Business Loan Comparison Calculator - Startup, Unsecured (2023)

Get the best business loan suited for your needs and compare with Glimp today!

Business Loans Types

Thousands of Kiwis have compared business loans from different providers in NZ using our comparison tool!

Get the latest deals from trusted business loan providers here at Glimp. We provide you with only the important details, to help make your decision simple and hassle-free. You’ll save both time and money by using our comparison tool to find the best business loan that suits your needs. Get started and apply for a business loan today!

Glimp’s comparison tool is easy to use and convenient; all you need to do is let us know the amount you need to borrow, the term, and interest rate. Our business loan calculator will then provide you with all the offer details from different providers. Easy right? It only takes a few clicks to help you narrow down your options and find the right deal for your needs.

We make it easy for start-ups and rookie entrepreneurs by letting them to view and compare different small business loans all in the one place. Our providers have a range of deals that can help a diverse pool of Kiwi entrepreneurs and businessmen and women. Whether you’re specifically looking for an ANZ business loan, an ASB business loan, or a BNZ business loan, we’ll show you everything on offer, so you can easily compare loans side by side.

Not happy with your current bank? Looking to compare business loan offers from other providers? Say no more - our objective is to ease the switching process by making comparisons on all of NZ’s trusted providers.

If it’s your first time applying for a loan in NZ, we can help by showing you all of your options including secured and unsecured business loans. Our business loan calculator is free, and always available to check out the latest deals available.

Easy-to-use business loan comparison

Our comparison tool is practical, providing only the essential details that you need to know. We understand the time, money, and effort it takes to apply for the business loan, which is why we make it simple from the start.

We compare business loans by interest rate, type, term, and amount to be borrowed. The interest rate lets you know how much the lender earns from your loan, whereas the term is how long you plan to borrow the amount.

To compare, simply click the “Compare Now” button on the Business Loan page. It will direct you to our business loan calculator, where you’ll see all the latest deals from different lenders. By clicking “Select Deal,” you will then be directed to the website of your chosen provider to start the application process.

We support the endeavors of entrepreneurs and small businesses by laying down the deals, clearing the clutter and allowing you to see the essential details of your potential business loan.

Frequently Asked Questions

What are basic requirements for a business loan?

To apply for a business loan, you’ll need to provide some basic details and documents, including: credit scores, collateral, business records, and business statements. Lenders may have other requirements, however, these are the standard things that will likely be requested.

Credit score: This can either be a personal credit score or a business credit score. Simply put, lenders need proof that you can pay for the loan. If you have a business, the lender will check for the business credit score. If you haven’t started a business yet, your personal credit score will be checked instead.

Collateral: Lenders generally require some form of collateral, which is normally in the form of physical property. Business loans with low interest rates usually require collateral; otherwise, interest rates will likely be higher if collateral is not provided.

Business records and statements: As well as a record of the business nature or organisational goals, you’ll also need to provide financial information such as income, loss, cash flow, and projections. Lenders check the financial information in order to determine the business stability.

How much can you borrow with a business loan?

Lenders can provide loans of up to millions of dollars for certain businesses. However, the amount depends on the lender, business, amount, and terms. There is no particular limit to the maximum amount for a business loan, as long as lenders can ensure that borrowers can repay.

What types of business loans are there?

Term-based business loans: This is further divided into long-term, intermediate, and short-term. Short-term business loans have higher interest rates and serve businesses that are new. Long-term and intermediate-term serve long-running businesses, as the terms can reach to several years.

Small business administration (SBA) business loans: Individual lenders provide this type of loan, therefore requirements are typically strict. Businesses may have to wait for two years before their SBA business loan is approved, and it could take even longer. However, newcomers can apply for a SBA loan; this is called a microloan.

Short term loans: Newer businesses can get access to short-term loans. However, short-term loans have higher interest rates, and the amount that can be borrowed is also lower.

Trade credits: A credit arrangement is provided by the lender, allowing the borrower to purchase goods or services and pay them at a later scheduled date. This can be a good way for businesses to free up some cash flow and finance short-term growth.

Equipment financing: This type of business loan is suitable for start-ups and new businesses. Equipment and vehicles, as a capital, generally cost a lot, so this loan can cover the cost of these items needed for the business. In most cases, the equipment or vehicle itself becomes the collateral.

What factors should be considered with a business loan?

The first thing is to consider is the amount to be borrowed and the scheduling of payment. Secondly, consider the interest rate - long-term business loans have lower interest rates because the borrower would be paying longer. Short-term business loans have higher interest because the borrower will be repaying the amount in a shorter period. You need to consider whether you can repay faster but with a higher interest, or longer but with a lower interest rate.

About glimp

glimp is a comparison website for utilities, such as broadband, power and gas. glimp has helped thousands of New Zealanders find the best deals on their utilities since January 2016. The glimp.co.nz comparison and switching service is designed to help you save time and money by finding you the best deal from the right provider, and at the best price.

(Video) Business Loans 0% Interest - Unsecured Business Loans

glimp strives to ensure the information on its website is accurate and up to date, but it may exclude special offers from providers. The information is not an endorsement or advice. Before choosing a provider, you must satisfy yourself as to its suitability for your situation. Terms apply.

FAQs

How much loan can a startup business get? ›

Startup loans typically range from $9,000 to $20,000. You can be funded for as little as $500 or for as much as $750,000 (though you'll need a large personal income for a loan that size). Startup loan decisions are made differently from other forms of business financing.

Can you get an unsecured loan to buy a business? ›

If you don't have property you can (or want to) use as collateral, you could turn to an unsecured loan to help you get the funds to buy your business. Unsecured business loans tend to be a short-term financing option, so you may only be able to borrow a portion of the purchase price for a year or two.

How much income do I need for a 500K business loan? ›

SBA Loans for $500K

You need to have a personal credit score of at least 680, over two years in business, and have evidence that you have cash flow sufficient enough to cover the cost of your loan without trouble. You also need to have less than 500 employees or be making less than $7.5 million in annual revenue.

What credit score is needed for a startup business loan? ›

Although requirements vary by lender, you'll typically want to have a minimum credit score of 600, at least six months in operation and strong finances to qualify for a startup business loan.

How can I get a startup business loan without collateral? ›

5 options for startup business loans with no collateral
  1. SBA 7(a) loans under $25,000. The United States Small Business Administration (SBA) offers financial assistance for small businesses through the SBA 7(a) loan program. ...
  2. Online business term loans. ...
  3. Merchant cash advances. ...
  4. Unsecured line of credit. ...
  5. Business credit cards.
Jan 27, 2022

Which loan is best for startup business? ›

Is there any government loan for startup business?
  • Mudra Loan Scheme.
  • MSME Business Loans in 59 Minutes.
  • The Credit Guarantee Scheme (CGS)
  • Stand Up India Scheme.
  • Coir Udyami Yojana.
  • National Bank for Agriculture and Rural Development (NABARD)
  • Credit Link Capital Subsidy Scheme.
  • National Small Industries Corporation Subsidy.

What is the average interest rate for an unsecured business loan? ›

Traditional bank loans: 2% to 13% Online business loans and financing: 7% to 100% SBA 7(a) loans: 5.5% to 11.25%

How do unsecured business loans work? ›

An unsecured business loan or line of credit is issued and supported by the owner's creditworthiness, rather than by any form of collateral. For this type of funding, a small business owner must have good personal credit to be approved.

How much deposit do I need to buy an established business? ›

Most lenders need 10 – 30% of the loan value as a deposit. This money can come from savings, working capital, alternative finance instruments or as an external investment. The deposit amount you'll need for your business loan depends on various factors: These include: The amount of money borrowed.

How much of a business loan do I qualify for? ›

How much of a business loan you can get is primarily a function of your business's annual gross sales, existing debt, and creditworthiness. Most lenders won't lend more than 10% to 30% of a business's annual revenue. Your company should be cash flow positive after accounting for all debt payments.

What is the payment on a million dollar business loan? ›

Example Monthly Payments on a Million Dollar Business Loan

Business loan terms and payment amounts are variable based on terms and rates. Consider a $1M loan with an interest rate of 4% fixed for 20 years. The monthly payments on that business loan would be $4,774.15.

What is the monthly payment on a million dollar loan? ›

Monthly mortgage payments on a 1 million dollar home will depend on several factors, including your credit score, down payment, term, and interest rate. Generally speaking, on a 30-year mortgage with 20% down, you can expect to pay around $4,500 in monthly mortgage payments on a million-dollar home.

How do I get financing to start a business? ›

Startup Financing
  1. 10 Startup Financing Models to Fund Your Small Business. ...
  2. Start With Personal Financing and Credit Lines. ...
  3. Reach Out to Friends and Family. ...
  4. Apply for a Business Loan. ...
  5. Catch the Attention of an Angel Investor. ...
  6. Pitch Your Startup to Venture Capitalists. ...
  7. Host a Crowdfunding Campaign. ...
  8. Join a Startup Incubator.

How can I get a first time business loan with bad credit? ›

Online lenders, CDFIs and microlenders may offer startup business loans to borrowers with bad credit. Your options will be limited, however, and they can be expensive. To qualify, you'll generally need at least six months in business and a minimum credit score of 550 or higher.

How can I get a starter loan with no credit? ›

Here are some options to explore if you're looking for a no-credit loan.
  1. No-credit-check loans. Some lenders may offer loans without checking your credit. ...
  2. Payday alternative loans. ...
  3. Get a co-signer. ...
  4. Apply for a secured credit card. ...
  5. Apply for a credit-builder loan. ...
  6. Apply for a secured loan.

Which Bank gives business without collateral? ›

Axis Bank now offers collateral-free EMI-based Business Loans for the self-employed with minimum documentation.

Are SBA loans unsecured? ›

Every SBA loan in the SBA's 7(a) program requires collateral to secure the loan above certain loan amount thresholds. That said, it's possible to obtain an unsecured SBA loan for smaller loan amounts. For example, on the Standard 7(a) loan, lenders aren't required to take collateral for loans up to $25,000.

Can I get a business loan with a 500 credit score? ›

When you have bad credit, you can still get a small business loan. This is because your credit score doesn't matter as much as the overall financial health of your business. Many lenders require a minimum credit score of 500, at least six months in business, and more than $30,000 in annual revenue.

Do banks give loans to startups? ›

So yes, banks do make loans to startups – provided they demonstrate the ability to repay them. Generally, that means: Strong collateral. Lenders expect borrowers to put up something – usually their home or other significant asset.

How long does it take to get a startup business loan? ›

The SBA promises a turnaround time of 36 hours for their express loans. But, that doesn't include the time it takes for the lender to approve the loan, which could tack on another few weeks. So, instead of 60-90 days, you're looking at 30-60 days for the SBA loan processing time when all is said and done.

How do banks support startups? ›

Banks can also help startups raise funds by reassuring investors, or by helping them grow their capital by selecting the most appropriate funds, or indeed by investing in them directly.

Do banks give loans to startups? ›

So yes, banks do make loans to startups – provided they demonstrate the ability to repay them. Generally, that means: Strong collateral. Lenders expect borrowers to put up something – usually their home or other significant asset.

How do you finance a startup company? ›

Startup Financing
  1. 10 Startup Financing Models to Fund Your Small Business. ...
  2. Start With Personal Financing and Credit Lines. ...
  3. Reach Out to Friends and Family. ...
  4. Apply for a Business Loan. ...
  5. Catch the Attention of an Angel Investor. ...
  6. Pitch Your Startup to Venture Capitalists. ...
  7. Host a Crowdfunding Campaign. ...
  8. Join a Startup Incubator.

How do I qualify for a business loan? ›

How to Get a Business Loan: 4 Requirements to Qualify
  1. Credit Score. Most lenders believe that past results reflect what will happen in the future. ...
  2. Annual Revenue. ...
  3. Updated Business Plan. ...
  4. Additional Collateral.
Dec 2, 2019

Can I get a business loan with a 500 credit score? ›

When you have bad credit, you can still get a small business loan. This is because your credit score doesn't matter as much as the overall financial health of your business. Many lenders require a minimum credit score of 500, at least six months in business, and more than $30,000 in annual revenue.

Why is it so hard to get a startup business loan? ›

Getting a startup business loan can be more difficult than getting approved for financing as an established business. This is because most lenders gauge their risk of borrowing based on the financial stability and history of an applicant's business.

Why are banks hesitant to lend money to entrepreneurs? ›

Because new businesses don't have business credit of their own, the bank has to look at the credit of the people who own the business. Banks often deny startup loan requests because the personal credit of the borrower has problems.

How long does it take to get a startup business loan? ›

The SBA promises a turnaround time of 36 hours for their express loans. But, that doesn't include the time it takes for the lender to approve the loan, which could tack on another few weeks. So, instead of 60-90 days, you're looking at 30-60 days for the SBA loan processing time when all is said and done.

How do startups finance themselves? ›

Startups are usually equity financed/funded by way of venture capital/ private equity investors and(or) angel investors.

How do I fund a business with no money? ›

6. Source funding to grow
  1. Friends and family loans. Do you have a personal support network that can back your new business idea? ...
  2. Small business loans. Get larger amounts of money from a lender, like Shopify Capital, to go toward payroll, inventory funding, or marketing. ...
  3. Capital investors. ...
  4. Small business grants.
Mar 21, 2022

What is the best way to finance a new company? ›

Fund your business
  1. Determine how much funding you'll need.
  2. Fund your business yourself with self-funding.
  3. Get venture capital from investors.
  4. Use crowdfunding to fund your business.
  5. Get a small business loan.
  6. Use Lender Match to find lenders who offer SBA-guaranteed loans.
  7. SBA investment programs.

How long does the bank take to approve a business loan? ›

Many banks require business plans, financial statements tax records, and even financial forecasts. Once all your documentation has been submitted, the process has just begun. You will normally need to wait around two months before you find out whether or not your application has been approved or not.

Do you need a deposit for a business loan? ›

The good news is that to get a small loan for your business, you don't actually need to have a deposit. There are various types of business loan – most notably unsecured business loans – that don't require any money upfront.

How hard is it to get an SBA loan? ›

The SBA loan application process is the most difficult compared to other business loans. This is true not only because of the eligibility requirements but also because of the sheer length of the application and underwriting process.

Is it easier to get a loan with an LLC? ›

LLCs follow the same loan application process as other types of businesses. The major difference is who holds liability for the loan funds in case the borrower defaults. With an LLC, the company owners are not personally responsible for the loan funds unless they sign a personal guarantee.

How do I convince a bank to give me a business loan? ›

With that in mind, here's how small business owners can increase their chances of getting the loans they need by following these five simple tips.
  1. First, Build a Real Relationship. ...
  2. Know the Numbers. ...
  3. Explain How You Made Your Forecasts. ...
  4. Show How They Get Their Money Back. ...
  5. Personally Guarantee the Loan.
Jan 28, 2016

What disqualifies you from getting an SBA loan? ›

Ineligible businesses include those engaged in illegal activities, loan packaging, speculation, multi-sales distribution, gambling, investment or lending, or where the owner is on parole.

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