Compare short-term business loans
There are many reasons why a business owner might be in the market for a short-term loan. Whether you’re looking for a small boost to your cashflow or are earning enough as a company to pay off a loan quickly, you can compare business loan offers from a range of lenders right here 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.
The benefits of a short-term business loan
Your business loan can be a truly short-term finance agreement, with terms as short as three months available for businesses looking to repay as soon as possible.
You won’t need to supply any collateral for your business loan, opening the door for business owners who don’t have eligible assets or don’t want to put their home up as security.
Business loans are designed to be flexible to your needs, so you can take out a small business loan as low as $5,000 or a larger loan up to $500,000 and repay them over as short a term as you can afford.
You only need to have as few as six months under your belt as a trader to qualify for a business loan, helping you access much-needed funds in the early stages of your business ownership.
Your application can be completed in a matter of minutes and approved and financed within just one business day, sealing a fast turnaround and giving access to the funds you need.
If you’re in a position to pay above the minimum amount per instalment, you’re able to do so, with many lenders offering penalty-free early repayments on their loans.
Because of the shorter length of time over which you’re repaying your loan, you won’t have to pay as much interest overall as you would for a longer term.
Learn about and short-term business loan options
Loans come in all shapes and sizes and there’s normally a loan product for every situation. Short-term loans can be handy solution for various business problems, but what choices are there on the table? Find out about short-term business loans and how to compare your options here.
What are short-term business loans and how are they different to others?
A short-term business loan refers to a business loan used as a short-term solution to a problem rather than a long-term investment for your business. They’re designed to be paid off within one to three years and deal with smaller amounts that can be paid off more quickly, from micro loans as small as $5,000 up to $300,000.
While a long-term loan might be suited to large scale projects like buying a property or opening up a new outlet for your business, short-term loans are more suited for things like upgrading equipment, consolidating debt, paying wages or even providing the upfront finance to run an event or conference.
There are many different types of business loans that could be regarded as short-term loans, so your business has a wide variety of temporary finance options on the table.
If you’re looking for a short-term loan to provide finance for your business, Savvy is a great place to start. With our rate tables, you can compare the best options on the market to see which is the perfect fit for your business situation. You can also use our business loan repayment calculator to work out the costs of different loans based on terms, rates and other factors.
What types of short-term business loans can I get?
In Australia we have a great variety of choices for both lenders and short-term finance, so you’ve generally got plenty of loan options to compare. So, what are some of the short-term loan possibilities?
Unsecured loans – These are the most versatile short-term loan option, especially for small businesses. Unsecured business loans are available from a wide variety of lenders and don’t require any deposit or collateral. They can be for anywhere from a few thousand dollars to $200,000 to $300,000 and can be used for a variety of business expenses, such as upgrading your premises, paying employee wages and buying extra stock. They’re also one of the easiest short-term loans to get approved thanks to their lack of security requirements, making them a good option to explore if your business struggles with bad credit.
Equipment finance – Equipment finance is a short-term finance option to give your business access to equipment that you couldn’t otherwise afford. The lender retains ownership of the equipment, but you get to keep it on your premises and use it throughout your agreed-upon term. It’s like renting, except that the equipment can be highly specialised – such as state-of-the-art medical imaging facilities or special-purpose agricultural vehicles.
Hire purchase – Hire purchase is a little like equipment finance, except the interest rates are generally higher. The trade-off is that once you’ve paid off the loan, you get to keep the equipment, so it’s like rent-to-own on a grand scale.
Chattel mortgage – A chattel mortgage is similar to equipment finance or hire purchase, but it functions more like a home or car loan in regards to collateral: you’re borrowing money to buy a significant piece of equipment, but then you’re using that same piece of equipment as security for the loan. Unlike hire purchase, you officially take ownership of the equipment at the beginning of the loan – not at the end.
What other options do I have for short-term business finance?
Business credit card
A business credit card is similar to a personal credit card, except that it’s tied to your business’ finances rather than yours. It gives you the same flexibility with borrowing money at need – normally at pretty steep interest. Just like a personal credit card, it’s best suited to expenses that can be paid off quickly – preferably within a couple of months.