How to get a business loan in Australia
Getting a business loan in Australia is more straightforward than it looks once you break it into steps: work out exactly what you need and why, get your business finances presentable, compare lenders on total cost rather than headline rate, then make a single targeted application instead of a scatter-gun of them. The businesses that get the best outcomes aren't the ones with perfect numbers; they're the ones who prepared and applied deliberately.
1. Define the amount and the purpose
Borrow for a clear reason and a specific figure. Lenders assess the request against your capacity to repay, and a vague ask for 'as much as possible' is harder to approve than a defined amount for a defined purpose. It also stops you over-borrowing and paying interest on money you don't need.
2. Get your finances presentable
You don't need audited accounts for most online lenders, but you do need a business bank account that shows real, consistent trading. Sort out anything that will raise a question before it does.
- Run income and expenses through a business account
- Put any ATO debt onto a documented payment plan
- Know your rough monthly revenue and time in business
- Have an explanation ready for anything on your credit file
3. Compare on total cost, then apply once
Line up offers on the total dollars repaid over the full term, not the advertised percentage, and read the fees. Then apply to the lender that fits, rather than to five at once, because a burst of applications can lower your credit score just when you need it intact. This is exactly where a single introduction to the right lenders helps.
Check your options in about a minute
Tell us what you need. A person reviews every enquiry and introduces you to the lenders that fit. No documents to upload.
Common questions
- What do I need to apply?
- For most online lenders: an active ABN, a business bank account showing recent trading, and basic business and contact details. Fuller documentation is only needed if you proceed with a lender that requires it. Our enquiry form never asks for statements or ID.
- How long does it take?
- Unsecured online lenders can approve within 24 to 48 hours, sometimes same day, once your details are verified. Secured or bank lending takes longer because an asset has to be valued.
- Will comparing lenders hurt my credit?
- Comparing doesn't. A credit check only happens when you make a full application to a specific lender. Making many applications at once can lower your score, which is why a single, targeted approach is better.