Compare Business Loans

Looking for a loan to grow your business – without an interest rate that'll cripple it? Mozo compares over 40 business loans from leading bank and non-bank lenders to help you find a great loan fit for your business needs.

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How can I compare business loans with Mozo?

Comparing loans for your business is easy with Mozo’s comparison table. To get started, simply plug in the amount you need, the time you’ve been in business and your annual turnover into the field below and hit ‘Update list’. Mozo will then provide you with a range of potential matches and from there it’s just a matter of comparing interest rates, fees and the speed you want your funding delivered. Found a loan you like the look of? Great, just click on the blue ‘Go to site’ button next to the offer and you’ll be directed to the lenders website to start your application.  

Can I find a specialty loan for my business?

No one business is alike, and neither are its funding needs. That’s why you’ll be able to compare a range of speciality unsecured, short term and equipment finance business loans all within Mozo’s handy comparison table below. Best of all, if you only want to view one type of loan, all you need to do is hit the ‘Filter’ button on the top right hand side of the table to select the type of business loan you want to compare.

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Page last updated December 13, 2019

Business loan comparisons on Mozo - rates updated dailyMozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.

Showing 13 results

  • Unsecured Small Business Loan

    Fast, unsecured business loans approved within 24hrs. Access funds up to $300k for any business purpose with no application fees, minimal paperwork and funds in your account quickly so you can focus on growing your business.

    On Application

    $0.00

    24 hours

    Details
  • Business Loan

    Business loans available from $5K to $300K and funding possible in 24 hours. Whether it’s a renovation, a marketing campaign or cash to tide you over, let Prospa help you keep your business moving – Rates from 9.9% p.a.* and no assets required to access up to $100K.

    On application

    3%

    from 24 hours

    Details
  • Business Loan

    Say goodbye to lengthy applications with online lender Moula. With a speedy 10 minute application process and potential funding within 24 hours, Moula can help you meet your businesses inventory or cash flow needs without the fuss.

    from 0.61% per fortnight

    $0.00

    24 Hours

    Details
  • Unsecured Business Loan

    A straight forward business loan with no hidden fees or charges. Achieve business goals through having fast, easy access to finance to give your business the boost it needs.

    from 16%

    $0.00

    Within same day

    Details
  • Standard Business Loan

    Faster finance for growing businesses - loans from $5,000 to $200,000. Limba specialises in short to mid term Cashflow Loans, Interest Only Business Loans, Fully Capitalised Business Loans and Good Businesses with low Credit Scores.

    From 2.40% per month

    2% or $500 minimum

    Next Day Funding

    Details
  • Business Loan

    Fast, flexible business loans from $10,000 to $200,000. Great for businesses which have been trading for more than 6 months with a monthly turnover above $10,000.

    On Application

    $0.00

    48 Hours

    Details
  • Flexible Business Loan

    Quick and easy to access funds up to $500,000 for any business purpose. Fast approvals save you time so you can get back to what you do best: running your business.

    On Application

    2.00%

    within 24 hours

    Details
  • Selective Invoice Finance

    A line of credit allowing you to access up to 95% of the value of your accounts receivable within 24hrs, with remaining 5% available when the invoice is paid. No need to worry about weekly repayments or property security.

    from 1.25% per fortnight

    On Application

    24 Hours

    Details
  • Merchant Cash Advance

    Capify Merchant Cash Advance is an alternative solution to traditional business loans that enables you to have flexible daily repayments based on your credit card and EFTPOS transactions, ensuring your repayments match your cash flow. Access up to $300k now!

    On Application

    $0.00

    48 hours

    Details
  • Business Overdraft

    Up to $500k linked to your business transaction account with no lengthy waiting periods. One-off account set up, ongoing access to funds and no regular paperwork. Secure funds anytime and anywhere with GetCaptial's convenient online portal.

    14.95% p.a. fixed rate

    $395

    within 24 hours

    Details
  • Invoice Finance

    Leave property out of the equation with Scottish Pacific’s Invoice Finance solution. Receive up to 85% of your debtors ledger with facilities ranging from $200K to over $100Mil.

    from 6.00% p.a.

    On Application

    from 24 hours

    Details
  • QuickBiz Loan

    Fast, unsecured business lending with a competitive 12.95% p.a. fixed rate. Up to $100K available for businesses and no upfront or ongoing fees. Lending criteria and T&Cs apply. Link your Xero / MYOB / QuickBooks account to apply even faster.

    12.95% p.a. fixed

    No Upfront Fees

    Varies

    Details

Want more? Compare all 57 bank business loans in the Mozo comparison engine.

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Business Banking Resources

Reviews, news, tips and guides to help find the best business loan for you.

What is a business loan?

A business loan is a type of loan that’s specifically used to help businesses grow, manage cashflow, make big purchases or simply meet their everyday running costs and needs. 

Like other loans, business loans can come with variable fixed interest rates, they can be secured or unsecured and usually, they'll come with some basic fees. Business loans also vary in size to cater for a whole range of different needs, with loans in the Mozo comparison table ranging from thousands to millions of dollars in eligible borrowing.

So why do Australian businesses take out business loans? Well starting or running a business often requires more funding than you might have stashed in your business bank account, which is why business loans can be a handy way to help grow and run your business.

Some of the popular ways that businesses use loans in Australia include:

  • Paying wages
  • Hiring new staff
  • Purchasing stock
  • Paying invoices
  • Buying new equipment
  • Funding growth

There's also a range of different types of business loans to suit specific funding needs. From business loans for invoice financing, equipment financing, business lines of credit and even short term business loans, there are a variety of speciality funding solutions on offer for Aussie businesses which can be compared in Mozo’s handy table above.

Which banks offer the best business loan interest rates?

Whether you're looking for a business loan for start-up financing, to fund a new initiative or grow your company, you'll want to find a competitive business loan with lots of flexibility and without a rate that will cripple your business.

Mozo helps you to quickly compare business loans on a range of important criteria such as rates, fees, repayment flexibility, funding speed and eligibility criteria to help you get the loan that best suits your needs. You can use our business loans comparison tool above if you're ready to get started, or check out our extensive business loans 101 guide to find out more about taking out a business loan.

How do business loans work?

So once you’ve successfully applied for a business loan, what happens next? Many lenders now promise funding in as little as 24 hours, and once the loan amount hits your bank account you’ll be able to begin using it for purposes like those listed above as quickly as you like.

Just like a personal loan or your home loan, you’ll be charged fees and an interest rate with a business loan - either a variable rate which can fluctuate over time or a fixed rate which will stay the same over the life of the loan. However, business loan interest rates can be a bit different as some of the fintech lenders offer fortnightly or monthly interest rates rather than the annual rates you may be used to.  

And when it comes to making repayments, don’t be surprised if your lender requires repayments to be made on a daily, weekly or fortnightly basis rather than each month.

How to compare and apply for a business loan

Finding the right business loan can be tricky, especially if you don’t know what to look out for. When you start to compare business loans, here are some of the key elements you’ll want to keep an eye out for.

Rates and fees

As we mentioned above, business loan interest rates are a little bit different to other consumer loans. The way different lenders express rates varies, which is why it’s important to keep a close eye on whether the interest rate is per fortnight, per month or per annum when comparing deals. And some lenders don’t even offer interest rates up front, instead, they’ll calculate a unique rate for each business based upon their own situation.    

The other cost you’ll want to compare closely are fees, so don’t be surprised to come across:  

  • Application fees: This is a fee you’ll be charged at the start of your loan which can either come as a dollar figure or a percentage of the loan amount
  • Ongoing fees: Also known as a service fee, these can be charged on a weekly, monthly or annual basis    
  • Early repayment fees: Some lenders will charge you an early repayment fee for the privilege of paying off your loan early
  • Dishonour fees: A dishonour fee may be charged if a due payment isn’t able to be processed because of a lack of funds in your account
  • Discharge fees: Some lenders will charge a discharge fee once your loan is fully paid off, or in the event that you refinance your loan

Features

Aside from the actual costs of a loan, the other important aspect of business loans that you’ll want to compare are any useful features they come with.

  • Funding speed: Many lenders, especially the new wave of online business loan providers, promise applications that can be filled out in as little as five minutes and funding in just 24 hours. So if you’re in need of funds quickly, a speedy application and funding process could be a handy feature.   
  • Extra repayments: Having the ability to make extra repayments on your loan can help you pay off your debt faster, while also cutting down on the amount of interest you pay. Just remember that some lenders will charge you a fee to make extra repayments.
  • Redraw facility: If you do end up making extra repayments, a loan with a redraw facility could prove useful if you ever need to redraw any of those extra repayments to pay for unexpected bills or expenses.
  • Flexible repayments: Some business loan providers only offer one-time frame in which to make your repayments (daily, weekly, fortnightly or monthly), however, if you’d prefer to make repayments on a schedule that better suits your business, there are a number of providers which offer multiple options.

Luckily the Mozo business loan comparison table above makes all of this simple. You’ll be able to compare rates, fees and funding speed in a single glance, or you can hit the ‘details’ button for an even more comprehensive list of features for each loan.

Applying

Once you’ve found the right loan for your business, there are a few bits of information lenders will require in order for you to apply. Thankfully more and more business loan providers are making the application process as simple as possible with online applications that can be completed in as little as five minutes, but you may still need to supply:

  • Your driver’s licence
  • Your businesses ABN
  • Financial documents such as bank account statements, tax returns and projected cash flow
  • A business plan for how you intend to use the funds

Need some extra help? Mozo’s very own in-house business lending experts are here to help you find a business loan to match your needs. To get started, fill out a few simple details about yourself and the loan you’re after and then one of the experts will get in touch to give you a hand. 

Business Loan eligibility

Before you apply for a business loan, chances are you’ll want to know if you’ll be eligible for one at all. In the same way that there are certain lending criteria for personal loans and home loans, you’ll also need to meet some minimum requirements in order to be eligible for a business loan. Here are some of the factors that might influence whether or not you get one:  

Time in business: Lenders will often require your business to have been in operation for a minimum amount of time before they’ll offer you a business loan, with many lenders in the Mozo database requiring a minimum trading time of anywhere from 6 months to 2 years.

Annual turnover: Lenders also want to ensure that your business is generating enough income to cover your business loan repayments, which is why they generally require a minimum annual turnover. The minimum turnover you’ll need will vary depending on the lender and the type of loan you’re looking at, but they can start anywhere from tens to hundreds of thousands of dollars.

Personal and business record: Like all loans, lenders may look at both your personal and business credit history before offering you a business loan. That’s why it pays to maintain clean credit health by paying off debt and avoiding things like exceeding credit limits or making late repayments.  

Outstanding tax: Like other credit history, an outstanding tax debt with the ATO could impact your ability to take out a business loan. That includes any payment arrangement you may currently be in with the ATO to repay any existing tax debt.  

Types of business loans

Just like businesses themselves, business loans come in all shapes and sizes. That means that there is a range of different types of business loans you’ll be able to choose from to suit your individual needs, including secured and unsecured business loans and more specialised loans for particular funding needs.

Secured vs unsecured business loans

Secured and unsecured business loans are the main types of loans you’ll come across, and there’s a simple (and unsurprising) difference between them.

Secured business loans are, you guessed it, secured against an asset such as residential or commercial property, a vehicle, personal or business assets, or even against the business itself. Because there is collateral against the loan, secured business loans tend to come with more competitive rates and fees than unsecured business loans, as well as higher maximum loan values and longer loan periods. That could make them good for businesses which:

  • Are happy or able to provide an asset(s) as security
  • Need a larger loan amount
  • Can make repayments over a longer period

On the other hand, unsecured business loans generally don’t require any security against them. But, because that means that the lender is taking a greater risk, it does mean that they tend to come with higher interest rates and fees, and you might not be able to take out an unsecured loan quite as large as a secured one. That means unsecured loans could be a good option for businesses which:

  • Are after a small amount, like a $10,000 business loan
  • Don’t have property or other assets to secure the loan
  • Can make repayments over a shorter period of time

Need some more information, or want to compare secured business loans and unsecured business loans for yourself? Make comparing offers easy by heading to Mozo’s business loans comparison tables to start your search.

Specialised business loans

Australian businesses also have a number of other business loans available to them which can be used to solve specific funding needs. For instance:

Short term business loans: Generally available with terms from 3 months to 3 years, short term business loans could provide the quick cash injection that your business needs. For example, to cover the bills while waiting for an invoice to be paid.

Equipment finance business loans: Whether it’s updating a piece of equipment or purchasing a new vehicle, specialised equipment finance business loans can help fund those big-ticket purchases. Plus, the loan is generally secured against the asset itself.  

Invoice finance business loans: Managing cash flow can be one of the biggest headaches for Australian businesses, which is why an invoice finance business loan could be a handy way to access the money you're owed through unpaid invoices, but earlier.

Written by: Tom Watson, Mozo Business Banking Writer

Your business loans FAQs, answered

Business loans may be a common funding solution, but if you’ve never taken one out before then it’s understandable if you’ve got a few questions about them. After all, in many ways they are quite different to consumer loans like car loans or home loans. So read on below for the quick fire answers to some of the most commonly asked business loans questions.

Is a fixed or variable interest rate better?

When you take out a business loan, you’ll get the option for either a fixed or variable rate option. There is no real answer as to which is the best type of rate, as both have benefits and catches, for instance:

  • Variable rate business loans can offer great flexibility such as fee free redraw facilities and the ability to make additional repayments. But if interest rates go up, so will your repayments, so it's important to budget for this possibility.
  • Fixed rate business loans increasingly offer similar features such as redraw and early repayments, but typically charge at a higher rate than the market-leading variable business loans. Fixed rate business finance does give you the certainty to budget for repayments without worrying about interest rates changing.

Small business loans: Why is getting the best rate so important?

Having the right small business loan rate is incredibly important. A well managed cash flow is essential to the success of small business banking; you don't want surprises like an unexpected interest rise damaging your businesses ability to make repayments.

By snagging the best business loan rate possible, you minimise the interest you pay on the loan. This leaves you with more funds to spend on training staff, updating your office or whatever else your business needs. Use our business loan comparison tool to compare what features are available alongside your small business loan interest rate.

Who offers the best business loan rates?

When it comes to finding the best business loan rate, you’ll generally have your choice of two types of lenders, a bank or a non-bank lender. Most lenders will have loans that are available Australia-wide, but if you want to find a lender in your capital city like Sydney or Melbourne we have a page for you as well. Both lenders have their pros and cons and it’s up to you to decide which is right for your business.

Banks: One of the benefits of going with a big bank is that you’ll be able to go into a branch and speak to a manager. With a bank, there’s also more generous loan terms and amounts up for grabs, however, this does mean that you may have higher business bank loan rates and fees.

Non bank lenders: On the other hand, non-bank lenders, like online and peer-to-peer lenders generally don’t charge higher rates and fees. But we should mention that peer-to-peer lenders often give better rates and lower fees to borrowers with a clean credit history. They also may have a lower borrowing limits and shorter terms.

How much can I borrow?

That depends on a heap of different factors, including your business performance and credit history. You'll also need to decide how much you want to borrow - just because you qualify for a $100,000 business loan, doesn't mean it's necessarily right for your business needs at the moment.

Because each lender has slightly different criteria for how much they'll lend, it's definitely worth having a chat with the lender you choose before making an application.

Are there other options to fund my business?

While a business loan could prove a handy funding solution in many situations, there are a number of other alternatives that you could use for your own business.

  • Business credit cards: Using a business credit card to manage your cash flow and pay for smaller expenses could prove a more convenient option than taking out a loan. Of course this won’t be an option for every business, especially if you’re in need of a large amount of capital, but the added advantages of a credit card are that you won’t need to pay any interest if you use it responsibly and you will be able to accrue rewards points with your purchases.    
  • Business overdraft: A business overdraft is basically a line of credit that’s attached to a business bank account or debit card which allows a business to draw on funds beyond what they actually have in the account. An overdraft could be a convenient solution to managing your businesses cash flow, or just as a safety net in case you need access to some quick funds, but while you’ll only pay interest on the money you draw upon, there are often a range of fees associated with overdrafts.

Where do I find the best business loan rate?

Right here! Our business loan comparison tool can help you compare business loan interest rates today. It not only compares interest rates, but fees and other loan features, helping you find the loan that best suits your businesses needs.