Same Day Business Loans

Name: Same Day Business Loans
Creator: Savvy
Published: 2022-01-14T13:18:12+10:30

Home > Business Loans > Same Day Business Loans

It won't affect your credit score.

Written by , updated on September 21st, 2023

The features and benefits of same day business loans

Rapid approval and funding

Your business can receive instant approval as soon as one hour after sending your application through, with the funds able to be transferred within the same 24 hours of submission.

Borrow up to $500,000

Business loans in Australia are highly adaptable to your needs by design, with lenders offering borrowing ranges as low as $5,000 up to $500,000 in some cases.

Set your own repayment term

An extension of this is having the capacity to choose your own repayment term, over which you can contribute to your loan for as little time as three months up to five years.

Affordable finance deals

By comparing more lenders in the market, you can find an offer which meets your business’ requirements in terms of its interest rate and fees to help you save more over your term.

Unsecured loans available

Our lenders offer unsecured small business loans, enabling you to take out the loan sum you need without having to worry about putting up any personal or business assets to do so.

Flexible usage

You can take out your business loan to cover all manner of potential needs, from purchasing inventory to fitting out your business to even purchasing an existing company.

Types of business loan

Unsecured business loans

The most common type of business finance, unsecured loans enable businesses to access the funds they need without attaching an asset to the loan as security. Some lenders may allow you to borrow up to $500,000 and, because there's no collateral, offer same-day approval.

Secured business loans

If your business already owns valuable assets, such as property or expensive equipment, you may choose a secured business loan instead. These loans may increase your borrowing power beyond what an unsecured loan can offer and, crucially, typically come with lower interest rates.

Small business loans

Business loans don't always have to be worth hundreds of thousands. If you're operating a small business and need a boost to help you keep on top of your expenses or expand your company, you may be able to take out a loan starting from as little as $5,000 and unlock further capital.

Low doc business loans

Just because you don't have all the required documents for a standard business loan doesn't mean you're out of options. Low doc finance enables you to use alternative documentation, such as other business financials, in the application process to access the funds you need.

Lines of credit

A commercial line of credit allows you to draw from your loan account whenever your business needs access to their funds, instead of managing a lump sum and repaying it like a regular loan. This can add flexibility to your finance arrangement, providing money when you need it.

Invoice finance

Invoice finance presents another option to business operators looking to free up cash through outstanding invoices yet to be paid by their customers. Your invoice finance can either be invoice discounting or factoring, which present different options when it comes to your invoices.

Equipment loans

A common reason for seeking out a loan is to purchase commercial equipment. You can do this either with an unsecured arrangement or one with the equipment itself as collateral, with the latter potentially increasing your borrowing power and lowering your interest rate.

Supply chain finance

With this finance, when your business purchases product, your supplier provides an invoice which you send to your financier and pledge to repay by a set date. From there, your supplier sells the invoice to your financier at a discounted rate, while you repay the full amount to your financier.

Inventory finance

Under an inventory finance agreement, your lender pays your supplier directly for inventory, which allows it to be signed off and sent to you. From there, you can pay off your debt within a pre-determined period to your lender, which may be longer than the regular debtor period.

Overdraft facility

An overdraft facility is attached to an existing financial account belonging to your business, such as a transaction or savings account, and enables you to borrow up to a set limit after the account’s balance reaches zero. These overdrafts are repaid with interest, but only on what you use.

Cash flow loans

You may simply be in a position where your business needs a boost to its cash flow. If this is the case, there’s a range of stop-gap solutions which may be suitable for your situation, from standard unsecured loans to specialist cash flow loans, invoice finance or even an overdraft.

Why compare business loans through Savvy?

100% free service

It won't cost you a cent to compare a range of business loans through Savvy, enabling you to come back at any time.

Reputable lending partners

You can compare business loan offers through a range of trusted Australian lenders, giving you more confidence in the process.

Online comparison process

You can fill out our simple online form to generate business finance quotes tailored to your business' needs in minutes.

Top tips for speeding up your business loan approval

Only apply for what you need

Before you start filling out your application form, you should first plan out the funds you need and why your business needs them. Determining what the intended uses of your loan funds are and how much each of these will cost allows you to come up with an accurate figure of how much you’ll ultimately need to borrow. This doesn’t mean you’ll be guaranteed approval for this amount necessarily, but you should aim to take on a loan and repay it at a pace manageable for your business’ turnover. You can use Savvy's loan repayment calculator to give you a rough idea of what different loans may end up costing you overall.

Have all your documents ready

It’s important to be prepared when the time comes to submit your application. Part of this involves ensuring you have all the right documentation ready to go when you’ve filled out your application form. For smaller business loans, you may only need to supply personal ID, your ABN/ACN and GST registration and business bank statements. However, if you’re looking to borrow upwards of $200,000 to $250,000, your lender will want to see financials such as a business plan, profit and loss statements, tax returns and more.

Hold a strong trading history

Perhaps the most effective way of increasing the speed at which your application is processed is by showing your lender your demonstrated history of successful trading. If your business has been open and running successfully over a long period and has built a strong credit score in the process without any major blemishes, your application is more likely to sail through the approval process. This is because businesses in these positions are considered far less risky to lend to, thus requiring less scrutiny than those in more complex financial situations.

Apply earlier in the day and week

Finally, you can actually improve your chances of having your loan approved on the same day by simply submitting your application earlier in the week. In doing so, you’ll give your lender more opportunity to process it quickly. For example, a loan enquiry sent through on a Monday morning has a greater chance of being turned around on the same day than an application in the late afternoon. Similarly, applying early in the week removes any risk of rolling over into the weekend.

Frequently asked questions about same day business loans

How can I use my business loan?

Just about any way you like – if you’re a medical professional looking for a loan, you might wish to take out finance to pay for new equipment. Alternatively, restaurant financing may be taken out to cover the cost of repairs or a refurbishment of the front of house. Provided they’re being used for business purposes, you can do it with business loan funds.

Is any part of my business loan tax-deductible?

Yes – the interest charged on your business loan repayments can be claimed as a tax deduction on your return. By doing this, you can slash the potential cost of your business loan, helping save your business hundreds, if not thousands, of dollars throughout your repayments. Make sure you keep a thorough record of the interest paid throughout the year if you intend to claim it when completing your tax return.

Do I have to stick to my loan’s repayment schedule?

No – the repayment schedule given to you serves only as a required minimum contribution on a monthly, fortnightly or weekly basis. Many lenders will allow you to pay above this minimum amount, and subsequently complete your loan’s repayments ahead of schedule, without imposing any penalty, so you can compare financiers on this basis right here with Savvy.

Is 100% of my application conducted online?

Yes – this is part of the reason why it’s so quick to process. With all documentation sent to your lender electronically, they can gain instant access to the information they need to help them make their credit decision. With this, they can assess your business’ situation more quickly and return to you with an outcome at a faster rate. Your information is fully secure when doing this, as online lenders are required to have extensive online security systems to ensure the private information they house is 100% protected.

Can I get a same day business loan with instant approval?

No – financiers can’t offer instant approval on their loan products. Because the nature of unsecured business loans is reliant on analysing your business’ financial situation, some oversight is required in every instance. Even if your profile is spotless and you’re only asking for a small loan, your application won’t be approved instantly.

Am I able to take out a same day loan for my new business?

Possibly – lenders will typically set a minimum trading time of six months when it comes to assessing your application, so if you’ve been operating beyond that timeframe, you can be approved for your business loan. However, some specialist lenders can provide small business loans to startups who are seeking out financing. These loans are likely to come with shorter terms, lower approved amounts and higher interest rates, however, and may take longer than one day to process.

Do I have any other finance options when buying business equipment?

Yes – if you’re looking for funding to purchase a specific piece of equipment, you can turn to equipment finance as another option. This is a type of loan which utilises the asset itself as security, potentially opening you up to greater borrowing power and lower interest rates. This may take longer to process, as your lender will need to assess the suitability of your asset to serve as collateral, but you can still be approved within a matter of days. You can get approved for your perfect equipment finance deal through Savvy.

What is bridging finance and when might my business need it?

Businesses may look to bridging finance if they find themselves short on the funds they need whilst in the process of applying for a larger loan (which may take longer to qualify or get approved for). It can be approved fast and be paid off in as little as two weeks up to a maximum of 12 months. However, because these are typically secured loans, many businesses will apply for a standard unsecured business loan instead and pay it off quickly once they gain access to the funds they need.