Compare Business Loan Interest Rates High Approval & Fast Funding
When you need to compare business loan interest rates, our LendIQ™ system finds your ideal loan from 80+ lenders. Get funded with $5k−$10M+ in as little as 4 hours.
Why A Loan Comparison Is Crucial
Our system matches you with lenders who are actively seeking businesses like yours.
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The Australian Lending Market: Key 2025 Insights for Small and Medium-sized Enterprises
Insights from our own platform data reveal key trends for Australian small businesses seeking capital.
Here are some of the key lending trends:
- Average Business Loan Amount : $70,000
- Top Loan Purpose: Fund expansion (new projects, contracts, fit out of office space)
- Top Unsecured Loan Industry : Retail, Hospitality, Construction (Civil, Commercial), Wholesale, Engineering.
- % of Applicants Trading for 3+ Years with 90% approval: 90%
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The core principle of a business loan is leverage. It allows you to use borrowed capital to generate a return greater than the cost of borrowing. For example, a retailer might take out a short-term loan for inventory financing before a busy season, knowing the sales will more than cover the loan repayments and interest. Similarly, a construction company might use an equipment loan to acquire a new excavator, enabling them to take on larger, more profitable contracts immediately. The key is to match the type of loan to the business goal. A short-term cash flow gap requires a different solution (like an unsecured loan or line of credit) than a long-term asset purchase (like a secured loan or commercial mortgage).
Business Loan Eligibility: Check Your Requirements for Fast Funding
Let’s answer your most important question: “Can I get a loan?” Lender requirements are often more flexible than what major banks demand. Many funding doors can open by focusing on your business's real world performance.
- ABN & Business Structure: You must have an active ABN and operate as a Sole Trader, Company, or Trust.
- Minimum Trading History: You generally need to have been trading for at least 6 to 12 months.
- Minimum Annual Turnover : Lenders typically look for at least $10,000 per month in sales, with $50,000 in monthly turnover being the average of what what we see businesses applying for loans with.
- Residency: At least one director must be an Australian citizen or permanent resident.
Guidance for Complex Scenarios (Where Specialist Lenders Excel):
- For Bad Credit History: While banks often say 'no' to past credit issues, we see a 70% approval rate for applicants with a strong business and a paid default on their file.
- For Non-Homeowners: Not owning property does not have to be a barrier. Close to 50% of our approved unsecured loans go to clients who are not homeowners, with consistent revenue being the key factor for approval. We can get up to $200,000 of working capital finance for non-asset backed business owners.
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Your Business Loan Questions, Answered
A secured loan is backed by an asset, like property or equipment, which usually results in a lower interest rate because it reduces the lender's risk. An unsecured loan does not require collateral and is based on your business's revenue, making it faster to arrange but typically with a higher interest rate.
The time for approval varies significantly. Traditional banks can take several weeks to process an application. In contrast, many online and specialist lenders have streamlined digital processes that can lead to approval and funding within 24 to 72 hours, with some achieving same-day funding, provided all the required documentation is in order.
An initial enquiry or eligibility check with most modern lenders or brokers is considered a 'soft credit check' and will not affect your credit score. However, submitting a formal loan application will result in a hard enquiry on your credit file, which can have a small impact on your score.
How to Apply for a Business Loan
Prepare Your Loan Documentation in Advance
Being organised is the fastest way to speed up your application. Lenders need to verify your business's identity, structure, and financial health. Having these documents ready will prevent delays.
Know Your Financial Position and Business Case
Before you apply, have a clear understanding of your own numbers. Lenders will assess your revenue, profit, and existing debts to determine your ability to make repayments.
Choose the Right Loan Type for the Job
Selecting a loan that matches your business goal is critical. An unsecured loan might be best for a quick working capital injection, while an equipment loan is more suitable for a vehicle purchase
Submit a Quality Application and Protect Your Credit Score
Ensure all information you provide is accurate and complete. A strong application demonstrates your business's viability. Working with a finance broker can help you match with the right lender from the start, preventing multiple hard credit inquiries.
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Your Comprehensive Business Loan Questions, Answered
The best way to ensure a competitive rate for your rate loan is to compare multiple offers from different lenders. Rates can vary significantly based on the lender's risk appetite and your business profile. Using a comparison service or a broker gives you access to a wider market of over 80 lenders than approaching your bank alone. Also, check your rate against current market benchmarks for your industry and credit profile.
Yes, it is possible. While many traditional banks may decline an application with an outstanding ATO debt, many specialist non-bank lenders are willing to consider it, especially if you have a managed payment plan in place with the ATO and are up to date with payments. They will see this as a sign of responsible financial management. Successful hospitality business owners Julian and Mikey were able to secure $600,000 to fit out a new pub, despite an ATO position, after their existing bank was unable to assist.
Our process is designed to find the most competitive loan for your specific situation. We don't work for one bank; we work with a panel of over 80 trusted lenders. Our service is free to you because we are paid a commission by the lender upon successful settlement. This ensures we are focused on getting you a successful outcome, not on charging you fees.
What Happens After Your Loan Has Been Approved
Congratulations! The final steps are fast and digital. Your lender will send you the loan documents for electronic signing. Once you have reviewed and signed, funds are typically transferred directly to your account. For most loans, this happens on the same day. Your finance specialist remains available to you, ensuring a smooth conclusion to your funding journey.
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Our promise: no credit score impact
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