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Urgent Business Loans
Consider your business loan options with Savvy to help get the wheels in motion on your application fast.
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If I need an urgent business loan, what's the best way to get it?
If your business is in need of a loan and there’s time pressure involved, probably one of the best options available to you is an online lender. While many lenders have business loan options with relatively quick turnaround times, online lenders have a reputation of having fast, simple application processes. And because the process is entirely online, you can apply for a business loan without ever needing your office, with all your business records close to hand.
When it comes to the choice of loan, one of the fastest and easiest options will almost always be an Unsecured business loan. Although the fees are a little higher than you might get for a secured loan, Unsecured loans are very easy to apply for and can generally be turned around in a matter of days. They’re also one of the most accessible types of loan on the market, with very lenient approval criteria – meaning the odds of losing time on a rejected application are significantly lower.
If your business needs urgent loan funds even more desperately than that, it may be worth considering an instant loan. Although they’re technically a type of personal finance and only provide a maximum of $5000, instant loans are incredibly fast – often allowing pre-approval within minutes of submitting an application, and funding within 24 hours. They’re also only available from online lenders.
How do I find good business loan options when I need the loan urgently?
You don’t need to compromise on finding a good rate for a business loan, even if it’s required urgently. Today it’s quite a fast and easy process to hop online and use a comparison website to compare rates on loans. A comparison site like Savvy can actually save you time – allowing you to quickly build a list of the top 3-5 lenders with good rates on a business loan.
When doing so, remember to look at the comparison rate as well as the base interest rate, to get an idea of what the loan would cost once fees are included. And as you investigate your preferred options, don’t forget to consider additional features such as how flexible the lender is with repayments, and whether the loan allows early repayments without a fee.
If you apply for a small instant loan (less than $5000) through the Savvy website, we can take the pain out of even that process, connecting you up with one of our suite of top Australian lenders and providing pre-approval for a loan within 60 seconds of clicking submit. The online application form only takes a few minutes to complete, and is available 24/7.
Types of business loan
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.
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.
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.
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.
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 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.
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.
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.
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.
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.
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.
How can I speed up my urgent business loan application?
Have your documentation ready to go
There’s some paperwork required for a business loan, and when it’s urgent you can save time by having your documents ready to roll. You’ll generally need financial statements and tax information for your business, bank statements (for you and your business), your ABN, and at least 100 points of personal ID.
Having them in digital format (scanned, or as a digital file) will also save time by allowing you to sending them online, right away.
Only ask for what you can comfortably repay
Lenders are going to be reviewing your finances to make sure that your income is enough for the repayments you’ll need to make. If you’ve thought ahead and made sure you’re only asking for what you can comfortably afford, you shouldn’t hit any snags here.
Look after your credit rating
When it comes to the lending world, good credit makes everything easier – whether that’s your odds of loan approval, the rates you get on a loan, or the amount you can borrow. Keeping your business’ credit rating in a healthy state (not to mention your own) is going to make the loan application process go a lot smoother and easier.
Bad credit and urgent business loan applications aren’t a good mix.
Pick your lender carefully
Not all lenders are the same. Online lenders are generally going to be faster than banks or credit unions, but even online lenders can vary. It’s worth taking note of the turnaround times given lenders offer on their websites, and considering this if time is tight.
Frequently asked questions about urgent business loans
Although speeds vary between lenders, generally you could expect to see funds in your account within a few days of applying. Instant loans are way faster. With an instant loan through one of Savvy’s suite of lenders, you can expect the funds to be on their way within the same business day – and often within an hour of applying.
Yes, it could. Sadly, your lender can’t influence how your bank handles funds transfers, so it’s not impossible that the funds from a loan could be delayed by your financial institution. This is not always the case, though.
No, this is a very bad idea. Each application you make for a loan or credit product causes what’s called a hard credit check – which causes a small dip on your credit score. This isn’t too much of an issue with one loan application, but applying for many loans at once will make your score sink rather quickly. And while it can be a problem when urgent business loan is required, a bad credit rating is probably far worse. The checks also show up on your credit record, and might reject your application just on that basis.
No, not if it’s urgent. Assessing security or collateral is a slow process for a lender, and unlike unsecured loans, secured loans can sometimes take weeks, or even months to get approved.
You won’t get the best interest rates – secured loans almost always have lower interest rates than unsecured. But it’s generally better than those offered for something like a business line of credit. Interest rates vary between lenders and fluctuate as national rates go up and down, so it’s always worth jumping online to compare the current rates before committing to anything.
There are various factors that make online lenders faster when it comes to loan approval. Having all documents transferred electronically obviously takes delivery times out of the equation. Online lenders are generally smaller than banks with more centralised admin – making the decision process easier. And online lenders generally make use of high-speed internet services to access information like bank records, and credit records (once you give them approval to do so, of course).
Helpful business loan guides
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.