Business overdraft

Quick facts

Whether you need cash quickly or you’re after a safety net that you can use occasionally, a business overdraft could be the answer. However, it’s become more difficult to get an overdraft with the major banks. Instead, you might want to consider alternatives such as a revolving credit line, a business credit card, a business cash advance or other types of working capital finance.

There are two obvious reasons you might want to use an overdraft: you might need cash quickly (i.e. you might need to access working capital buffer) or you might want a safety net to use occasionally in times of need.

It has become more difficult to get traditional business overdrafts from the major banks, especially if you are a small business. But don’t worry, there are lots of alternatives to business overdrafts. Here are some other types of working capital finance:

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Disclaimer: Swoop Finance Pty Ltd (ABN 52 644 513 333) helps Australian firms access business finance, working directly with firms and their trusted advisors. We are a credit broker and do not provide finance products ourselves. All finance and quotes are subject to status and income. Applicants must be aged 18 and over and terms and conditions apply. Guarantees and Indemnities may be required. Swoop Finance Pty Ltd can introduce applicants to a number of providers based on the applicants’ circumstances and creditworthiness, we may receive a commission or finder’s fee for effecting such introductions. Swoop Finance Pty Ltd does not provide any kind of advice and in giving you information about providers products, we are not making any suggestion or recommendation to you about a particular product. Offers of finance are subject to a separate assessment process by the provider and subject to their terms and conditions. If you feel you have a complaint, please read our complaints section which is contained within our terms and conditions.

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