Short-Term Business Loans

The benefits of a short-term business loan

• Repay over as little as three months

  Your business loan can be a truly short-term finance agreement, with terms as short as three months available for businesses looking to repay as soon as possible.

• No security required

  You won’t need to supply any collateral for your business loan, opening the door for business owners who don’t have eligible assets or don’t want to put their home up as security.

• Borrow from $5,000 to $500,000

  Business loans are designed to be flexible to your needs, so you can take out a small business loan as low as $5,000 or a larger loan up to $500,000 and repay them over as short a term as you can afford.

• Competitive interest rates

  Because of the wealth of options in the market today, you’ll be able to find an unsecured business loan with an affordable interest rate to help you minimise the cost of your loan

• Available to new businesses

  You only need to have as few as six months under your belt as a trader to qualify for a business loan, helping you access much-needed funds in the early stages of your business ownership.

• Rapid application turnaround

  Your application can be completed in a matter of minutes and approved and financed within just one business day, sealing a fast turnaround and giving access to the funds you need.

• Free early repayment options

  If you’re in a position to pay above the minimum amount per instalment, you’re able to do so, with many lenders offering penalty-free early repayments on their loans.

• Lower interest outlay

  Because of the shorter length of time over which you’re repaying your loan, you won’t have to pay as much interest overall as you would for a longer term.

What other options do I have for short-term business finance?

Business credit card

A business credit card is similar to a personal credit card, except that it’s tied to your business’ finances rather than yours. It gives you the same flexibility with borrowing money at need – normally at pretty steep interest. Just like a personal credit card, it’s best suited to expenses that can be paid off quickly – preferably within a couple of months.

Business line of credit

A line of credit has some similarities with a credit card. It involves your lender setting aside an amount of funds that your business can call on at need. Just like a credit card, you only pay interest on the money you’ve borrowed. Unlike a credit card, though, it’s often only available for a specific period of time (often between one month and three years, although some lenders will go longer). The penalty fees for late payments and going over the credit limit can also be very high.

Invoice financing

This is a unique form of financing which involves selling on some of your outstanding invoices (i.e., the money other people owe you) on to a lender. The lender pays you a proportion of the invoice amount and takes on the responsibility of collecting the debt. Once the debt is repaid, they’ll pay you the remaining amount – minus fees and interest.

Merchant cash advance

A merchant cash advance is a kind of finance where, rather than making repayments at a set rate, a lender agrees to take a percentage of your business profits to progressively pay off the loan. It gives you some protection against being overwhelmed by loan repayments in a slow business period, but it’s only really suitable for businesses with a steady cash turnover. There’s also less government regulation on these loans – it’s technically a “sale of future revenue” rather than a loan, so it’s not subject to the normal rules of small cash loans.

Applying for a business loan

1. Tell us about yourself and what you want to buy

   Start by filling out our simple online application form. This will tell us details like what you want your loan for, how much you need and your business’ structure, revenue and trading time.

2. Send through any required documentation

   We may require further information in some cases to verify parts of your application. If this is the case, we’ll ask you to submit additional documents via our online portal.

3. Discuss your next steps with a Savvy consultant

   Once we get all the info we need, we’ll get to work comparing options from our lender panel. A member of our consultant team will give you a call to talk about your options.

4. Have your application submitted for formal approval

   After you give us the all-clear, we’ll get to work preparing your application to submit to your lender. This can be formally approved as soon as within 24 hours.

5. Sign your contract and settle the deal

   Once you receive approval, you’ll be sent all the required contracts and forms you’ll need to sign, which can be done electronically. We’ll handle settlement and your funds will be transferred once it's all wrapped up!

Business loan eligibility and documentation