Compare large business loans
Business loans don’t just have to be used to help you pay your rent and other bills. Your business may be eligible to borrow a significant amount of money to help fund a costly expansion or for any other reason. It’s important to choose the right loan for your business’ needs, so you can compare with Savvy.
|Lumi Unsecured Business Loan|
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
|Lumi Lux Rate Reducing Business Loan|
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
|Valiant Finance Business Loan Broker|
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
|ebroker Unsecured & Secured Business Loans|
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.
Large business loans
How can I get a large unsecured business loan?
In Australia, unsecured business loans are among the most accessible business loans on the market, and they’re available from most business lenders – everything from big banks to modern online-only lenders. The maximum amount your business be able to borrow from a lender will depend on a number of factors.
- How established your business is – This encompasses both how long you’ve been in business, and also how firmly established your business is – do you have a steady client base and a recognised brand?
- Your business’ current cash flow – How well is your business doing financially? Is your cash flow steady, growing, or in decline? Are you making a solid profit, or just breaking even?
- Your credit rating – Your business’s credit rating will have an impact on your borrowing power, with good credit scores opening the door to much larger amounts.
- The lender – Different lenders will offer different amounts. Some are very conservative and only offer large amounts to big business clients (banks are well known for this), whereas other lenders are more open to smaller businesses with a good track record. It pays to shop around, and not just consider the big banks.
When you’re setting out on the hunt for an unsecured loan to invest in your business, one of the best ways to start is by using a comparison website – like Savvy – to easily compare a range of loans side by side and find the best. Savvy allows you to compare interest rates on unsecured business loans – large or small – from some of Australia’s top lenders, and quickly find the best loan for your business. You can also compare term lengths so you can maximise your chances of locking in the short or longer loan term you need.
How do I maximise my chances of approval for a large unsecured business loan?
If you’re looking to do everything you can to maximise your borrowing power for an unsecured loan, there’s a number of things that might help strengthen your loan application.
- Offer a deposit – Although they’re not normally required for an unsecured loan, offering a deposit can increase lender confidence by showing you now have something invested in the loan. This can potentially mean more borrowing power.
- Have someone act as guarantor – Having someone in a strong financial position act as guarantor (offering to pick up the bill in the worst-case scenario that you can’t pay) can often translate into a higher maximum amount on the loan, as there’s less risk to the lender.
- Maintain excellent credit – You can’t necessarily control how successful your business is financially, but your business’ credit rating is one thing you can control. Make sure your bills and loan repayments are paid on time, and don’t be too reckless with any business credit you have available – try not to use more than 30% of your available credit.
- Keep good business records – Generally lenders want evidence of how well your business is doing, so maintaining good records to show this will help.
Any of these factors could have a positive effect on the total amount a lender might offer your business for an unsecured loan. All of them together can make a big difference!
Pros and Cons of a large unsecured loan
Doesn’t require a large asset
Most larger loans are normally based on having an asset offered as collateral. If your business is relatively new or doesn’t have a lot on physical assets, that can limit your options a lot. But a large unsecured loan avoids that requirement.
Approval is easier and quicker
Unsecured loans are generally a lot quicker and simpler to apply for an get approved – normally being turned around within a few days. While a lender might take a little more care assessing an unsecured loan application for $100,000 to $300,000, it should still be a lot quicker than the weeks (or even months) sometimes required for getting a secured loan approved.
Maintain control of your assets
An asset offered as security isn’t totally under your control. If you’re using your business property for collateral, you can’t then sell it and move to a cheaper premises to free up capital. An unsecured loan allows you to maintain that control.
Interest Rates are higher
Unsecured loans come with higher interest than secured ones (which are generally the lowest on the Australian market). That means you’re generally paying a more for the loan overall.
Loan term is shorter
Because unsecured loans typically have shorter loan terms than secured ones (unsecured loans are generally up to about 5 years or so, while secured loans tend to start around there), you have less time to be paying off the money. That also means monthly repayments will be a lot more expensive.
Total amount is less
Unsecured loans can offer substantial amounts of money, but never as much as you can get with security on the loan.