Why a Fast Business Loan?
Fast access to funds
Our fast business loans may be eligible for same-day credit decisions, with funds available within 24 hours of approval
Flexible loan options
Choose secured or unsecured loans from $10K to $500K, with terms from 6 to 36 months - tailored to suit your business needs
Quick and easy application
Apply online in minutes with minimal documentation and a streamlined process designed to get your loan moving fastHow Fast Business Loans Can Help Your Business
With a fast business loan, your business can manage cash flow during seasonal fluctuations or short-term market disruptions or take advantage of time sensitive opportunities for growth and expansion.
How Fast Business Loans Work
Our online application takes just 5 minutes to complete and requires minimal documentation, such as your bank statements.
With same-day credit decisions available and funds provided in as little as 24 hours from approval, your business can access a cash injection fast.
Award winning Business Finance
As the largest non-bank lender in Australia, ScotPac brings the best of both worlds: the speed, flexibility and ease of a specialist lender combined with the reliability and knowledge of a major finance provider.
We help businesses in any industry get the funding they need.
Is it right for you?
If you’re wondering whether a fast business loan from ScotPac is right for you, consider the following eligibility criteria:
Location of business
Has your business been trading in the same location for 12 months or more and have a record of consistent sales?
Ownership of business
Are you 18 years or older and either an Australian citizen or a permanent resident of Australia?
Minimum turnover
Does your business have a demonstrable monthly turnover of at least $10,000 in total sales?
Supporting documents
Are you able to provide 6 months of business bank statements and photo ID for the directors to complete your online application?
Borrowing amount
Are you looking for a loan amount between $10,000 and $500,000? It can be up to 150% of your average monthly sales.
Asset availability
80% of ScotPac’s business loans are unsecured. However, for loans of $200,000 or more, you will need security in the form of an asset, such as property.
Our lending specialists are here to guide you on your business’s eligibility for a fast business loan and discuss alternative finance solutions that might be right for your needs. Contact us today to learn more.
Frequently Asked Questions
HOW FAST ARE SCOTPAC’S BUSINESS LOANS?
Our business loan application process is entirely online and can be completed in as little as 5 minutes. Some loan applications are subject to same-day credit approval, and once approved, funds can be available in as little as 24 hours.
DO I NEED TO PROVIDE SECURITY?
ScotPac provides both secured and unsecured loans for businesses. If you require a loan amount of $200,000 or more, you will need to provide security. For unsecured business loans, applicants with a strong asset base can improve their approval eligibility and increase their potential loan amount.
CAN I APPLY FOR AN UNSECURED LOAN?
Yes, you can – provided your business meets the eligibility criteria for our fast business loans. In fact, 80% of all ScotPac business loans are unsecured.
HOW DO I KNOW IF I AM ELIGIBLE?
Businesses need to have been trading for 12 months or more in the same location, be owned by an Australian citizen or permanent resident, and have average monthly sales of at least $10,000 to be eligible.
ARE NEW BUSINESSES ELIGIBLE?
No, you cannot use a fast business loan from ScotPac to start a business, as you will need to have 12 months of trading history in one location and average monthly sales of at least $10,000 to be eligible.
WHAT INDUSTRIES DO YOU PROVIDE LOANS FOR?
ScotPac supplies business loans for companies in all industries, including professional services, manufacturing, transport, hospitality, retail, and many more.
HOW MUCH CAN I BORROW?
ScotPac provides business loans ranging from $10,000 to $500,000. However, loans of $200,000 or more require security in the form of an asset. In general, businesses are able to borrow up to 150% of their average monthly sales.
WHAT CAN I USE MY BUSINESS LOAN FOR?
Your fast business loan can be used for any business expenditure. This includes managing operational cash flow, investing in new equipment or machinery, paying wages, funding contracts, purchasing new stock, or taking advantage of growth and expansion opportunities in the market.
CAN I REFINANCE AN EXISTING BUSINESS LOAN WITH SCOTPAC?
Yes, you can. Our flexible business loan terms allow our lending specialists to customise a fast business loan to meet your needs – including refinancing existing loans with a more favourable solution.
WHAT DOCUMENTATION DO I NEED FOR MY APPLICATION?
Our easy-to-use and fast online application process doesn’t require the extensive documentation of traditional bank loan applications. Make sure you have the following documents ready before starting your application:
- Business bank statements for the last six months
- Photo ID for all directors and borrowers of the business
WHAT IS THE INTEREST RATE FOR A FAST BUSINESS LOAN?
Interest rates fluctuate based on a number of factors. Market conditions – such as the cash rate – will influence the interest rate offered by our lending team. Additionally, the loan amount and the perceived risk profile of your business will also affect the rate.
ARE THERE ADDITIONAL FEES WITH A FAST BUSINESS LOAN?
No, there are no hidden fees or charges when you apply for a fast business loan with ScotPac. We ensure complete transparency throughout your application and do not charge any account-keeping or similar fees.
Your regular repayments will include instalments of the principal loan amount, incurred interest, and the simple flat facility fee and drawdown fee associated with your loan.
HOW CAN I IMPROVE THE FAVOURABILITY OF MY LOAN TERMS?
Businesses with strong asset bases, good credit histories, and security to serve as collateral can often benefit from lower interest rates, increased flexibility in terms, and larger loan amounts.
WILL A BAD CREDIT SCORE MEAN I CANNOT BORROW FROM SCOTPAC?
Not necessarily. Our lending team considers the overall financial health of your business, not just your credit history.
For more information and tailored advice about business loans for you, reach out to our lending specialists today.
WHEN DO I NEED TO REPAY THE LOAN?
Loan terms vary but are generally between 6 and 36 months – tailored to your needs.
HOW CAN I MANAGE MY BUSINESS LOAN?
Our online customer portal allows businesses to stay on top of their business loan with ease. For assistance using the customer portal, speak to our team.
CAN I PAYOUT MY LOAN EARLY AND WILL IT INCUR A PENALTY?
Yes, you can pay out your loan early, if you would like to.
No, we do not charge a penalty for early payouts.
WHAT HAPPENS IF I MISS A REPAYMENT?
Missed loan repayments can incur a late fee and negatively impact your business’s credit profile. If this is a concern, please reach out to the ScotPac team today to discuss the right solution for your needs.
WHERE CAN I APPLY FOR A FAST BUSINESS LOAN?
To start your online application, click here. For more information or assistance from our lending specialists, call us on 1300 660 681.