With so many business lending options out there – it’s hard to know which to choose. When you compare business loans, you should make sure that you are clear on what you need the loan for and then gather as much information as possible about what’s available for your business.
When you do a business loan comparison of available finance options, you should look at the range of lenders available, including traditional lenders, and organisations like Prospa, who specialise in providing business finance options especially suited to Aussie small businesses with quick, easy application process.
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A business loan is a lump sum you borrow from a bank or other lender for the purposes of covering costs for your business. Finance for your business can take many forms, business loans being just one of them. Each form may be more or less suited than another to a particular use.
Each loan product is different from the next, with different loan terms available, lending amounts, whether you require collateral or not to secure the loan, interest rates and fees, loan repayment options, vastly different application processes and requirements, and an array of lending criteria. It’s important to consider all of these when undertaking a business loan comparison.
Here, you’ll find some general information to help you compare the different types of business finance available. As a dedicated business lender specialising in Aussie small business, Prospa has already lent over $1.6 billion to more than 28,500 small businesses across the country. We can help you to grow and thrive by offering not only great finance products but also by providing ongoing and dedicated support.
Other types of loans:
If you are seriously thinking about a finance product for your business, then you should think about everything that is available. Take some time to compare your options and to evaluate your costs. You could also consider speaking with your accountant or finance broker, because you may find that there is a finance product perfect for your business that you hadn’t even thought of.
There are many things to consider before you apply for business finance. Keeping them in mind will help make your comparison easier. You should ask yourself the following: What do you need the funds for? How much do you want to borrow? When do you need the funds? Do you intend to apply for a secured business loan or an unsecured loan? What interest rate and fees are associated? What repayment schedule would you be comfortable with?
Prospa offers a line of credit of $2,000 to $100,000 and business loans of $5,000 to $300,000. No asset security required upfront to access Prospa funding up to $100,000. You can apply online in minutes. A quick chat to one of our Business Lending Specialists will complete the application process and, if approved, funding is possible in 24 hours.
We are here to support Aussie businesses. Our Business Lending Specialists are available Monday to Saturday to discuss how your business is travelling and what you might need to keep it moving in the right direction.