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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Fact checked
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.
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.
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.
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.
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.
No matter the time of day or week, you can complete your small loan application with us online.
You can receive an outcome in 60 seconds and, if successful, have your money sent in just one hour.
We're partnered with reputable Australian lenders to bring you greater peace of mind when applying for your small loan.
It’s easy to find your ideal lender and qualify for a business payday loan first time when you enquire with Savvy. Our unique software will locate your best options based on your details and the lender’s qualification requirements.
Once you’ve found the best payday loan for your business idea, Savvy will connect you straight to the lender’s website, where you’ll be asked to fill out a quick application form.
Lenders need to see ID, your last three months’ worth of payslips or a Centrelink Income Statement, plus a recent utility bill to verify your address. You’ll also need a Medicare card or certificate of citizenship to prove residency status.
Lenders will assess your day-to-day spending by checking your bank statements for the last ninety days. You can grant read-only access using the loan provider’s website.
The lender will examine your application and make a decision fast. That typically happens on the same day, but it’s a great idea to begin your application as early as possible. The lender will send an agreement once you’re approved. You can sign that digitally once you’ve reviewed it and send it back.
When the lender has reviewed your signed agreement, they’ll arrange to settle your loan using the bank account details you nominated during your application.
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.
