Business Startup Loans for the Unemployed
Start making money faster. You can get your new venture off the ground today with a business startup loan that’s high on speed but low on effort.
- Borrow up to $5,000
- Outcome in 60 seconds
- Flexible repayments
- 100% online
Fact checked
Fact checked
Getting a business off the ground can be a bit of a catch-22 situation – and when you’re unemployed, getting a business startup loan can seem more like impossible. Most lenders don’t want to know unless you’ve got regular income – but how can you develop that steady income without getting your business off the ground, right?
Well, the good news is that there are alternatives. Business startup loans for unemployed Australians allow you to apply on Centrelink and a bad credit rating is unlikely to affect your chances of qualification, too. Want to learn more? Read on to find out how you can apply today and get funds for your new business within hours.
See how business startup small loan can help you
Broader access
With a personal loan, you need to have a job, but business payday loan lenders consider income from different sources, meaning you can apply on Centrelink.
Fairer, fixed fees
Unemployed business startup loans provide a very straightforward way to budget for your borrowing, and you can access anything between $2,050 and $5,000 fast. You’ll pay a $400 setup fee and never more than 48% of your loan amount per year in monthly charges.
Bad credit, no problem
Lenders don’t scan your credit report the same way traditional lenders do, so if you’ve paid a few bills late while you’ve been unemployed, you can still apply and qualify.
Versatile repayments
Borrowers can repay over anything from just 16 days to two years – making them perfect if you need to stock up and you expect to recoup costs in sales quickly.
Pay off early
The better your new business goes, the sooner you can pay off your borrowing and maximise your monthly profits – and business cash loans come with no early repayment fees.
Rapid funding
You don’t need to wait for days to start making your new business idea pay. Online lenders feature streamlined digital applications and fast money transfers.
Why apply for a small loan with Savvy?
Apply online, 24/7
No matter the time of day or week, you can complete your small loan application with us online.
Instant outcomes and same-day money
You can receive an outcome in 60 seconds and, if successful, have your money sent in just one hour.
Trusted lender panel
We're partnered with reputable Australian lenders to bring you greater peace of mind when applying for your small loan.
How to apply for a business startup loan if you’re unemployed
Fill out forms online
Once we’ve identified your perfect lender, we’ll connect you straight to their application portal. After that, it’s just a case of filling out an application form– which you can do directly through the lender’s website from any internet-connected device. To apply for a business startup loan when you’re unemployed, you’ll also need to upload some basic documents.
Your income
First up, lenders need to make sure you have regular, ongoing income. It’s fine if that comes from Centrelink – you can download an income statement via your MyGov account. Remember, you’ll need to meet an additional requirement if it’s a case that more than half your income comes from benefits. Lenders can differ slightly, but as a general rule, you’ll be expected to spend no more than 20% of your income servicing the loan.
Your spending
Next up, you can grant the lender secure access to your bank statements using a specialised portal on their website. They’ll look at your last ninety days’ worth of records to ascertain how much you spend on a day-to-day basis.
Your identity and address
You’ll also need to provide ID in the form of a driving licence or passport, and you can upload a recent utility bill to verify your address. Applicants must be eighteen or over to apply for a business startup loan, and you’ll need to be either a citizen or permanent resident of Australia, too. Lenders allow you to verify that using your Medicare card or a citizenship certificate.
Sign the agreement
Lenders assess your application quickly, and approvals happen fast during business hours – sometimes as quick as an hour or two. Upon approval, the lender will send a digital agreement, which you can sign using your smartphone or computer and send back. After that, the lender will arrange to settle your loan by electronic transfer using the account details you supplied during your application.
More business startup loan questions? Check the FAQs
Small loans to suit your circumstances
Helpful small loan guides
Disclaimer:
The information on this website is of general nature and does not take into consideration your objectives, financial situation or needs.
For loans between $2,050 and $5,000, the APR is between 21.24% (minimum) and 48% (maximum) per annum. Comparison rate of 65.4962%. Minimum term is 16 days and maximum term is 24 months. The cost of the loan is a $400 establishment fee and monthly interest charged on the amount borrowed. For example, a loan of $3,000 over 3 months with an APR of 48%, (comparison rate of 65.4962%), will have an establishment fee of $400, monthly repayments of $1,225.20. Total repayments of $3,675.60 and total interest payment of $275.60.
Warning: A comparison rate indicates the true cost of a loan. Comparison rates are true only for the examples provided and may not include all fees and charges. Different terms, fees or loan amounts might result in a different comparison rate.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
