Top Short-Term Lenders in Australia That Offer Start-Up Loans

Beginning a new business venture is exciting but comes with its own set of challenges, especially when it comes to finances. Start-ups often need quick access to funds to get off the ground and cover initial expenses, but securing a loan can be difficult without an established financial track record. Thankfully, in Australia, short-term business lenders exist that offer start-up loans, helping entrepreneurs realize their business dreams.

Here are the top short-term business lenders in Australia that offer start-up loans:


MaxFunding

MaxFunding: MaxFunding is an online lender that provides unsecured business loans to startups and small businesses in Australia.

They offer loans between $2,000 and $500,000, with repayment terms ranging from 1 to 36 months. MaxFunding’s interest rates are competitive, and they have a fast application process, with most applications being approved within 24 hours.

They also offer flexible repayment options, and their loans are available to businesses that have been operating for at least 6 months.

Pros:

  • Competitive interest rates
  • Fast application process
  • Loans up to $500,000

Cons:

  • Loans are only available to businesses that have been operating for at least 6 months

Prospa

Prospa is an online lender that offers unsecured business loans to small and medium-sized businesses in Australia.

They offer loans between $5,000 and $300,000, with repayment terms between 3 and 36 months. Prospa’s interest rates are competitive, and they have a fast application process, with most applications being approved within 24 hours.

However, their loans are only available to businesses that have been operating for at least 6 months.

Pros:

  • Competitive interest rates
  • Fast application process
  • Loans up to $300,000

Cons:

  • Only available to businesses that have been operating for at least 6 months

OnDeck

OnDeck is an online lender that provides business loans to startups and small businesses. They offer loans between $10,000 and $250,000, with repayment terms ranging from 6 to 24 months. OnDeck’s application process is quick and easy, with most loans being approved within 24 hours. They also offer flexible repayment options, and their loans are available to businesses that have been operating for at least 12 months.

Pros:

  • Quick and easy application process
  • Flexible repayment options
  • Loans up to $250,000

Cons:

  • Loans are only available to businesses that have been operating for at least 12 months

GetCapital

GetCapital is an online lender that provides unsecured business loans to startups and small businesses in Australia. They offer loans between $5,000 and $300,000, with repayment terms ranging from 3 to 36 months. GetCapital’s application process is quick and easy, with most loans being approved within 24 hours. They also offer flexible repayment options, and their loans are available to businesses that have been operating for at least 6 months.

Pros:

  • Quick and easy application process
  • Flexible repayment options
  • Loans up to $300,000

Cons:

  • Loans are only available to businesses that have been operating for at least 6 months

Capify

Capify is an online lender that provides unsecured business loans to startups and small businesses in Australia. They offer loans between $5,000 and $400,000, with repayment terms ranging from 3 to 12 months. Capify’s application process is quick and easy, with most loans being approved within 24 hours. They also offer flexible repayment options, and their loans are available to businesses that have been operating for at least 6 months.

Pros:

  • Quick and easy application process
  • Flexible repayment options
  • Loans up to $400,000

Cons:

  • Loans are only available to businesses that have been operating for at least 6 months

    Other Funding Methods

    Startups can obtain funding through various ways besides going to a short term loan lender, some of which are:

    1. Crowdfunding: This involves pitching a business idea to a large group of people online, who can then decide to invest in the business. Crowdfunding platforms such as Kickstarter and Indiegogo can be used for this purpose.
    2. Angel Investors: Angel investors are typically high net worth individuals who provide funding to startups in exchange for equity or ownership in the business. Angel investors can provide not only funding but also valuable industry knowledge and experience.
    3. Venture Capital: Venture capital firms invest in startups that have high growth potential. In exchange for funding, venture capitalists take a stake in the business and provide guidance and support to help the business grow.
    4. Small Business Administration (SBA) Loans: The SBA provides loans to small businesses, including startups. These loans can be used for a variety of purposes, such as working capital, equipment purchases, and real estate.
    5. Personal Savings: Many startup founders fund their businesses using their personal savings. This can be a risky option, as it puts all of the founder’s personal finances at risk, but it can also be an effective way to get a business off the ground.
    6. Friends and Family: Some startups obtain funding from friends and family members who believe in the business idea and are willing to invest in it. This can be a good option for startups that are just starting out and don’t yet have a track record of success.

    It’s important for startups to carefully consider their funding options and choose the option that best meets their needs and goals. Each funding source has its own advantages and disadvantages, and it’s important to fully understand these before making a decision.


    Conclusion

    Start-up loans from short-term business lenders can be a great way to get your new business off the ground. However, it’s important to do your research and choose a lender that is reputable, trustworthy, and offers fair terms and rates. By considering the options above, you’ll be well on your way to securing the funding you need to turn your business dreams into reality.