We Make Getting a Business Loan Quick and Easy

The RBA cash rate is 4.60% following the September 2026 increase. The RBA's own figures for August 2026 put the average rate on outstanding small business loans at 7.47% p.a. and on new small business loans at 7.23% p.a. Secured lending from the major banks currently starts around 7.5% to 8.2% p.a. Unsecured pricing is materially higher, starting around 11% p.a. and running past 20% p.a. on some products. Your rate depends on security, trading history and the lender, so treat these as a market picture rather than a quote. Figures current as at October 2026.

A secured loan is backed by an asset such as property or equipment, which lowers the lender's risk and your interest rate. An unsecured loan requires no collateral, so it is faster to approve but costs more. The gap is several percentage points: on CommBank's current published rates, secured business lending starts at 7.54% p.a. against 13.09% p.a. unsecured. Secured suits large, long-term borrowing; unsecured suits speed and smaller amounts.

An active ABN is the one universal requirement; every Australian lender checked asks for it. Beyond that you need a minimum trading history and a minimum turnover, and the published minimums vary: Prospa asks for $6,000 a month, Moula and Capify $10,000 a month, Lumi $50,000 a year and NAB QuickBiz $75,000 a year. Lenders also assess credit history, cash flow and loan purpose. GST registration is not a universal requirement and most lender eligibility pages do not list it. Banks apply stricter criteria than non-bank and online lenders.

Online and non-bank lenders advertise same-day or next-day outcomes, and they hedge them as a best case. Prospa says funding is possible in 24 hours, Moula a decision within 24 hours, Bizcap approval within three hours and funding that day, and Lumi funds typically six to eight hours after approval. The banks are no longer automatically slower for small unsecured amounts: CommBank advertises an instant decision if eligible, and NAB QuickBiz an instant decision with instant drawdown for existing customers. Larger and secured lending takes longer because of valuations. Speed depends on how quickly you supply bank statements, ID and financials.

At minimum: proof of identity, your ABN, and recent business bank statements. Prospa, for example, lists a driver's licence, an ABN, a BSB and account number, and bank statements. Larger or secured loans may also require BAS statements, tax returns, financial statements such as a profit and loss and balance sheet, and details of any assets offered as security.

Yes, specialist and non-bank lenders offer bad-credit business loans, though at higher interest rates and often with shorter terms or a security requirement. Offering an asset as security, demonstrating strong recent cash flow, or using a broker improves your chances. Defaults and ATO tax debt make approval harder but not impossible.

It is harder but possible. Most lenders want at least six months of trading, with Prospa and Lumi both publishing six months. The shortest minimum published on an Australian lender's own site is Bizcap at four months, or five months where the loan is for a startup. The major banks' online products sit higher, with NAB QuickBiz requiring an ABN registered for at least 12 months. A solid trading record, forecasts and personal asset backing strengthen a new business application.

Yes, generally, where the borrowed funds are used to produce assessable income. That is the ATO's test rather than business purposes loosely, and where funds are used partly privately the deduction must be apportioned. Note the timing difference on costs: ordinary bank fees and charges are deductible in the year incurred, but expenses incurred to take out the loan itself are borrowing expenses, generally spread over the term of the loan or five years, whichever is shorter. Always confirm with your accountant, as deductibility depends on use of funds.

Banks tend to price lower if you have strong financials, with major bank secured lending currently starting around 7.5% to 8.2% p.a. Non-bank and online lenders price higher but are more flexible on trading history and credit profile. The old assumption that banks are always slower no longer holds for small unsecured amounts, where CommBank and NAB both advertise instant decisions. The real trade-off is pricing and flexibility rather than speed alone.