Top 10 Lenders For Business Loans

Our Top Ten Lenders For Business Loans In March 2021

Best Lenders Top 10

Our list of the best lender platforms for beginners is the following

Top Ten Lenders

  • 1Capify

  • Capify is the Fast Business Loans best lender overall

    Fast Business Loans consider Capify to be the best small business lender. While the right lender will
    depend on your business needs, we like that Capify offers two different products to suit different business needs.
    Capify’s other appeal is their fast turnaround from application to funding, which takes only 24 or 48 hours.

    Capify Short-term small business loans and loan terms

    Small business funding with Capify can be between $5,000 and $300,000 and the business will have 3 to 12 months to pay the
    loan.
    With this loan, the business will pay a small amount of the loan daily, until the loan is closed. As payment is daily, you need not
    concern yourself with large lump sum payments.
    One benefit with Capify is they do not use interest rates to determine your payment plan. Capify will reach an agreed total
    payback amount with you. This means you know all your costs are transparent upfront. This allows you to plan your cash flow in
    advance.

     

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  • Loan Type: Short-term Business Loan
  • Loan Amount: $5,000 to $300,000
  • Loan Terms: 3 to 12 months
  • Loan Type: Merchant Cash Advance
  • Loan Amount: $5,000 to $300,000
  • Loan Terms: 3 to 12 months
  • Min. Revenue: $10,000 p.m
  • Min. Trading: 6 months
  • Unsecured?: Yes
  • Credit Score: n/a
  • 2Prospa

  • Prospa has easy application and great customer service

    Prospa offers small business loans and a business line of credit product to SME enterprises. These
    products mean Prospa has the flexibility to meet the broad borrowing needs of different businesses.
    This non-bank lender has an easy online application form and excellent customer service to ensure you have the best loan
    solution for your business needs.

    Small Business Loans – Low Doc loans under $150,000

    Prospa will lend between $5,000 and $300,000 with a fixed term of between 3 and 36 months to repay the loan. With a 3-year
    period for repayment, Prospa offers one of the more generous payment schedules of all lenders. Loan payment can be daily or
    weekly.
    To qualify for a loan with Prospa, your business needs an Australian bank account and be able to show 12 months of trading if
    your loan is under $150,000. You will also need an ABN or ACN number and confirm you are using the loans for business
    purposes. Unlike other lenders, Prospa does not include minimum monthly or revenue as part of their qualification.
    Loans for over $150,000 will require additional financial documents such as P&L statements and cash flow statements.

    Prospa Business Line of Credit

    A business line of credit works differently to a business loan. Prospa can approve a credit line between $2,000 and $100,000
    which your business can use for multiple drawdowns (up to the credit limit) over 12 months. Prospa allows you to extend the
    line every 12 months.
    This kind of loan means you have pre-approval to access to working capital when you require funds. This arrangement means
    you will only pay interest on the capital your drawdown plus a weekly service fee.
    To qualify for a credit line, you will need to be an Australia citizen, show 12 months of trading for the business and have an
    ABN/ACN.

    Fast Application And Funding

    Prospa has the simplest online application process for all lenders. The application has two stages, the first stage comprises of
    basic questions to show your business meets the minimum qualification. If the business qualifies, a Prospa consultant as part
    of the second stage to help you complete your application. If you apply before 4 pm, then it is possible Prospa can approve the
    loan on the same day and have the funding in your account the next day.

    Prospa Offers Great Customer Service

    You can contact Prospa on weekdays 8.30 am to 7 pm by phone, email and live chat. The Prospa team delivers excellent
    customer service, and this is shown by their Trustpilot score of 4.9 out 5 from over 5700 reviews. Comments regarding their
    customer service are consistently positive.

    Fast Business Loans Verdict for Prospa

    If you are looking for a lender, that keeps the application simple, places a high emphasis on human interaction with clients and
    requires minimal paperwork, then Prospa is an excellent option

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  • Loan Type: Small Business Loan
  • Loan Amount: 5,000 to $300,000
  • Loan Terms: 3 to 36 months
  • Loan Type: Line Of Credit
  • Loan Amount: $2,000 - $100,000
  • Loan Terms: 12 Months renewable
  • Min. Revenue: $4,000 to $6,000
  • Min. Trading: 12 Months
  • Unsecured?: Yes (Up to $100,000)
  • Credit Score: n/a
  • 3Moula

  • Moula loans have an interest-free period and no
    hidden costs
    Moula offers your business a choice of 2 unsecured loan options to meet your needs. The first is a
    short-term business loan, the other is a Buy Now, Pay Later (BPNL) style product. This lender impresses because of their
    transparency with costs and 3 to 6 month interest-free grace period.

    Small Business Loans With Moula

    Moula allows you to borrow between $5,000 and $250,000 and pay this loan off over 12 to 24 months. All you need to apply is
    an active ABN or ACN, 6 months of trading history and $5,000 in monthly sales. If your business has an annual turnover of
    over $75,000 a GST, then your business will also need GST registration.
    One of the major appeals of a small business loan with Moula is that you have a ‘no repayment’ options for the first 3 or 6
    months of the loan. Many businesses appreciate this option as it gives breathing room to save before debts are paid.
    Moula is on the few lenders that advertise their interest rate. The annual percentage rate is 15% to 35% and includes all costs.
    This is a truer reflection of what you will pay than the (basic) interest rate, which does not include all costs.

    ‘Buy Now, Pay Later’ with Moula Pay

    Moula Pay is a “buy now, pay later” or business credit card style product that allows you to pay for business purchases with
    Moula Pay registered merchants. If you qualify, Moula will pay the merchants directly when you need to access the credit line
    (up to $250,000) each time you need to make a purchase. You will then have 12 months to pay off the line.
    Credit lines with Moula pay come with no interest for the first 3 months and no annual fees for the first 12 months. This means
    if you pay the loan in the first 3 months, you will not have any costs. Your only costs will be 3% per months (after the first 3

    months) and an annual fee of $149 (with the first year being free).
    Qualification is the same as a Moula small business loan.

    Moula is transparent

    Moula is very open about their loan terms and fees, there have no hidden fees, which mean no costs for using direct debit
    facilities and no early repayment penalties. For a small business loan, the only fees you will pay is a 2% establishment fee, late
    payment fees and APR interest. If you have Moula Pay, then you will pay 3% interest each month and $149 annual fee after
    one year.
    To ensure full transparency, Moula will provide SMART Box™ statements, which means your loan agreement will contain
    pricing with all costs along with explanations of the costs. SMART Box™ is great because it allows you to compare Moulas’
    loan statements with other lenders that use SMART Box™.

    Interest-free and no repayment periods

    If you have a business loan, then Moula will allow you a grace period of 3 to 6 of no repayments before you begin loan
    payments. After this, you pay 15% to 35% APR.
    Moula pay also has a generous allowance. With this loan, there is 3 months interest-free, this means, if you pay the loan during
    this time, your business will incur no costs.

    Fast Business Loans Verdict for Moula

    Moula can help Australian businesses save on costs with 3 to 6 months of no interest and no hidden costs. With a choice of
    small business loan and Moula Pay, this lender should have a loan that will meet your needs.

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  • Loan Type: Business Loan
  • Loan Amount: $5,000 to $250,000
  • Loan Terms: 12 - 24 months
  • Loan Type: Moula Pay
  • Loan Amount: Up to $250,000
  • Loan Terms: 12 months
  • Min. Revenue: $5,000 p.m
  • Min. Trading: $5,000 p.m
  • Unsecured?: yes
  • Credit Score: 550+ (suggested)
  • 4Zip Business

  • Zip Business Has Good Lines Of Credit Up To 500k

    Zip Business offers a hybrid business loan and line of credit. This allows your business to maintain
    greater control of its loan costs, as the business only pays interest on what is drawn from the credit line.

    Zip Business Loan Terms and Qualification

    Zip Business only has one product, which is their line of credit. To qualify for a loan, you must have an annual turnover of
    +200k and have been trading for at least 18 months. Ideally, your business will be profitable.
    An online application for business finance with Zip Business takes under 10 minutes. Zip Business will come back to small
    business owners with a decision within 24 hours and provide funding within 24 hours of you agreeing to loan terms.
    Loans can be up to $500,000 with unlimited drawdowns (up to the credit line) in the first 3 months. Zip Business treat each
    drawdown as a separate loan and the business will have between 1 and 36 months to pay each drawdown.

    Flexible Repayment With Zip Business

    Zip Business allow you to choose between weekly, fortnightly and monthly payment schedule. Each line of credit has an
    amortisation schedule, which means the business pays higher interest at the start of the loan and less as the loan amount
    reduces. The total amount that the business will pay for each period will the same through the life of the loan.
    No Financial Documents For Loans Under $150,000
    Zip Business accepts low doc application for loans under $150,000. This means there is no need to provide profit and loss
    statement, tax returns, etc. To qualify for a low doc loan, you need to answer 6 questions to show you meet Zip Business
    lending criteria.

    No Hidden Fees With Zip Business

    Zip Business allow you to pay off your line early. If you do this, there will be no fees or penalties to do so. Zip Business are
    transparent with their costs, which are all presented to you as part of the loan offer. There are also no fees for any portion of
    the credit line you do not use. This means, if you do not make any drawdowns, then you will not pay any fees.

    Fast Business Loans Verdict Of Zip Business

    Unless you need a lump sum of funding, a line of credit can save your business on interest costs. This arrangement allows you
    to maintain flexibility as you only pay for what your business draws from the credit line.

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  • Loan Type: Line Of Credit
  • Loan Amount: $10,000 to $500,000
  • Loan Terms: 1 to 36 months
  • Min. Revenue: $200,000 p.a
  • Min. Trading: 18 Months
  • Unsecured?: Yes
  • Credit Score: 300 (400 construction)
  • 5Ondeck

  • OnDeck has the best short term business loans under 250k

    If you are a small business and want a broker that offers an easy loan application for funding up to Ondeck Logo
    $250,000 then Ondeck can meet your needs.

    Small Business Specialist And Fast Application

    OnDeck is a small business specialist who aims to provide easy access to loans that can be a challenge to get from banks.
    Therefore, OnDeck aims to make the application process as simple as possible. Ondeck’s online application process only
    takes a median of 7.2 minutes to complete, as you will need to fill only 15 fields.
    To qualify for a loan, the business will need a minimum credit score of 500. Ondeck include a credit analysis as part of the
    online application process, this allows the lender to give fast approval. This means the business can receive funding in less
    than 48 hours after application.
    As long as you meet their minimum requirement of 1 year in business with 100k in turnover and have a business credit score of
    at least 500 (and no bankruptcy history) then all you need is to some basic business information and 6 months worth of bank
    statements and the application is complete.

    Ondeck Loan Terms And Eligibility

    To qualify for a loan your business needs to have been trading for at least 1 year, have a minimum $100,000 in gross annual
    turnover, no history of bankruptcy and a business credit score of 500 or above.
    If the business application is successful, unsecured loans of $10,000 to $250,000 are available and your business can pay this
    over 6 to 24 months.

    Get Fast Funding With Ondeck

    Ondeck can provide working capital to your business bank account in 1 business day from the time you apply. This Ondeck can
    approve your loan request within a few hours of your application.
    Good Customer Service With Ondeck
    Once you have completed your application, you will receive a call from OnDeck customer service. Ondeck team of loan
    specialist will work with you to find a loan that works for your needs.
    The feedback on Trustpilot is OnDecks customer service is very helpful. Ondeck’s score of 4.8 out of 5 reflects the excellent
    customer service they deliver.

    This Lender Has Transparent Costs

    Ondeck is a member of the AFIA code of conduct agreement. At your request, they will provide you with a SMART Box™. The
    SMART Box™ tool allows you to compare loan costs between brokers that are part of the SMART Box™ program. This means
    Ondeck costs are transparent and you will know exactly what your costs are before agreeing to any loan.
    Fast Business Loans Verdict Of Ondeck
    Ondeck is a very solid choice for lenders if you need less than $250,000, a generous repayment timeframe, and want to have a
    communication line with the lender. Ondeck customer service will work with you to find a loan that works for you.

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

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