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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, updated on July 26th, 2023       

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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.

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Why compare business loans through Savvy?

How can I speed up my urgent business loan application?

Frequently asked questions about urgent business loans

How soon can I expect to see the funds for an urgent business loan?

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.

Could the transfer of my urgent business loan funds be delayed by the bank?

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.

Should I apply for multiple business loans and take the first one to get approved?

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.

Should I offer security on an urgent business loan application?

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.

Can I expect a good interest rate on an urgent business loan?

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.

What makes online lenders fast?

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).

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