Secured loans require you to attach some form of asset, such as a vehicle, to your loan agreement as collateral. Basically, this means that if you default on your loan, the lender can seize your asset as payment for the debt. Alternatively, unsecured loans do not require any form of security to be attached to the loan agreement.

There are numerous types of business loans available. Depending on the type of business you operate we have catered to different needs at SearchCompare. We have partnered with eBroker to find the loan best suited for your business needs. Below are some of the products available from their range of providers:

• Secured Business loans
• Unsecured Business loans
• Equipment financing
• Debtor financing
• Business Overdraft
• Line of Credit
• Merchant Cash Advance
• Commercial Property Loans

Not sure which of these options is right for your business? If you’re looking for working capital or financing the purchase of an asset, the team is here to help in order to find the right solution tailored to your needs.

As the saying goes; “cash flow is king!” Sustaining a positive cash flow ensures your business stays afloat in times of need. This type of financing gives you the ability to make key payments such as paying staff, stock purchases, invoices and all general operating expenses. Working capital loans include the following:

• Unsecured Business loans
• Merchant Cash Advance
• Debtor financing
• Line of Credit
• Business Overdraft

This loan type is typically used for the purchase of a physical asset. This can include business vehicles, equipment, machinery and commercial property. The asset you’re purchasing will invariably be used as collateral for the finance - which is known as a ‘secured loan’. With this agreement, the lender issues the loan to finance the asset purchase. The borrower is then required to pay the lender back in monthly instalments with agreed interest. Should you default on the loan, the lender could have the right to repossess the asset. In relation to equipment financing, these involve either a Lease Agreement or a High-Purchase Agreement. The arrangements and terms are dependent on the lender and the options available to your business.

Yes you can, and there are plenty of options available. The lenders to compare through SearchCompare cater to both early stage and established businesses. Each lender will assess your eligibility along with your professional and trading experience. They will also evaluate your industry as a risk factor and any relative business related assets, which could be used as collateral for the loan

It’s very simple, you just need to click apply above and complete our 2 minute application form. The appropriate lender will depend on the type of business and the loan being applied for. At SearchCompare, we’ve partnered with eBroker to make it easier for SearchCompare customers to compare the business loan options suited to your needs. You’re in good hands and can get started right away!

Lenders or brokers will look at your business and assess a range of factors, which can determine how fast you can receive your loan. They will look at the nature of your business, the particular loan product and value, credit history and score and the wider industry.

To shorten the time it takes to receive capital, it can help to foresee some of the questions you will most likely be asked: These questions can include:

• Asset valuation statements
• Why you’re looking to take out a loan
• Financial statements and collateral (relative to revenue and cash flows)

There are a few things to look at when comparing business loans to help you find the one that’s best for you and your business. Interest rate is a big factor and plays a significant role in how much you’ll have to repay the lender, in addition to the principal of the loan. Interest is the cost of borrowing, so always keep in mind that lenders will have different costs and rates will vary. This is why it’s important to compare the interest rates from lenders, to check you’re getting the best deal possible. In addition to the interest rate of the loan, it’s always worth considering:

• The interest rate being fixed or variable
• What the total repayments look like (including interest) over the lifetime of the loan
• Contract or administration fees
• If the lender offers a withdraw facility, as maintaining a redraw facility could lower your ongoing repayments

There are many options available and with SearchCompare working closely and partnering with eBroker, you can easily compare business loans with their 80+ providers. There is always an option to refinance to find a better alternative. For example, if you were on a fixed rate business loan, and there were lenders in the market offering a competitive or cheaper rate, you could end up paying more interest and stuck in a more expensive agreement longer term. Should this be the case, eBroker could help you compare and switch to a loan with a lower fixed rate, or even potentially switch to a variable rate, saving you money on repayments. Whilst this sounds intriguing, you need to be aware of any break or sign up fees, in addition to other features, into your assessment of whether any new loan agreement makes sense.