Business owners are busy – so InfoChoice makes comparing and finding business loans easier. You can find, research and apply for credit from your desk or bench in just minutes with InfoChoice. Then get straight back to work on the important things – like growing your business. Scroll down for InfoChoice’s top five business loans in Australia for December. There’s no best business loan for everyone, but you’ll be able to find the best product for you and your enterprise if you know what you’re doing and what you should be looking for. As there are so many different business loan products on the market, you need to have a solid understanding of your business, its present situation and what your financial needs are and are likely to be in the near future. Knowing where you are and what you need from a loan will help you to find the best product for your circumstances. For example, if you’re a start–up business or don’t have a long trading history then your best business loan will be different to the loan best suited to a long–established enterprise. What to consider before getting a business loan Your reasons for the business loan You need to think about why you need to loan, as this will point you in the right direction. There are loans designed for equipment purchases, for example, as well as products to help businesses during periods of patchy cash flow. The amount you need to borrow The amount you want to borrow will also guide you, as different amounts are provided for by and suitable for different products. The age and size of your enterprise Most Australian lenders have very strict eligibility criteria for their loan applicants and these include the length of time your business has been in operation. You may also have to meet minimum turnover requirements, which will in turn affect the type and amount of loan you can apply for. Am I actually eligible for a business loan? Most business loans are for larger amounts than personal loans and so you may have stricter eligibility requirements when you apply for one. These are the minimum requirements you’ll have to meet to be able to apply for a business loan. An ABN or ACN You’ll need your Australian Business Number or Australian Company number to apply for business finance in Australia. The length of time you’ve been in business Some lenders will want you to have a trading history of at least a year before they’ll consider offering you finance. If you haven’t been operating for a year, then there are smaller lenders, as well as alternative ones, which may be able to consider your application. Your credit history If you have an established business then its credit history will be a big deciding factor for the lender. If you’re still relatively new then your personal credit record, as well as that of any other directors or major shareholders, will also be taken into account. Your turnover Lenders want to see that your enterprise has enough turnover each year to afford the loan repayments. All lenders will examine your turnover, as well as your assets, to determine whether they’ll offer you the loan or not and what interest rate they’ll apply to the agreement. How to get a business loan When you look through a comparison site for business loans, you’ll see that the specs often state what purpose they’re best for. This will help you to create a shortlist of the best products for you. For example, if you’re looking for low rate business loans, you should have a maximum rate you’re prepared to consider. Many business loans don’t apply interest; instead the lender asks for a set amount to have been paid by the end of the term. Once you’ve narrowed your shortlist down to two or three good prospects, you should make your final decision. It may be, for example, that you’re looking for the best quick business loan available to you, in which case the option with the fastest turnaround might be the best of the bunch. When you’re ready to make your application, gather your paperwork together and then click through to the lender’s site to begin the process. Top business loans for December 2019 on InfoChoice To help you start your search, here are five of the best, fastest and cheapest business loans now available in Australia and listed on InfoChoice. Become has Invoice Financing, Unsecured Loans and Business Line of Credit products with $0 application fees. Interest rates are on application and may vary according to the lender’s assessment. The Capify Unsecured Business Loan offers enterprises amounts ranging from $5,000 to $300,000 for three to 12 months. You can have your funds sent to you within 24 hours. This product also allows for flexible repayments and you must have at least six months’ trading history with a minimum monthly turnover of $10,000. There’s a three per cent origination fee. The Lumi Unsecured Business Loan offers borrowers amounts between $5,000 and $200,000 for terms of three to 18 months. You’ll need at least six months’ trading history and an annual turnover of at least $50,000. There’s a 2.5 per cent establishment fee. The OnDeck Business Loan is geared towards small businesses with annual turnovers of at least $100,000 and at least 12 months’ trading history. There’s a 2.5 per cent origination fee and you can borrow between $10,000 to $250,000 for six months to 24 years. The GetCapital Flexible Business Loan offers amounts of up to $500,000 to businesses with at least nine months of trading and a monthly turnover of at least $10,000. You can make overpayments on this loan and also use a redraw facility. There’s a two per cent establishment fee and terms range from six months to two years. Compare business loans from Australia’s banks and other lenders at InfoChoice. The products compared in this article are chosen from a range of offers available to us and are not representative of all the products available in the market and influenced by a range of factors including interest rates, product costs and commercial and sponsorship arrangements InfoChoice compares financial products from 145 banks, credit unions and other financial institutions in Australia. InfoChoice does not compare every product in the market. Some institutions may have a commercial partnership with InfoChoice. Rates are provided by partners and taken from financial institutions websites. We believe all information to be accurate on the date published. InfoChoice strives to update and keep information as accurate as possible. The information contained on this web site is general in nature and does not take into account your personal situation. Do not interpret the listing order as an endorsement or recommendation from us. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser. If you or someone you know is in financial stress, contact the National Debt Helpline on 1800 007 007.