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:

  • short-term or medium term business loan (i.e. working capital loan)
  • revolving credit line
  • invoice finance (i.e. invoice factoring, invoice discounting and CHOCs)
  • trade finance (if you’re dealing with international buyers and suppliers)
  • business cash advance
  • business credit card
  • asset refinance
  • purchase order finance
  • supplier finance.

Don’t waste time – there are plenty of funding and saving solutions to help your business grow

Get started for FREE

Sign up to our Swoop news

Receive relevant industry updates, news, partner offers and more when you sign up.

We work with world class partners to help us support businesses with finance