Easy Business Loans

Compare a range of easy business loans online in one place through Savvy.

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, updated on July 14th, 2023       

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If you’re a small business, getting supporting finance might not always be the easiest thing in the world. So what are the easiest types of loan to apply for as a small business, and how do the different types compare to each other, and other types of business loan. Learn about easy small business loans and how to compare them with this guide.

What types of loan are easy to get for a small business?

Although getting finance for a small business can be tricky, there are a number of loan types that are potentially available when other loans might not be. So what are some of the possibilities?

  • Unsecured loans – Unsecured loans have a well-deserved reputation as one of the most accessible types of loan on the Australian market. Although the fees are higher than a traditional secured loan, they’re available from most business lenders, and come with easy application processes and very lenient approval criteria. Unsecured loans are the low hanging fruit of the business loan world.
  • Invoice financingInvoice financing involves taking unpaid invoices (that customers owe to your business) and transferring them to a lender. The lender then pays you most of their value, and chases up the debt themselves. While it’s not accurate to call invoice finance widely accessible – there's various criteria your business needs to meet – invoice finance avoids a number of the requirements that can be a challenge for a small business. They don’t require a deposit or collateral, there are no repayments to afford, and the lender is more interested in the credit rating of your customers than in your own.
  • Merchant cash advance – Another alternative form of loan finance, a merchant cash advance involves a lender loaning your business money, and then taking repayments not as a regular monthly sum, but as an agreed percentage of your business’ cash flow over the following 12 months. The advantage is that if your cash flow slows down, the repayments drop off as well – lessening the impact of the loan when business is a little slow. And although they’re not cheap, they are very quick and easy to apply for, and require no security or deposit.

Which type of easy business loan is best suited for my business?

Different loans suit different situations, and some loans are better for certain businesses and situations than others.

A merchant cash advance, for all its advantages, does have some limiting factors. Because merchant cash advances work heavily with electronic transactions, they’re only really useful to businesses which do significant trade with EFTPOS or credit card facilities. In fact, doing too many cash transactions while under a merchant cash advance agreement can potentially mean violating the agreement. The short loan term – 12 months at maximum – also limits how much you can responsibly borrow.

Invoice financing also has some restrictions. Firstly, it’s dependant on the invoices themselves, so only a business with a substantial amount of outstanding debts owed to it can really benefit. There are also restrictions on what kind of customers are acceptable – invoice financing is built to work with large invoices from one business to another, rather than individual customers.

Of all the options, an Unsecured loan is by far the most versatile option – being suitable for a wide variety of businesses and purposes. Especially when provided by a reputable online lender (most of whom have a reputation for highly lenient lending criteria), they really are the one-loan-fits-all option for business finance.

If you’ve decided an unsecured loan is the way to go for your business, the Savvy website is a great place to get started – allowing you to quickly compare unsecured business loans from a variety of Australia’s top lenders, and find the best option for your business.

Types of business loan

Why compare business loans through Savvy?

Top tips for an easy small business loan application

Maintain good credit

In the lending world, good credit makes everything go smoother. Making sure you look after both your business’ credit and your own will make any loan application a lot easier. There’s lots of things that can help with this, but making sure your bills and loan repayments get paid on time and not using too much of your available credit is a good start.

Keep good records

You’ll need some details to fill out your loan application, and business lenders are going to need supporting documentation before they can approve an application. Making sure you keep good records of your business and having them ready to go when applying for a loan will make the process a lot smoother.

Use a comparison website

One of the big advantages of the internet is having up to date information at your fingertips. As you’re on the hunt for a loan, comparison websites like Savvy can take the pain out of assessing your options by letting you compare different loans side by side on one page, and quickly finding the best rates currently on offer.

Apply online

Modern lenders, and online lenders in particular, have now made the loan application process a lot simpler for us by placing everything online. Although it’s still possible to arrange a loan by heading in to a branch with a wad of financial paperwork, by far the easier option is to get on the internet and complete an online loan application. They’re generally simple, fast, available 24/7, and can be done from the comfort of your own office.

Frequently asked questions about easy small business loans

Is offering collateral going to make it less easy to get a small business loan?

Possibly. It will certainly slow the process down – assessing collateral isn’t a quick business, and banks have been known to take weeks or sometimes even months properly assessing a secured business loan. Collateral can potentially get you better rates and more borrowing power, but it’s probably not going to make the application quicker and easier.

Are easy small business loan options fast as well?

Many of them are. Unsecured business loans can generally be turned around in a few days. Merchant cash advances can be even faster.

Can I get a small business loan that's easy and has good interest rates?

Not necessarily. The best loan rates are generally found on secured loans, which are relatively slow to process. Unsecured loans have rates that are higher than this, but probably still middle of the road. Whereas merchant cash advances – despite not technically charging interest – are among the more expensive loan options on the market.

Will offering a deposit make the loan process any easier?

It can. A deposit will improve lender confidence, and improve your chances of approval – and unlike offering collateral, it doesn’t need to be assessed. You can discuss the possibility of offering a deposit with your lender, and sound out how it might help your application.

How small can an easy business loan get?

Very much depends on the type of loan, as some have relatively large minimum loan amounts. At the bottom end of things though, an unsecured loan can be as little as $5,000.

Is business credit a good option for easy business finance?

Depends on what your needs are. Once it’s set up, business credit can provide funds very quickly and easily. But the relatively high interest rate makes it a poor choice for any kind of long-term loan. It’s best suited for businesses with sudden, short-term needs for supporting finance – which will then be paid of quite quickly.

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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.