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.

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Disclaimer: Swoop Finance helps South African firms access business finance, working directly with businesses and their trusted advisors. We are a credit broker and do not provide loans or other finance products ourselves. We can introduce you to a panel of lenders, equity funds and grant agencies. Whichever lender you choose we may receive commission from them (either a fixed fee of fixed % of the amount you receive) and different lenders pay different rates. For certain lenders, we do have influence over the interest rate, and this can impact the amount you pay under the agreement. 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 can introduce applicants to a number of providers based on the applicants’ circumstances and creditworthiness. Swoop Finance (Pty) Ltd is registered with CIPC in South Africa (company number 2023/820661/07, registered address 21 Dreyer Street, Cape Town, South Africa, 7708).

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