variable rate. However, fixed rates are more common and often preferred by business owners thanks to the stability they offer, with repayments staying the same across your loan term. You’re able to budget around your instalments more effectively when you know what the financial commitment will be into the future. In contrast, variable rates are left open to fluctuation throughout your repayments, which positions you to take advantage of rate decreases.

How long does it take to receive business loan funds?

Once you submit your application, you can be approved and have your business loan transferred directly into your account in as little as 24 hours. After it hits your account, you’re free to use the funds straight away. The speed at which unsecured small business loans are able to be processed is one of their most attractive traits to borrowers. Smaller loans, such as $20,000 or even $10,000 business finance, can often be processed at a faster speed than more substantial finance agreements.

What can a business loan be used for?

Business loans are designed to be versatile to just about any need. Whether you need a micro loan to serve as a helping hand to purchase much-needed equipment, help renovate your business premises, cover employee wages for a short period or simply add to its cashflow, a business loan will do the trick.

Do I need to be asset-backed to apply for my loan?

No – not all lenders will require applicants to be asset-backed as part of their loan eligibility. This typically refers to prospective borrowers needing to be home owners to qualify for a business loan. However, this is only really the case for larger business loans upwards of $100,000 to $200,000; lenders won’t be as concerned about asset backing for a $20,000 loan.

Will my lender need to see my business financials?

Probably not – again, most lenders will only need to see your in-depth business financials for loans above a certain limit, often around $200,000 to $250,000. There may be some circumstances where your lender might request a business plan, for instance, while applicants with bad credit or without the required documents will need to go above and beyond in showing greater evidence of their business’ viability for a loan. However, your lender will always need to see your business bank account details to gain access to statements.

Can my business be approved for financing if its income is seasonal?

Yes – just because your business’ income is seasonal doesn’t mean you can’t be approved for financing. You’re likely to find that this places some restrictions on your borrowing, as you’ll need to take out a loan which remains comfortable for you to repay all year round. Some lenders are able to offer special payment plans for seasonal businesses, but this isn’t the case across the board.

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Still looking for the right finance for your business?

Explore a range of business loan options suitable to your financing needs and apply online through Savvy today.