$30,000 Business Loans

Compare business loans from a range of flexible lenders across Australia all in one place with Savvy.

Last updated on June 15th, 2022 at 02:53 pm by Thomas Perrotta

Compare $30,000 business loans

Running a business comes with a myriad of expenses to juggle at all times, which is why it’s important for business owners to have an option to turn to when they don’t quite have the money they need to cover their expenses. Compare a range of $30,000 business loan deals all in one place with Savvy.

site-logos OnDeck Business Loan
  Min. Loan Amount Max. Loan Amount Loan Term Establishment Fee Annual Fee  
site-logos $10,000 $250,000 6 to 24
3% $0
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Lightning business loans up to $150K can be funded in as fast as 2 hours - simply provide 6 months of recent bank statements.

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site-logos Lumi Unsecured Business Loan
  Min. Loan Amount Max. Loan Amount Loan Term Establishment Fee Annual Fee  
site-logos $5,000 $500,000 3 to 36
2.5% $0
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Boost your business with fast hassle-free funding from Lumi. Apply online in five minutes without harming your credit score and get funds in as quickly as 24 hours. For a limited time: Business Loans with No Repayments for the first 6 weeks. T&C apply.

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site-logos Lumi Lux Rate Reducing Business Loan
  Min. Loan Amount Max. Loan Amount Loan Term Establishment Fee Annual Fee  
site-logos $200,000 $500,000 12 to 48
3.50% $0
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Lumi Lux™ is an innovative rate-reducing business loan that rewards customers with good repayment histories and no contractual breaches throughout their loan term by dropping interest rates by 25 basis points (0.25%) every six months

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site-logos Valiant Finance Business Loan Broker
  Min. Loan Amount Max. Loan Amount Loan Term Establishment Fee Annual Fee  
site-logos $5,000 $1,000,000 3 to 60
$0 $0
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Valiant is Australia’s leading business loan broker with a network of over 80+ lenders. Apply for a business loan between $5,000 and $1 million and get approved in as little as 24 hours.

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site-logos ebroker Unsecured & Secured Business Loans
  Min. Loan Amount Max. Loan Amount Loan Term Establishment Fee Annual Fee  
site-logos $5,000 $3,000,000 6 to 360
$0 $0
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Compare, find and match fast to over 80 bank and non-bank lenders accessing much needed working capital from a unsecured business loan.

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Disclaimer: Savvy is not advising or recommending any particular product to you. We provide general information on products for the purposes of comparison, but your personal situation or goals are not considered here. Although we try to make our comparisons as thorough as possible, we do not have information on all products on the market on our site.

You should always consult a given offer's PDS or further documentation in the process of deciding on which loan to choose, as well as seeking independent, professional advice. If you decide to apply with one of the lenders listed above via our website, you will not be dealing with Savvy; any applications or enquiries will be conducted directly with the lender offering that product.

The features and benefits of $30,000 business loans

No asset security needed

The loans our lenders offer are unsecured, making them more open to smaller businesses who don’t have eligible assets or simply don’t want to attach any collateral.

Competitive rates and fees

With the wealth of options in the market, you’re bound to find offers starting from low interest rates and offering affordable fees to take advantage of and save.

Choose your repayment term

Another key part of the small business loan process is selecting the term over which you repay your finance agreement, with loan lengths available as short as three months up to several years.

100% online application process

Save on the hassle of producing a stack of paperwork at a bank branch by submitting digital copies of all of your documents via your lender’s secure online portal.

Receive your funds in 24 hours

Our lenders work tirelessly to help you gain access to the funds you need fast, with same-day approvals and 24-hour funding both possible to lend the helping hand you need.

No required money upfront

You won’t need to provide a lump-sum deposit at the beginning of your loan, or indeed pay any of your own money to cover your expenses, if you don’t wish to.

Why you should compare your $20,000 business loan options with Savvy

How to maximise your business loan approval chances

Work on your business credit score

Another key aspect of the business loan application process is your business’ credit score. This indicates to your lender whether your business is considered a reliable borrower and servicer of debt, with a higher score leading to increased approval chances and a lower interest rate. If you have outstanding debts, such as loans or other bills needing to be paid, doing so before you apply will help increase your score, as will minimising limits on any credit cards.

Display stable revenue

As mentioned, your lender wants to see evidence that your business will be capable of supporting your repayments across your chosen term. As such, having a business which generates a consistent revenue stream will help increase their confidence in you as a borrower, enabling you to be approved more easily. Too much fluctuation between months indicates instability, casting doubt over whether you’ll be able to support your repayments comfortably and consistently, so lenders value this highly.

Select a shorter loan term

Business loan applications are assessed through the lens of risk. In general, the longer the loan term, the greater the chance of something changing with your business which affects your ability to repay it. For example, lenders will see a one-year term as less risky than a three-year term, as it’s more difficult to forecast the trajectory of your business in the long term. By opting for a shorter loan term, you’re often more likely to be approved (provided you can afford to repay it).

Have all of your documents ready to go

By gathering all of the correct documentation, you’ll give yourself the best shot at getting approved for your loan. The primary documents you’ll need are your ABN/ACN and GST registration, business bank statements and personal identification, as well as other business financials like tax returns and profit and loss statements. If you don’t have all of these (namely your business’ tax returns), you can still be approved, albeit for a loan with less favourable terms (lower amounts and higher interest rates).

$30,000 business loan questions answered

Who’s eligible to apply for a business loan?

The eligibility criteria for business loans can vary slightly between lenders, but you’re likely to need to meet each of the following points as a minimum:

  • You must have no record of prior bankruptcies
  • You must have been trading for at least six months
  • You must be generating a monthly turnover of at least $5,000
  • You must be able to supply all of the relevant documentation required
Am I able to borrow $30,000 for my startup business?

You may be – some lenders in the market can approve applications for small businesses which have been operating for fewer than six months, with typical maximums sitting at around $30,000 in this instance. However, whether you’re approved will depend on several factors, with lenders looking for experienced business owners with skills transferrable to their new business and those who can potentially provide a guarantee for the finance deal’s repayment. If you’re able to wait for a few months until your business is established, you may be able to borrow more, such as a $50,000 business loan.

Can I pay out my loan early?

Yes – we’re partnered with lenders who make it possible for you to repay your micro business loan ahead of schedule without penalising you for doing so. This will help shorten your loan and considerably reduce your payable interest. Early repayment fees can sometimes partially negate the benefit of paying off your loan sooner, so you should always look for offers which give you the flexibility to pay it off sooner.

Will my loan have a fixed or variable interest rate?

Business loans usually come with fixed interest rate terms, which involve locking in your business loan’s rate from the beginning to enable more accurate budgeting around your repayments throughout your term. Variable rates may be sought, though, as they can enable you to take advantage of decreases in your lender’s interest rate.

Am I still able to take out a small business loan on Centrelink?

Yes – some lenders can approve business owners for financing even if part of their income comes through Centrelink payments. However, there are limitations on how much you can be approved for and business loan interest rates are likely to be higher given your lower income. You may find that you’re not approved for $30,000 even if that’s the amount you need, as lenders may deem it too great a risk to do so.

How can a guarantor help me get approved for a business loan?

A guarantor is a third-party individual who agrees to guarantee the repayment of your loan in the event your business becomes unable to do so. This is someone in a strong financial position who can also afford to take on the repayments on the off chance they’re required to. With a guarantor, lenders will be more willing to approve loans, as they’re seen as being more secure overall. Guarantors are particularly useful for startups or inexperienced business owners.