Online Business Loans

You can take out a business loan online without ever needing to leave your office. Explore your options with Savvy here.

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, updated on July 26th, 2023       

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Business loans are a common feature of commercial finance nowadays, but is it viable for you to apply for a small business loan entirely online, from the comfort of your own office? Learn the ins and outs of online business loans, how they work and how to compare your options in this guide.

Is it possible to get a business loan entirely online?

Yes, it is. It is entirely possible – and quite practical – to get a business loan 100% online without the need to ever leave your office.

With the growing prevalence of online lenders on the Australian loan market, it’s now easier than ever to apply and get approved for a business loan. The internet is also a great place to loan hunting, allowing you to find not just a loan, but the perfect loan for your business. For example, Savvy allows you to quickly compare business loans from some of Australia’s top online lenders and pick one suited to your circumstances, saving on time and hassle. In doing so, you can boost your chances of choosing the best loan option for your business and picking out a lower interest rate.

Not only is information easily accessible for you over the internet, but lenders themselves can now make use of fast, secure internet services to quickly access financial and credit information – which means the process of getting your loan assessed and approved is now much quicker.

All of this means that it’s not only possible to get a business loan online, it’s fast, easy, convenient and generally recommended for small business owners, as you can even receive a near instant outcome in just a couple of hours.

Are there any risks to getting a business loan online?

No – modern lender websites use high-grade encryption technology to ensure that your information is submitted securely and stored safely on their servers. It’s reasonable to be cautious about online security, of course – we’ve all heard stories about hackers on the internet – but for online lenders, data security is a very high priority. Digital security is as important to them as a vault is to a bank.

When it comes to the transferring business loan funds in Australia, online lenders are no different to the majority of business lenders nowadays – everything is handled electronically via ultra-high security electronic funds transfer (EFT) services, so funds transferred from an online lender are as secure as any bank transfer.

It’s worth knowing that you still need to be careful with how your information is handled. Be careful with what information you send via email, which normally isn’t as secure, and never give your bank details, log-in details or financial information to someone who’s contacted you unsolicited – even if they seem to be from your lender or financial institution. If in doubt, contact the financial institution yourself (using their official contact details – not something from the unsolicited message) and ask about it.

Types of business loan

Why compare business loans through Savvy?

What's the application process for an online business loan?

Frequently asked questions about online business loans

How can I submit paperwork for a business loan application if everything is online?

Your paperwork will be submitted electronically, which does mean you’ll need digital copies of it. Lenders have different ways of doing this, so you should follow their instructions on how to do that and ask them if you have any questions.

What types of loan can I get from an online lender?

Online lenders can offer most of the standard types of business loan that big banks and larger lenders can, including secured and unsecured loans, merchant cash advances, equipment finance, commercial mortgages, hire purchase, invoice financing and chattel mortgages. They also often have options for bad credit and low doc loans.

Can I get an online business loan if I live in a remote region?

Yes. As a matter of fact, online lenders are excellent for small businesses in remote regions, as you never need to travel to a branch to get a loan. All you need is a computer, a phone, an internet connection (which modern mobile phones can often provide), and your business records and ID. A scanner can be handy if you have paper documents to submit, but this isn’t always needed – particularly if a lot of your business records are stored electronically.

Do I need to submit a business loan application during business hours if I'm doing it online?

No. Normally, online business lenders will have websites – and loan application pages – that are easy to use, and operational 24/7. That said, you normally will have to wait until business hours for the lender to review your application and progress things forward, but you can submit it at any time. If you submit at, say, 3am on a Saturday morning, it’s quite likely to be the first cab off the rank on Monday morning.

Do online lenders still have a branch I can go to if I run into problems?

Some do have an office or headquarters that you can visit, although it’s uncommon. Either way, most online lenders make a point of being easy to contact in other ways – via phone, email, or other digital means.

Is an online business lender hard to get loan approval from, compared to a bank?

Actually, it’s normally easier. Large financial institutions like banks can often be picky about who they’ll approve for a business loan. Online lenders are generally a lot more open (by comparison), and willing to consider applications from very small businesses, start-ups and businesses with less-than-perfect credit ratings. If your small business isn’t having much luck applying for a loan from the big banks, an online lender might be a good option.

What can I use my business loan for?

Business loans are highly flexible and are able to be used for just about any business-related purpose. For instance, you might want to take out a loan to boost your company’s overall cashflow, consolidate existing debts, help with your employees’ salaries, purchase new equipment or fit out your storefront. The sky is essentially the limit when it comes to how you can make use of your loan funds.

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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.