Payday Loans for Business

Access fast, convenient payday business loans when you need a cash injection or want to start a new venture through Savvy.

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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.

Looking to borrow money to start a new venture? There’s no need to let that great business idea go to waste – you can find the best payday loans with Savvy and start making money faster.

Usually, borrowing money to start a new business is almost impossible without a lot of documentation, property ownership, or a whole lot of hassle and time. Payday loans for business provide a convenient alternative for borrowers short on trading history. You can get access to same-day funds by applying online and use a simple, flexible repayment structure that matches your business income, then pay fixed, capped fees.

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See how payday loans for business can help you

Easy to budget for business loan fees

Setup fees are never more than $400, with the amount spread across your monthly, fortnightly or weekly repayments. Repayment fees are charged each time you pay off some of your loan. They’re capped at 48% of what you borrow per year, so a $3,000 loan would attract repayment fees of $120 per month. If your business is going well and you’d prefer to pay off the remainder of your payday loan in one chunk, that’s no problem. Lenders charge zero early repayment fees.

Simple payday business loan repayments

Repayments terms for payday loans are incredibly flexible. You can choose to repay your loan over anything between 16 days and two years. Borrowers get to choose between weekly, fortnightly, and monthly schedules to match their income.

Get a small business loan on Centrelink

Different lenders may have slightly different requirements with regard to how much of your income can come from benefits. Generally, if more than half your money is via Centrelink, loan providers will limit the cost of repaying your cash loan to 20% of your total income. Receiving benefits isn’t a barrier to this type of finance, however, and you can apply for a payday loan on Centrelink with most lenders.

Easy qualification for business cash loans

The main qualification requirement for a payday loan is affordability. Lenders are very careful to assess your means and only approve loans if repayments are easily achievable without hardship. Applicants need to be residents or citizens of Australia and over eighteen to apply for a business cash loan. You’ll need a regular, ongoing income of some kind – but it doesn’t necessarily have to be from a job.

Why apply for a small loan with Savvy?

Explained by Savvy: How to apply for business payday loans

Frequently asked questions about payday loans for business

Do I need an ABN to apply for payday loans for business?

No. Cash loans aren’t classed as commercial finance, so you can apply based on your own personal finances.

How much turnover do I need before I can apply for payday loans for business?

You won’t need to prove any business turnover to apply for a cash loan. In fact, you can use one to start a business before you even advertise or generate any sales.

Can I buy tools and equipment?

You can buy pretty much anything you need to start, run, or expand an existing business. Cash loans are not secured against an asset or property, so lenders don’t really impose any limits on what you can buy.

Does all of my payday loan need to be for business?

No. You can use payday loans to pay for multiple expenses. Some borrowers use them to pay a utility bill and school fees or tackle dental expenses and fix their car. You can apply for enough to deal with several different things if you need to, including getting your new business off the ground.

Can I apply for a business payday loan on a temporary visa?

In some cases, yes. Most payday borrowers are either citizens or permanent residents, but some lenders will make an exception. Depending on your visa type, you may be able to apply as a non-resident as long as your loan finishes a couple of months before your right to stay expires.

Will a business payday loan hurt my credit rating?

Not at all. Positive credit reporting means that any repayments you make on time will help improve what lenders see when they examine your credit report. One thing worth remembering, however, is that applying for too many loans in a short space of time can damage your chances of qualification. That’s because lenders leave a visible impression each time, and too many just don’t look good. The best way to compare payday loans is by visiting Savvy and getting matched digitally to products that suit your circumstances. That way, you’ll only need to apply once.

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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.