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.

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Savvy Editorial Team
Savvy's content writing team are professionals with a wide and diverse range of industry experience and topic knowledge. We write across a broad spectrum of finance-related topics to provide our readers with informative resources to help them learn more about a certain area or enable them to decide on which product is best for their needs with careful comparison. Meet the team behind the operation here. Visit our authors page to meet Savvy's expert writing team, committed to delivering informative and engaging content to help you make informed financial decisions.
Our authors
, updated on September 12th, 2023       

Fact checked

At Savvy, we are committed to providing accurate information. Our content undergoes a rigorous process of fact-checking before it is published. Learn more about our editorial policy.

$2100
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$500
$50,000


Paid in 60 mins if approved*
Written by 
Savvy Editorial Team
Savvy's content writing team are professionals with a wide and diverse range of industry experience and topic knowledge. We write across a broad spectrum of finance-related topics to provide our readers with informative resources to help them learn more about a certain area or enable them to decide on which product is best for their needs with careful comparison. Meet the team behind the operation here. Visit our authors page to meet Savvy's expert writing team, committed to delivering informative and engaging content to help you make informed financial decisions.
Our authors
, updated on September 12th, 2023       

Fact checked

At Savvy, we are committed to providing accurate information. Our content undergoes a rigorous process of fact-checking before it is published. Learn more about our editorial policy.

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.

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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?

How to apply for a business startup loan if you’re unemployed

More business startup loan questions? Check the FAQs

Can I use startup loans for a brand-new business?

Absolutely. You don’t need to provide any business documentation for business cash loans for unemployed borrowers; you’ll qualify based on your personal income and spending.

Can I pay for multiple items with business startup loans?

Yes. If you need to buy stock or equipment, plus pay for marketing and advertising, that’s fine. Business startup loans for the unemployed don’t require any security, so you can allocate funds to whatever items and tasks you need to get your new business up and running – or even handle a surge in sales.

Will the lender run a credit check?

Yes. All lenders, no matter how small the loan, are legally obliged to run a credit check, and that’s no different if you’re starting a business. The primary difference between a personal loan credit check and a cash loan is that lenders really only look for the level of your current borrowing and to see if you’ve experienced problems paying back a similar loan in the recent past. You can still apply for a cash loan with bad credit, but it’s important to make a fresh start and budget for repayments carefully.

How much do I need to pay up front?

Although business cash loans for unemployed Aussies have a setup fee, it gets spread out across your regular repayments, so you don’t need to pay anything when you apply or sign up for a business startup loan.

Can I top up a business startup loan later?

No. It’s essential to budget for everything you need when you apply for your loan because you won’t be able to extend it further. Lenders insist that you finish your current loan before borrowing more, but you can pay it off and start a fresh agreement if necessary.

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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.