Fast Business Loans

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

Last updated on June 17th, 2022 at 03:37 pm by Bill Tsouvalas

Compare fast business loans

It’s not unusual for businesses to find themselves short on the funds they need for more urgent purposes. That’s where fast business loans come in handy, providing businesses with financial relief and enabling them to repay that amount over a manageable term. Compare a wide range of offers 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
Months
3% $0
Go to site

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
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
Months
2.5% $0
Go to site

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
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
Months
3.50% $0
Go to site

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

More details
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
Months
$0 $0
Go to site

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
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
Months
$0 $0
Enquire now

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

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 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.

Why business owners compare fast loans with Savvy

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!

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.