How To Choose A Business Lender
Once you’ve read our reviews, you’ll be well-equipped to choose the best lender for your business.
Here are the most important factors to consider when making your choice:
1. Approved credit providers only
It’s essential to get a loan only from an accredited provider. All of the lenders we reviewed are approved credit providers in Australia.
2. Easy application
Applying for a loan with an online lender should be quick and easy using an online application form. The lenders we reviewed here all provide online loan application.
3. Speed of funding
Traditional lenders are slow and bureaucratic, online lenders are fast. It’s as simple as that. Check out the average time it takes to get a loan for each lender.
4. Flexible & transparent repayment terms
Repayment terms should be flexible to match the changing needs of a growing business. Flexible unsecured loans, lines of credit, merchant cash advances are all different types of flexible loan products offered by the reviewed lenders. The repayment structure and fees should be transparent, there should be no hidden costs or early repayment penalties.
5. Loan restrictions
Make sure there are no limitations on how you can use your loan in your business. Most of the lenders we reviewed have no restrictions, as long as the loan is used for a business purpose. The exception is a loan product that’s for a specific purpose, such as Equipment/Vehicle Finance.
6. Approval rates
You probably bypassed the bank because of the low chance of getting approved. All the lenders reviewed here have high approval rates.
We chose our reviewed lenders based on all of these factors. Click here to read our top lender reviews.
Manual Comparison or Automated Finders?
If you don’t feel like doing all the research yourself, you can use an automated loan finder such as Become to help you find the right loan. This is how it works:
- Visit a reputable Australian business lending marketplace.
- Fill in one quick online application form to see if you qualify.
- The algorithm will automatically match you to the best lender for your business based on your specific profile.
- You’ll start getting loan offers from your preferred lenders and receive the money in just a few days.
Alternatively, you can use our detailed reviews of each of Australia’s top lenders to help you choose your preferred lenders. You will then need to apply to each lender individually.
