Quick Business Loans
What are the quickest offers on the market for business finance? Compare fast funding options with Savvy today.
Last updated on June 17th, 2022 at 03:39 pm by Thomas Perrotta
Compare quick business loans
Sometimes, money just can’t want when it comes to keeping your business moving. Fortunately, there’s a range of loan offers on the market right now which can deliver business operators the funds they need fast. You can compare business loans and their features right here with Savvy.
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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.More details |
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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.More details |
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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 monthsMore details |
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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.More details |
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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.More details |
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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.
Quick business loans explained
There are many options on the market when it comes to securing a loan for your business, but what if you need the funds fast? Find out about the quickest options for business loans in Australia and how you can compare the best offers on the market to find the best loan to suit your needs.
What quick options are available for business loans?
If you’re on the hunt for a business loan and you need a quick solution, an unsecured business loan is your best bet. Unsecured loans are a very common type of business loan that deal with smaller amounts and have a much faster turnaround time compared to other business finance types. While lenders can potentially take weeks or even months to process an application for a large secured loan, an unsecured loan can normally be arranged in a matter of days, with many lenders offering a 24-hour turnaround from application to payment.
They have higher interest than many long-term loan options such as a secured loan or a commercial mortgage, but there are benefits that come with that cost. For one thing, they’re much easier to get approved – the higher interest rates lower the risk for the lender, which means they’re far more willing and able to approve an unsecured loan quickly, ensuring that they’re far more accessible to smaller businesses and start-ups.
Unsecured business loans are also designed to be paid off more quickly. Long-term loans are generally geared to be paid off over the space of a decade and can have penalties for early repayments. Unsecured business loans, however, are intended to be paid off faster and have small loan terms of up to one to three years (and often even shorter). As such, they’re perfect for a quick injection of temporary funding that you want to have paid off sooner rather than later. They’re also very handy for start-ups or small businesses in need of quick loan finance.
What factors affect how quickly a loan gets approved?
One of the most time-consuming factors in a loan assessment is the process of assessing the risk involved in a loan – the chance that the lender might end up losing money by offering a loan. For a large business loan like a secured loan, there’s a detailed process of examining your business and its finances and determining whether to approve a loan, and what kind of terms to offer. Factors such as the age of your business, the size of its customer base, the growth of your industry and the visibility of your business all come into play. These factors don’t make an application go quicker or slower – it’s the fact that they’re being reviewed and assessed that takes time.
Unsecured loans work around this risk by charging higher fees. Because the loans return more, this offsets the risk somewhat – like the lender is taking an insurance policy out on your loan. As such, while a lender reviewing an unsecured loan application will still run checks and look at credit records, they don’t need to be as rigorous as the process for a secured business loan might be. They can also be a lot more tolerant of things like a bad credit history, which ensures that checks are processed faster.
It’s also worth knowing that in the last decade, the speed at which a loan can be approved has improved significantly with the development of secure, high-speed internet services for things like bank records and credit information. These have made the loan application process travel much more easily and quickly than in years gone by. These days, some lenders can offer nearly instant decisions on their loans, as little as one to two hours after you apply. There are also different types of lenders who may be able to offer a speedier application, approval and funding process compared to standard banks, such as peer-to-peer loans which are assessed by individual investors.
Savvy can help you out with the hunt for a fast business loan in Australia. Our website allows you to compare unsecured business loans from some of the country’s top lenders and choose the one that best suits your situation. Start your comparison process today before committing to the first business loan you see; it can save you hundreds or thousands of dollars to do your research.
How do quick unsecured loans compare to other types of loan?
No collateral
Many business loans are built around the idea of security or collateral – offering up a business asset that the lender could sell to recoup costs if something went wrong and the loan couldn’t be repaid.
Unsecured loans have higher fees to offset that risk and don’t need any collateral, which is great news if your business doesn’t have many assets to offer.
No deposit
Unsecured loans don’t require a deposit, so you can still get a loan even if you don’t currently have any reserves of cash set aside. Some lenders might charge a setup fee, but this is generally quite a small amount – only a few hundred dollars, or around 2%-3% of the loan amount.
Easy application
Because the fees offset the risk, the application process doesn’t need to be as extensive as those of larger loans, so applying for an unsecured loan is generally a lot simpler than with many other types of loan.