Caveat Loans
If you’re in need of fast funding, you can consider caveat loans and compare finance options for your business with Savvy.
Last updated on April 20th, 2022 at 02:57 pm by Thomas Perrotta
Compare business loans
It’s not unusual to find yourself in a situation as a business owner where funds are urgently needed, whether that be to cover mounting bills or to make much-needed purchases. Short-term caveat loans are a potential solution available for you, so you can compare them and other business loans with Savvy.
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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.More details |
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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.More details |
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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 monthsMore details |
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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.More details |
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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.More details |
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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 short-term caveat loans
Receive your funds in 24 hours
Perhaps the most useful and desired aspect of fast caveat loans is the speed at which they can be processed, with funding available for borrowers as few as 24 hours after they apply.
Borrow up to or over $1 million
You can take out smaller online caveat loans of $50,000 or borrow up to as much as $1 million, although some lenders will cap their loan amounts at a higher level and enable you to borrow more.
Repay over one to 12 months
Caveat loans are only designed to be a short-term finance agreement, so you can take them out and repay them as quickly as within one month (or as long as 12).
Receive up to 100% of your property’s value
While some lenders will restrict your borrowing to 70% to 90% of the value of your property, others in the market will allow you to take out the full value of your home and repay it.
Fully online process
You won’t have to leave the comfort of your home when completing your caveat loan application, with the process taking place 100% online via your lender’s secure application portal.
Use funds however you like
Your short-term caveat loan money can be utilised however you like, whether you need it to purchase commercial property, improve your current premises or simply add to your business’ cashflow.
Why find your caveat loan through Savvy?
Over ten years of experience
We’ve built a reputation as one of Australia’s most trusted services over more than a decade helping people find their perfect loan deal.
100% free service
You won’t need to pay a cent to find your ideal lender and loan offer through Savvy, as everyone deserves to be able to consider their options.
Instant lender matching
Once you’ve decided on your fast caveat loan, we’ll take you straight to your lender’s site to complete your application and speed up the process.
Top tips for increasing the speed of your online caveat loan approval
Determine exactly what you need your loan for
One aspect of caveat loans is that they come with restrictions on how you can use your funds once you confirm their intended use to your lender. While the uses themselves are flexible, lenders will want to see that you’re using the money the way you said you would. As such, it’s crucial to enter the process with a clear understanding of exactly what you’re needing your funds for. It may be useful to come up with an itemised list so you can accurately determine the size of loan required.
Have all your documents ready in advance
Preparing the correct documentation before you start your application is an important first step towards securing your funds quickly. Fortunately, though, caveat loans usually come with fewer documentation requirements than larger business loans, which are likely to require you to provide extensive business financials. While these may vary between lenders, you’re likely to be required to provide documents such as tax returns, both personal and business bank statements, a business plan and recent council rates notice.
Show consistent business revenue and trading
Another key element which helps determine the size of your loan is your business’ monthly and annual turnover, as well as its expenses. By showing consistent revenue generated over a longer period, your lender is likely to be more willing to approve you for the amount you’re asking for. Being more comfortable in terms of your business’ available cash will automatically make you a more appealing customer to a lender, so the process can be sped up.
Submit your application early in the day and week
It may not seem like it makes a difference but applying as early in the week as possible minimises your chances of having your application drag out over several days. For instance, applying on a Monday morning could mean you have your funds available by the next morning, but a Friday afternoon application will likely only be properly processed by the following Monday. Even small factors like these can make a difference to the speed of your application.