Speed through to business loans and other lending options – get your business rolling with Swoop
Swoop is a credit broker and does not provide capital. We work with a range of companies to offer clear comparisons that allow customers to make choices on financial products & services. Swoop may receive a commission, which may vary by product but typically in the form of a fixed percentage of the loan amount. For certain lenders, we do have influence over the interest rate, and this can impact the amount you pay under the agreement.
No matter if you’re a sole trader, a startup, or an SME, it’s likely that at some point in your business’ life, you’ll need extra funds to power growth. Instead of seeking cash investors, fast and cost-effective business loans can be a better option. Acquisitions, debt reduction, solid working capital. Stop waiting on slow cashflow or investors to expand. Boost your company’s growth with a loan that’s purpose-built for business needs.
A business loan is a loan that companies make to fund their startup expenses or expansions. It is provided either by a bank or a lending firm. Like all loans, a business loan is required to be repaid within a certain frame and at a certain interest rate, as agreed by both parties.
Business loans Australia have a range of options available for small business owners which are as follows:
When getting a business loan, you need to first work out how much money you need which can be determined by identifying what exactly you need the loan for.
Then, prepare a business plan outlining your financial situation and goals of your business. Most private lenders that offer traditional business loans don’t process loan applications if they don’t come with a detailed business plan.
You also need to decide whether you plan on securing your loan from a bank or an online lender.
The following are the documents you should prepare before proceeding with your application:
Other documents and identification may be requested further along the process.
To apply for a business loan in Australia, follow these steps:
Some loan applications can take days or weeks before approval, so it’s important to be patient. Remember, applying for numerous loans from different lenders could harm your credit rating.
A business loan calculator is a great starting point to understanding the cost of your loan. Use our free loan calculator below to work out your average monthly interest payments and the total monthly repayment amount, as well as the total interest paid and the total cost of the loan.
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This calculator is intended for illustration purposes only and exact payment terms should be agreed with a lender before taking out a loan.
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These are the aspects of your business that lets lenders determine whether or not to approve your loan request:
With Swoop, searching for the right funding for your business is straightforward and hassle-free. We sift through various funding products and lenders to find the right solution your business needs. Swoop helps to streamline the funding process so that you only apply to lenders suited to your financial position.
Using Swoop allows you to have your own virtual CFO.
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