Fast Business Loans

Getting a business loan fast.

Finding a qualifying for a fast business loan could seem like an unsolvable problem for small businesses. When you need a fast business loan and want to know how long it will take to get the funds or the options that are available, we have got that covered. In this report, we will consider the time it takes for standard business loan financing options, from the slowest to the fastest, to help you make that decision when you're looking for fast business finance.

Not that easy, or fast!

 

Regular bank business loans can take up to two months to get approved and take up to 6 months to settle, and that is only if your loan is approved. This form of loan is always at the bottom of the rankings when fast business loans are ranked This type of business loan is specific to the four main Australian banks–ANZ, Commonwealth Bank, NAB and Westpac. In addition, these types of loans are more suited to large businesses requiring large loans with a minimum loan amounts. A bank's traditional business loan is useful when you need a significant sum to be paid out over a period of up to 10 years. But this is not going to apply to many Australian businesses. Used mostly for the purchasing of property such as real estate or the acquisition of competing businesses.

What is good about traditional business loans?

  • Relatively low-interest rates,  about 8 per cent-12 per cent on average depending on the type of asset used to secure the loan.

  • Extended period of time available to pay off the loan, which may be up to 30 years.

  • Choose between fixed or variable rates or a combination of both, depending on the bank.

  • Flexible repayment in some instances–weekly, quarterly, half-yearly and annual repayment terms.

What is no so good about traditional bank business loans?

 

  • A prerequisite for a business to have been operating for several years with a proven track record, and to have a good credit history in order to be eligible for a loan. Not an option if you've got bad ratings.

  • Substantial documentation and verification are vital to the application for a loan.

  • The authorisation could take up to two months, so it is not a quick business loan.

  • Higher minimum borrowing rates put it out of range for many small enterprises.

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  • Victoria Mortgages Commercial Loans

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