Business Loans Perth

Start the comparison process for financing your Perth business right here with Savvy today.

Last updated on June 15th, 2022 at 02:38 pm by Thomas Perrotta

Compare Perth business loans

Finding the right loan for your business is key to ensuring it can access and manage the funds it needs. Fortunately, Savvy makes it simple for you to compare loans. Start the comparison process today, whether you’re operating in the heart of Perth, further out in Broome or Albany or anywhere else.

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
3% $0
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Lightning business loans up to $150K can be funded in as fast as 2 hours - simply provide 6 months of recent bank statements.

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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
2.5% $0
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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.

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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
3.50% $0
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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

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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
$0 $0
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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.

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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
$0 $0
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Compare, find and match fast to over 80 bank and non-bank lenders accessing much needed working capital from a unsecured business loan.

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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 Perth business loans

Unsecured finance

Don’t worry about putting up your home or a valuable business asset as collateral for your finance deal, as our lenders offer unsecured small business loans in Perth to help you cover your business.

Get approved for up to $500,000

You can apply for loans large or small, with maximum borrowing ranges reaching as high as $500,000 or as low as $5,000 enabling you to custom-fit your loan to your needs.

Repay over three months to five years

Part of the custom-fitting process is deciding how long you should take to repay your loan, with a wide range of term lengths available from different lenders allowing you to find the best one for your business.

Unrestrictive usage

Whether you’re looking to finance equipment or machinery purchases, fitting out your shop’s interior or any other potential expense, a business loan can help you cover it.

As few as six months of trading

You don’t need to have been operating for years on end to access the funding your business needs, as most lenders will accept applications from businesses trading for at least six months.

Same-day funding possible

Another key aspect of these loans is that they’re incredibly quick, with outcomes able to be received in as little as one hour and funds sent through on the same day you apply.

Why you should compare Perth commercial loans with Savvy

The documents you’ll need for your business loan application

How to apply for your unsecured Perth business loan

It’s all well and good deciding to apply for an unsecured commercial loan in Perth, but it’s just as important to understand the process as it is to put together your application.

There are several key steps to follow on the way and knowing these will put you in the best position to prepare thoroughly for your application.

Familiarise yourself with these points to help you increase your approval chances in good time and receive the funds you need fast.

Select your lender with Savvy

You can compare loans and lenders right here with Savvy to help you decide more accurately which is the best loan for you and your needs.

Gather all your required documents

Collate digital copies of each of your loan documents and prepare them to be sent off to your lender, making sure they’re all easily readable.

Submit your application and receive an outcome

Once you’ve done this, you can fill out your lender’s online application form and submit all documents together to receive a fast outcome.

Sign off on your deal

If approved, you’ll be sent through a contract to sign electronically, after which your lender can release the loan amount directly into your account.

Common loan queries from Perth business owners

How can I reduce the interest paid on my loan?

There are several ways you can look to cut down on the total interest paid over the life of your small business loan in Perth. Perhaps the two most effective are making early repayments towards your loan amount to reduce your loan term (which sees your interest total reduce more sharply) and simply selecting a shorter loan term in the first place. Additionally, all costs coming from the interest rate on business loans are able to be claimed as a tax deduction, so you can cut it out altogether in some instances.

Will I be required to pay a deposit for my business loan?

No – deposits are an optional part of the business loan process, as lenders are able to finance 100% or more of the expenses which need covering. However, paying a portion of your expenses with your business’ available cash will reduce the size of your loan, allowing you to take less time to pay off your debt and pay less interest and fees overall. Because of this, if you’re in a position to do so, it might be worthwhile paying some of your available funds instead of solely relying on a loan.

Does my lender have to be based in WA to approve my loan?

No – with access to lenders across Australia, you can be approved and funded regardless of where you or your lender are based. Your Perth business could receive funds from a lender in Cairns in theory, so geography won’t need to factor into your decision making. This gives you more freedom to compare a wide range of finance options with Savvy.

Is it more difficult for sole traders to get approved for business loans?

Yes – sole trader business loans are often considered a greater risk than larger businesses with more moving parts, as they generally come with a lower turnover and overall cashflow. Because of the fact that lenders assess them following the same criteria as any other business, they may sometimes find it more difficult to get approved for larger loan sums. However, this doesn’t mean you won’t be approved at all by any stretch of the imagination. You can still access the full suite of loan options provided your business is in a position to support its repayments, with our loan repayment calculator helping you see what different loans might cost overall.

Should I seek out equipment finance in Perth instead?

If you’re looking to purchase a specific piece of machinery, for example, Perth equipment finance might be a good option for you. This is a type of loan which is designed specifically to purchase your chosen asset, which is then used as collateral for the loan. This type of finance brings with it a greater potential borrowing power (as there’s no real maximum amount), as well as longer loan terms up to seven years and lower interest rates.

How much revenue does my business need to be generating?

One of the key qualification points is a required minimum turnover in order to be approved for financing in Australia. Some of the lenders we’re partnered with will set this as low as $5,000 monthly, but others require more revenue incoming, up to as much as $1 million annually and beyond.