Finance tips · 5 min read
Non-Bank Lenders vs Banks: What's Best for Your Business?
A straight comparison of bank and non-bank business lending in Australia — speed, cost, paperwork and approval.
Key takeaways
- Banks are usually cheaper but slower and stricter.
- Non-bank lenders are faster and more flexible.
- Many businesses use both for different needs.
Speed
Banks commonly take 2–6 weeks. Non-bank lenders often decide within hours and settle within a day.
Cost
Bank rates are generally lower, especially for secured loans. Non-bank unsecured loans cost more but are easier to access.
Approval criteria
Banks lean heavily on credit history, financials and security. Non-bank lenders focus on recent bank statements and cash flow.
General information only — not financial advice. Consider your circumstances and speak to a qualified adviser.