Fast Business Loans

Name: Fast Business Loans
Creator: Savvy
Published: 2021-12-14T10:54:44+10:30

Home > Business Loans > Fast Business Loans

It won't affect your credit score.

Written by , updated on July 26th, 2023

The features and benefits of fast business loans

24-hour loan approval

Your lender can process and approve your business loan application quickly, with some of our partners offering funds transferred directly into your account in 24 hours.

Amounts from $5,000 to $500,000

You can get approved for large or small business loan amounts depending on how much you need, with diverse loan amounts available for just about any business-related purpose.

Borrow from three months to five years

You get to have a say in the affordability of your business loan, as you can choose from lenders who offer diverse loan terms from three months to five years in length.

Competitive interest rates

With an abundance of lenders in the market, you’ll be able to find offers with competitive interest rates to help you minimise the cost of your loan overall.

Unsecured financing

There’s no requirement for you to put up your home, vehicle or machinery as collateral for your business loan, as we work with lenders offering unsecured loans.

100% online process

You won’t have to leave your home when applying for your business loan, with our panel of lenders offering a fully online service to provide a more convenient experience for you.

Claim interest on tax

The interest on your business loan repayments is tax-deductible, so you can trim thousands of dollars off your deal by claiming the interest paid on tax.

Free early repayments

There are several lenders amongst our panel who can allow you to pay off your finance deal early without charging you a substantial fee for doing so, affording you more flexibility.

Fast business loans explained

How fast can I get a business loan?

With the right loan, it’s now possible to get a small business loan turned around in hours, sometimes with almost instant outcomes.

While in days gone past applying for a loan could often be a slow and arduous task taking weeks or even longer, the process of applying and getting approved for a business loan is now a quick and easy one. Online lenders and faster internet technology now mean that much of the work of a loan application can be streamlined, enabling business loans to be turned around very rapidly.

One of the best examples of this is an unsecured business loan, a fast and common type of business finance in Australia which requires no deposit or collateral. Unsecured loans have a very quick turnaround time, and although this varies from lender to lender, most can have an unsecured business loan processed and approved within a few days. In some cases, this can be even quicker – within 24 hours, or even less.

Are unsecured business loans the only option for fast finance?

There are various business finance options that can provide fast access to funds. For example, although they take a little more time to set up initially, there are a number of options for business credit that can provide almost instant funds as you require them.

Line of credit – A business line of credit is where a lender has set aside an agreed amount of funds for your business to use at your discretion. It’s normally only available for a set period (generally between one month and three years), but within that window of time you can use and repay those funds freely. The interest rates will be on the high side, but you only pay interest on the money you’re currently using.

Overdraft facility – An overdraft facility is where a bank or lender has made allowances for you to continue withdrawing money from an account once your balance has reached zero so that you can borrow from the same account where you store your funds. This money will attract interest (at a much higher rate than a positive balance would earn interest), but it’s fast and convenient to be able to withdraw your own business funds and borrow money from your lender through the same process.

Business credit card – A business credit card is quite similar to a personal credit card and offers the same convenience. The main difference is that the card is generally tied to the business rather than to your personal finances – even if your name is on the card. This helps keep your personal and work finances (and credit ratings) separate, and protects you from liability.

In addition to those options, there are a number of more specialised business loan options – such as equipment finance or a merchant cash advance – that can be turned around fast, and in some cases within 24 hours, as well as different sources of funding such as peer-to-peer business loans. If you’re on the hunt for a fast, small business loan and you want to start by weighing up your options, Savvy’s a great place to begin. With Savvy you can quickly and easily compare different business loans from some of Australia’s top lenders and find a loan that’s suited to your business – fast!

Types of business loan

Unsecured business loans

The most common type of business finance, unsecured loans enable businesses to access the funds they need without attaching an asset to the loan as security. Some lenders may allow you to borrow up to $500,000 and, because there's no collateral, offer same-day approval.

Secured business loans

If your business already owns valuable assets, such as property or expensive equipment, you may choose a secured business loan instead. These loans may increase your borrowing power beyond what an unsecured loan can offer and, crucially, typically come with lower interest rates.

Small business loans

Business loans don't always have to be worth hundreds of thousands. If you're operating a small business and need a boost to help you keep on top of your expenses or expand your company, you may be able to take out a loan starting from as little as $5,000 and unlock further capital.

Low doc business loans

Just because you don't have all the required documents for a standard business loan doesn't mean you're out of options. Low doc finance enables you to use alternative documentation, such as other business financials, in the application process to access the funds you need.

Lines of credit

A commercial line of credit allows you to draw from your loan account whenever your business needs access to their funds, instead of managing a lump sum and repaying it like a regular loan. This can add flexibility to your finance arrangement, providing money when you need it.

Invoice finance

Invoice finance presents another option to business operators looking to free up cash through outstanding invoices yet to be paid by their customers. Your invoice finance can either be invoice discounting or factoring, which present different options when it comes to your invoices.

Equipment loans

A common reason for seeking out a loan is to purchase commercial equipment. You can do this either with an unsecured arrangement or one with the equipment itself as collateral, with the latter potentially increasing your borrowing power and lowering your interest rate.

Supply chain finance

With this finance, when your business purchases product, your supplier provides an invoice which you send to your financier and pledge to repay by a set date. From there, your supplier sells the invoice to your financier at a discounted rate, while you repay the full amount to your financier.

Inventory finance

Under an inventory finance agreement, your lender pays your supplier directly for inventory, which allows it to be signed off and sent to you. From there, you can pay off your debt within a pre-determined period to your lender, which may be longer than the regular debtor period.

Overdraft facility

An overdraft facility is attached to an existing financial account belonging to your business, such as a transaction or savings account, and enables you to borrow up to a set limit after the account’s balance reaches zero. These overdrafts are repaid with interest, but only on what you use.

Cash flow loans

You may simply be in a position where your business needs a boost to its cash flow. If this is the case, there’s a range of stop-gap solutions which may be suitable for your situation, from standard unsecured loans to specialist cash flow loans, invoice finance or even an overdraft.

Why compare business loans through Savvy?

100% free service

It won't cost you a cent to compare a range of business loans through Savvy, enabling you to come back at any time.

Reputable lending partners

You can compare business loan offers through a range of trusted Australian lenders, giving you more confidence in the process.

Online comparison process

You can fill out our simple online form to generate business finance quotes tailored to your business' needs in minutes.

How can I make sure my application gets approved fast?

Keep good financial records

Business loan applications need supporting information – the lender will need some details of your business and the state of its finances. Keeping good business records will make these easy to provide, and help you show if your business is doing well.

Look after your credit rating

Good credit scores make lenders happy. Maintaining your business’ credit score at a high level is generally a good way to ensure your loan application is processed without a hitch.

Choose the right lender

Lenders vary greatly in the time they can turn around a loan. If time is of the essence for your business loan, you’ll want to choose a lender with a good turnaround rate. This is generally advertised quite prominently, as it’s a selling point for many lenders.

Know what you can afford to borrow

If you’re too ambitious in how much you’re asking for, there’ll probably be a process of negotiating a different amount (if you’re not just rejected out of hand). Having a good idea what you can comfortably afford to borrow before you apply can make this go more smoothly. You can use Savvy's business loan repayment calculator to help you work out the approximate cost of different loans based on their rates, terms and sizes.

Do your homework on the loan you want

Business loan applications in Australia always go quicker and smoother when you know what you want, who to talk to and what questions you need to ask. Knowing what sort of loan is best suited for your situation and how it works will take some back-and-forth out of the conversation and make the application go a lot easier – and faster.

Frequently asked questions about fast business loans

Can I make early payments to pay off the loan faster?

Yes – although it depends on the loan and the lender. You can usually make early repayments, but many lenders charge a fee for doing so, so if you’re not careful you might lose more money than you gain. Not all lenders do, though, so it’s worth checking which lenders charge for it.

Is it possible to get a fast bad credit business loan?

There are bad credit business loans that can be turned around quite quickly – such as an unsecured bad credit loan. They might not be quite as fast as other loans of a similar type, as you might need more discussion with the lender to come up with a loan package that works for your situation. They’re also more expensive than other loans of a similar type when it comes to interest rates. Most importantly, though, they provide an avenue for businesses struggling with their credit to obtain financing.

Can I save time by applying for multiple business loans and taking the first to get approved?

No, this is a very bad idea. Any loan application – approved or not – results in what’s called a hard credit check. In addition to giving the lender access to your credit information, it’s recorded on your credit report as applying for credit, and that makes your credit score drop a little. Multiple hard credit checks in a short space of time can leave quite a dent in your rating.

If I'm applying online, is my information safe?

Normally, yes. Online financial services (such as those available through a lender's website) are usually very well encrypted to prevent anyone accessing your information. Making sure financial information is kept safe is a key part of the lending business and a lender could be liable if their website allowed someone to access your details illegally. You should be careful about information sent over email, however, as that’s normally not as secure. You can ask your lender if you have any questions about the process.

Could my money be delayed by a slow bank transfer?

Yes – it’s possible that the funds from your loan could be delayed by your bank during the transfer. Your lender won’t have any control over how fast your financial institution manages business transactions or transfers funds.

If I get a fast business loan, but change my mind later, am I locked in?

As with any loan, you have the option of refinancing. This can be helpful if you’ve taken out a loan in a hurry and you’ve later realised there were better options on the market for your situation. You should be careful though – many lenders charge extra fees for settling the loan early, so it’s likely to cost money to do so.

What can I do if I’m in the process of applying for a substantial loan but need funds fast?

Business bridging finance might be an option for you if you find yourself caught between qualifying for the larger loan you need and still needing to cover your current expenses. These loans are available from as little as $5,000 up to a maximum of $1 million and can be repaid over just two weeks (up to one year). However, this finance type is typically secured, meaning you may not be able to qualify if you don’t own residential or commercial property to use as collateral, meaning you may simply turn to a short-term unsecured business loan instead.