Your Business

Online Business Loans

Russ Watts  •  26 May, 2021

Looking for the right online business loan?

If you’re a business owner looking for fast cash flow, then Waddle could be the solution for you. Waddle is an innovative working capital platform that gives you access to funds locked up in your unpaid invoices.

With flexible lending terms and great rates, business owners across Australia have used it to close cash flow gaps and achieve their ambitions.

Waddle’s online business loan platform

Waddle is a cloud-based invoice finance provider designed to help small and medium-sized businesses get ahead. Waddle’s online platform syncs directly with leading cloud accountancy platforms, accessing real-time invoice data and giving business owners an ‘up to the minute’ credit limit. As more invoices are raised, the limit increases meaning that your online business loan grows as you do.

Here’s how it works. First, click the button above to get started. You’ll be prompted to connect your accounting software. We’ll ask a few questions and if you’re eligible you’ll be redirected to the Waddle dashboard. Here you’ll see a list of your customers with a figure against each, which represents up to 80% of the invoice value. As you nominate more customers you’ll see your available limit grow.

Shortly after this, a Waddle team member will be in touch. After a pain-free application process, you should be ready to draw down within 48 hours. Funds will appear in your account within a day. Your customers pay their invoices into an account Waddle sets up in your name. As they do, your loan is repaid and the amount you can borrow increases.

Types of online finance

"These days it couldn’t be easier to apply for a small business loan from the comfort of your own home. There are a vast array of online lenders offering a huge variety of loan types catering to businesses of all sizes. It can be hard for business owners to know where to begin.

In order to determine which is the right funding solution for your business you’ll need to consider a few things; how much is needed and the purpose of the loan. If you’re looking for financing to act as a safety net or facilitate transactions overseas then a different type of funding would suit, compared to if it was needed to purchase large equipment. You’ll also need to consider how established your company is. For example, if you have assets to use as collateral or a strong credit score.

Whilst almost everything is done on the internet these days, when talking about an online business loan, it generally describes funding from a non-bank lender or a fintech, as opposed to a loan from a traditional bank. Funding from big business banks will often suit more established businesses looking for a long term fixed loan, a line of credit or business overdraft. Whilst these come with favourable interest rates, longer terms and higher loan amounts, they can be inflexible and less suited to smaller businesses. An online business lender can offer unsecured finance, quick access to funds (as quick as 24 hours), a streamlined fully online application process and less stringent eligibility criteria. They may also offer a wider array of more specialised business finance options, such as debtor finance or equipment finance.

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