• Updated: 13/09/2021
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The Best Same Day ABN Business Loans

Having an active ABN can result in getting loans faster

  • BizCap
  • BizCap
  • - Best Business Loans Overall With Same Day Funding
  • OnDeck
  • OnDeck
  • - Great Shot Term Loans Delivered With Speed
  • Prospa
  • Prospa
  • - Top Line Of Credit And Term loans For All Business Needs
  • Lumi
  • Lumi
  • - Good Small Business Loans With Funding Today
  • Capify
  • Capify
  • - Good Term Loans Or Merchant Cash Advance Within 24 hours
  • Moula
  • Moula
  • - No Assets Required For Loans Up To $250,000

Best Same Day ABN Loans For Businesses (2021)

1Bizcp

With the settlement of funding as soon as 3 business hours after applying online, Bizcap is a worthy first consideration for same-day funding. Bizcap claims this makes them the fastest lender for Aussie businesses in the market.

Bizcap is able to provide loans fast because they are a direct lender. Being self-funded means they don’t have the same red tape other lenders may have such as the need for financial paperwork. As a low doc lender they only require basic bank statements and a few other documents before they can approve the loan. This not only makes it hassle-free for your business to apply but easy for Bizcap to approve loans quickly.

Bizcap promotes itself as Australia’s most open-minded lender so has a high approval rate as long as you meet the lender’s eligibility criteria.

Secured and unsecured business loans are available. These are small business loans of $5,000 to $1,000,000 with a loan repayment period of 3 – 12 months. Payments are daily or weekly using direct debit.

To qualify for a loan with Bizcap, your business needs at least 6 months of trading history, $10,000 in monthly revenue, and an active ABN number.

 

Go to BizCapRead BizCap Review
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  • Loan Type: Unsecured Business Loans
  • Loan Amount : $5,000 - $1,000,000
  • Loan Terms: 3 - 12 months
      • Min. Revenue: $10,000 p.m
      • Min. Trading: 6+ months
      • Unsecured?:
      • Credit Score: n/a
      2Lumi

      If you wish to choose between a line of credit or short-term business loans then Lumi offers both these products with same-day funding. Application outcomes take two hours with funding possible on the same day.

      Online applications for $5,000 to $300,000 take under ten minutes and Loans under $150,000 are loc doc with no security, making applications for these loans even faster. To speed up your application it helps to ensure you have your ABN or ACN on hand along with your driver’s licence and business bank account details. Lumi also allows you to link cloud accounting software such as Xero or Reckon for even faster approval.

      To be eligible for a loan with Lumi, your business must have been trading for 6+ months, have $5,000 or more in monthly revenue, and an active ABN or ACN. Lumi loans have a loan term of 3 to 36 months and have payments are done each week.

      Lumi prides themselves on their transparency and the fact they have no hidden fees. Your only cost will be a 2.5% establishment fee for term loans and a $25 activation fee for each drawdown and a $30 monthly fee to maintain the line of credit.

      Go to LumiRead Lumi Review
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      RATED:

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      • Loan Type: Small Business Loans
      • Loan Amount : $5,000 - $200,000
      • Loan Terms: 3 - 36 months
      • Loan Type: Business Line Of Credit
      • Loan Amount: Up to $250,000
      • Loan Terms: Up to 24 months
        • Min. Revenue: $10,000 per month
        • Min. Trading: 12 months+
        • Unsecured?: (up to $150,000)
        • Credit Score: n/a
        3OnDeck

        OnDeck’s ‘Lightning loans’ uses a special algorithm called ‘KOALA’ (key online Australian lending algorithm) to accelerate loan approvals. What’s unique about this KOALA system 65% of applications can be assessed using automation and don’t need involvement from underwriters.

        If you apply for a business term loan of under $100,000 and you have at least 6 months worth of bank statements, then OnDeck can advise on a loan decision in just 90 minutes. Funding is possible in just 2 hours following application which makes OnDeck one of the fastest lenders for same day loans. Loans above $100,000 will take a bit longer with funding ready in one business day.

        Ondeck offers business loans between $10,000 and $250,000 with a 6 to 24 loan term. These loans are unsecured, instead, you only need to provide a personal guarantee.

        To qualify for a loan with OnDeck, your annual gross turnover must be at least $100,000 and a business history of 1 year or more. Your business should also have no prior bankruptcy and a credit score above 500.

        Ondeck offers SMART Box™ so have no hidden. Your only costs is a 3% establishment fee

        Go to OnDeckRead OnDeck Review
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        RATED:

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        • Loan Type: Business Loans
        • Loan Amount : $10,000 - $250,000
        • Loan Terms: 6- 24 months
            • Min. Revenue: $100,000 p.a
            • Min. Trading: 12+ months
            • Unsecured?:
            • Credit Score: 500
            4Prospa

            If you are looking for immediate funding as a lump sum, Prospa offers small business loans of $5,000 to $300,000 with 3 to 36 month loan terms. Prospa allows you to choose between a daily or weekly repayment.

            One unique feature with Prospa is the 4 weeks no repayment option. With this feature, you can choose to delay your first payment for up to 4 weeks which gives you extra flexibility if funds are tight.

            If you prefer to borrow as you need, a line of credit option is available. With Prospa, you can borrow between $2,000 and $150,000, with a renewable 24 month term. The advantage of this option is that you only pay interest for the funds you use.

            To help you get funding in quick time, it helps to borrow under $150,000 as no security or financial are needed for these loans. Application is done online and takes under 10 minutes, approval is faster if you Prospa with secure electronic access to your bank statements.

            To qualify for a loan, you will need to demonstrate the business has 6+ months of trading and $6,000 in monthly turnover figures.

            Go To ProspaRead Prospa Review
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            • Loan Type: Small Business Loans
            • Loan Amount : $300,000
            • Loan Terms: 3 - 36 months
            • Loan Type: Business Line Of Credit
            • Loan Amount: $2,000 - $150,000
            • Loan Terms: renewable 24 month term
              • Min. Revenue: $72,000 p.a
              • Min. Trading: 6 months
              • Unsecured?: (up to $150,000)
              • Credit Score: n/a
              5Capify

              Capify allows you to choose between a standard business term loan or a merchant cash advance. Both products lend a lump sum up to $300,000, the difference being a merchant cash advance is paid back via daily direct debit using a percentage of your future daily EFTPOS, debit, and credit card sales.

              To qualify for either product in quick time your business needs to have been operating for a minimum of 12 months with $10,000 in monthly turnover or a minimum of 6 months in business with $20,000 monthly turnover. These conditions are subject to any documentation required, loans under $75,000 do not require financials, tax returns, or BAS while you should make sure you have financials ready for larger loans. Your business will also need to pass the lender’s standard credit assessment.

              Loan terms for both products are 3 – 12 months and come with an agreed payback amount rather than interest rates. This means that for a term loan, you will pay the same amount each payment period which is daily. This allows you to avoid large monthly payments.

              Go To CapifyCapify Review
              90

              RATED:

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              • Loan Type: Small Business Loans
              • Loan Amount : $5,000 - $300,000
              • Loan Terms: 3 - 12 months
              • Loan Type: Merchant Cash Advance (MCA)
              • Loan Amount: $5,000 - $300,000
              • Loan Terms: 3 - 12 months
                • Min. Revenue: $10,000 - $20,000 p.m.
                • Min. Trading: 6 months (loans) / 3 months (MCA)
                • Unsecured?:
                • Credit Score: n/a
                6Unsecured Finance Australia

                Unsecured Finance Australia, specialises in business loans that require no security up to $100,000. The lender places an emphasis on a loan process that is 100% online and a fast application to funding process. If you apply before 4 pm on a business day, it is possible to have your loan approved and funding settled on the same day.

                Unsecured business loans can be between $5,000 and $300,000 with payment terms ranging from 3 to 24 months and include top up and options for early payout.

                Application takes just 5 minutes with loans under $50,000 only requiring basic documentation. To qualify for a loan your business must have been operating for 6+ months (in special circumstances this can be reduced to 3 months) and generate at least $60,000 per year in revenue. You will also need an online bank account and ABN.

                Unsecured business loans payment terms range from 3 to 24 months and include top up and options for early payout.

                Loan options are not limited to lump sum term loans, a line of credit with a revolving limit of $500,000 and asset finance (equipment, vehicle) up to $300,000 with a 60 month term is also available.

                Go to Unsecured Finance Australia
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                • Loan Type: Unsecured Business Loans
                • Loan Amount : $5,000 - $300,000
                • Loan Terms: 3 - 24 months
                • Loan Type: Unsecured Line of credit
                • Loan Amount: Up to $500,000
                • Loan Terms: 12 months revolving
                • Loan Type: Equipment and vehicle finance
                • Loan Amount: Up to $500,000
                • Loan Terms: 60 months revolving
                • Min. Revenue: $5,000 per month
                • Min. Trading: 6+ months
                • Unsecured?:
                • Credit Score: n/a
                7Moula

                Moula is one of the best choices for a lender with no hidden fees and price transparency. Unlike other lenders in this list, they are upfront with their interest rates, advertising a rate of 14.95% to 34.95% APR.

                Loans require no security and can range from $5,000 to $250,000 with a 12-24 repayment period. To be eligible with Moula, your business will need 6+ months of trading and at least $5,000 in monthly turnover. GST registration will also be required if your business earns over $75,000 p.a.

                Moula approval and funding can take up to 24 hours so it is important you take the extra steps to expedite the funding process.

                1. Submit an online application (which takes only 7 minutes)
                2. Link your finance data (e.g. a bank account, Xero, MYOB)
                3. Permit Moula to perform a credit check

                4. Ensure you add a request to accelerate funding

                Completing steps 2 and 3 is essential as the Moula platform relies on automation for fast approval. It is a good idea to apply in the morning and do a follow-up call so Moula knows to accelerate the process.

                In addition to business loans, Moula Pay is also available. This is a Buy Now, Pay Later type of product.

                Visit MoulaMoula Review
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                • Loan Type: Business Loans
                • Loan Amount : $5,000 - $250,000
                • Loan Terms: 12-24 months
                • Loan Type: Moula Pay (Buy Now Pay Later)
                • Loan Amount: $250,000
                • Loan Terms: 12 months (3 with no interest)
                  • Min. Revenue: $5,000 p.m
                  • Min. Trading: 6+ months
                  • Unsecured?:
                  • Credit Score: n/a

                  What is an Australian Business Number (ABN)?

                  An Australian Business Number or ABN is a free public 11-digit registration number that identifies registered businesses in Australia. An ABN’s primary purpose is to simplify dealings with different Australian government departments such as centrelink and councils with a single Identification. While an ABN is intended for government use, it is useful for other purposes such as placing orders or sending invoices to other businesses.

                  To qualify for an ABN your business must be one of the following

                  • Sole Trader
                  • Partnership
                  • Company
                  • Trust

                  What is an ABN Loan (also called ABN Finance)

                  ABN loans or ABN finance is simply a requirement by the lender that your business has an active ABN for providing business finance. Having an ABN will satisfy the lender that:

                  1. You are using the loan for business purposes and not as a personal loan
                  2. That your business is Australian.

                  It also allows the lender to more easily approve the loan since they won’t need documentation such as taxable returns which can delay approval. Instead, the lender is able to use an ABN to determine the creditworthiness of the business and by extension, if the business can be trusted to repay the loan.

                  Note: Many lenders will also accept an Australian Company Number or ACN in place of an ABN.

                  How ABN Loans benefit you

                  The benefits of having an ABN for your business when applying for a business loan are two-fold

                  1. More choice of lenders: since most require an ABN when applying for a business loan
                  2. Fast loans: since the lender does not need to deal with the hassle of paperwork
                  3. Tax benefits: Businesses can be registered for GST or PAYG tax withholdings

                  What is a same day ABN loan?

                  Same day ABN loans are loans where the lender will place the funds you borrow in your business bank account on the same day you apply provided you have an active ABN.

                  If you are a business owner looking for same day funding, then it is important to check your chosen business lender provides this. Most lenders will take 24 to 72 hours (or longer) to provide funding since the lenders need to assess your loan application and check your credit history. Lenders that can provide same day ABN loans have a fast online application process, short approval time, and can quickly transfer funds to the business bank account.

                  To ensure you get your funding on the same day, it helps to clarify with the lender when you should expect the funding. For example, some lenders advertise ‘funding within 24 hours which can be on the same day but also could be the next day. For these lenders, it helps to apply early in the business day or request with the lender that they express the funding process.

                  What if I have bad credit or a poor credit score?

                  Even if you have bad credit or a poor credit score, you may still be able to get same day loan but you should check with the lender before applying. While many lenders will only lend to businesses with good creditworthiness, some lenders will consider other criteria as part of their assessment. For example, some lenders will lend as long as your business has good cash flow and a healthy balance sheet.

                  If you need a same day loan and you have poor credit then check with the lender on their lending policy. Things that can help you succeed in finding a same day loan despite poor credit include:

                  1. Choose a business that advertises that they will lend to businesses with poor credit
                  2. Ensure the business is in a good financial situation, has cashflow (proven with bank statements), and a stable balance sheet
                  3. Collateral to secure the loan
                  4. Apply for a no credit check loan or a no doc loan
                  5. Apply for a smaller loan amount

                  Regardless which how you source a loan with bad credit, expect higher interest rates since the lender is taking on greater risk.

                  What if I am self employed or a sole trader?

                  Being self employed or a sole trader brings its own challenges when it comes to applying for loans. Lenders like to see your business has stable earnings for a minimum period of time and it can be hard to separate business earnings from personal earnings.

                  For example, if you have a (relatively) new business, it is likely you had a lot of expenses at the start of the business resulting in big losses or little income. Even though the second year might be more profitable, lenders want to see a regular pattern of revenue before considering your loan eligibility.

                  One way to satisfy the lender’s requirement that you are a self-employed borrower do is to provide at least 2 years of tax returns. Some lenders however will consider other documents such as bank statements.

                  For this reason, self employed business owners should consider specialist lenders that offer less conventional loans such as

                  1. Self employed loans
                  2. Low doc loans or no doc loans
                  3. Credit cards

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