$20,000 Business Loans

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.

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.

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.

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.

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.

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.