Finding a loan for business or personal use as a tradie can be tough, but there are options available.
Whether you need a loan to cover financing for equipment, cash shortfalls due to unpaid invoices, or even for a personal purchase, it’s important to know how to find the right financing for you. Tradie loans can be secured or unsecured, are available from many different lenders and can be used for both personal and business reasons. Read this guide to find out how to get financing for what you need.
What options do tradies have for loans?
Business Finaning
Peer-to-Peer Lenders
Low Doc Loans
Short Term Credit Loans
Banjo Loans Business Loan
Banjo Loans offer a unique business lending solution for your SME. Borrow up to $250,000 for up to 6 months. Your loan could be approved in hours if your application is successful
Minimum loan amount: $5,000
Maximum loan amount: $250,000
Maximum loan term: 6 months
Interest rates based on your credit score
You must have an annual turnover of $200,000+
A VedaScore above 475 is required
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Read the Banjo Business Loans terms and conditions.
Rates last updated March 3rd, 2016
Comparison Rate (p.a.)
Min Loan Amount
Max. Loan Amount
Loan Term
Application Fee
Banjo Business Loans
Apply for a business loan online and if approved receive funds within 24-72 hours.
$5,000
$250,000
0.5 to 0.5 years
(Upfront fees may apply)
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MaxFinance Business Loan
Get a business loan with a decision in 5 minutes with your money on the same day if you're eligible. Tax deductible interest repayments
$1,000
$500,000
1 to 3 years
$0
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SocietyOne Personal Loan
The SocietyOne Personal Loan offer is the first Peer2Peer loan in Australia. It is a low interest personal loan with no ongoing fees. Borrow up to $35,000
Interest Rate From: 8.95% p.a.
Comparison Rate: 8.95% p.a.
Interest Rate Type: Fixed
Application Fee: Up to 4.5% of loan amount (Fee is based on your borrower grade and loan amount.)
Minimum Loan Term: 2 year
Maximum Loan Term: 5 year
Minimum Loan Amount: $5,000
Maximum Loan Amount: $35,000
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Read the SocietyOne Unsecured Personal Loan terms and conditions.
Rates last updated March 3rd, 2016
Loan amount
$
Loan term
Interest Rate (p.a.)
Comparison Rate (p.a.)
Min Loan Amount
Loan Term
Application Fee
Monthly Repayment
SocietyOne Unsecured Personal Loan
Rates from 8.95% p.a. to 14.14% p.a. Comp. Rate from 8.95% p.a. to 22.72% p.a. depending on your credit score
From 8.95% (fixed)
8.95%
$5,000
2 to 5 years
Up to 4.5% of loan amount (Fee is based on your borrower grade and loan amount.)
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RateSetter Personal Loan
Ratesetter allow you to get a personalised rate based on your credit score.
From 9.3% (fixed)
9.55%
$2,001
0.5 to 5 years
$200-$300 (based on loan term)
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SocietyOne Personal Loan
Cashfirst offer a range of flexible loans for borrowers who may have a less than average credit score. Borrow up to $15,000
Interest Rate From: 16.99% p.a.
Comparison Rate: 17.35% p.a.
Interest Rate Type: Fixed
Application Fee: $50 (loan establishment fee)
Maximum Loan Term: 5 year
Minimum Loan Amount: $1,000
Maximum Loan Amount: $15,000
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Read the Cashfirst Unsecured Personal Loan terms and conditions.
Rates last updated March 3rd, 2016
Max. Loan Amount
Term of Loan
Turnaround Time
Total Cost of Borrowing $100
Sunshine Short Term Loans
Apply online & you could borrow up to $1,800 paid into your account. Family Business since 1999.
$1,800
16-30 days
30 Minutes - conditions apply
20% of loan amount + 4% of loan amount each month
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DollarsDirect Short Term Loans
Exclusive to finder.com.au You could borrow up to $2,025 and get a discount on your fees with a coupon code.
$2,025
65-100 Days
Same day - conditions apply
$300 establishment fee + 4% of principal amount p/m
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Nimble Short Term Loan
Apply for a short term loan and you could borrow up to $2,000.
$2,000
16-365 days
1 hour - conditions apply*
20% of borrowed amount + 4% of borrowed amount each month
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Cash Converters Cash Advance Loan
Apply online now for a Cash Advance Loan from Cash Converters
$2,000
4-6 weeks
Same day - conditions apply
20% Establishment fee + 4% monthly fee
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Cash Train Payday Loan
Apply for a Cashtrain Payday loan and get up to $2,000 in your bank account
$2,000
10 weeks or 3 months
1 Business Day
20% of loan principal + 4% monthly charge
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Cash Converters Personal Loan
Borrow cash over a longer period of time if you earn $300 a week or more.
$2,000
Up to 12 months
24 - 48 hours
20% Establishment fee + 4% monthly fee
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Loan Ranger Cash Loans
You could borrow up to $1,000. with Loan Ranger Cash.
$1,000
16-30 days
Same Day - conditions apply
20% of principal amount (establishment fee) + 4% of principal amount per month.
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Ferratum Cash Loans
A small loan from Ferratum lets you borrow up to $1,000 without a credit check
$1,000
16, 22 or 32 days
Same Day if approved
20% of borrowed amount + 4% of borrowed amount each month
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You can find loans from various types of lenders, including:
Peer-to-peer (P2P) lenders. If you have good credit, you might want to consider applying with a P2P lender, also known as a marketplace lender. P2P loans are funded by individual investors, and the lender operates as an intermediary. You can usually find more competitive rates compared to other types of loans, depending on your credit history. These loans are available for both personal and business use.
Banks and credit unions. If you have a good relationship with your current bank or have been operating as a sole trader for long enough to provide tax history, you may be eligible for a loan from a bank or credit union. There are flexible line of credit or overdraft loans, and some lenders offer same-day funding.
Payday lenders. If you’re looking for short-term finance or have bad credit, a payday lender could be an option to consider. They offer loans of varying amounts that are designed to be repaid within the short-term. Keep in mind that you will be charged higher fees and rates with these lenders.
What types of tradie loans are available?
There are different types of personal and business tradie loans, any of which you might have in mind when you’re searching for a loan as a tradesman. Here’s a breakdown of these types, and some of the features that come with them:
Car loans.
These loans can come in various forms, including as standard personal car loans, novated leases, chattel mortgages or low doc loans designed for tradies and other self-employed borrowers.
Truck and equipment financing.
While essential to your business, covering the costs of these machines can be expensive. There are secured and unsecured loans that can help cover the immediate cost of purchasing or leasing this equipment.
Business loans.
These loans are designed to help a small business get off the ground or cover the costs in your existing business.
Short-term finance.
If you just need a loan to see you through, small loans up to $2,000 and loans for larger amounts up to $5,000 are available.
Compare business loans to find one to meet your needs
Here’s how you can compare your tradie loan options
Still unsure which type of loan is best for you? Here are a few points to keep in mind when comparing your loan options:
Loan term.
How long do you need the loan for? Some of the loan options are designed to be short-term, such as payday loans, which may be ideal for certain scenarios but not in others. Decide what you need and choose a loan term to work for you.
Loan amount.
If you’re unsure how much you need to borrow, there are some loan options that can provide you with ongoing credit to draw down on as you need to, for instance a line of credit. If not, only borrow as much as you need.
Repayment flexibility.
Are you able to select your repayment flexibility, that is, weekly, fortnightly or monthly? You should also check if you are able to make extra repayments without being charged a fee or if you can pay back the loan completely without being charged.
Fees and interest.
Compare the costs of similar loan products against each other to ensure they are competitive.
Ease of application.
Can you apply for the loan online? Are your business financials taken into account? Check what is involved in the application process before you apply.
Turnaround time.
This is especially true if the need for funds is time-sensitive. Check how quickly the funds will be disbursed following approval.
Loan management.
Most lenders allow you to easily manage your loan through an online account or app. Find out what services the lender provides.
Frequently asked questions
Am I eligible for a tradie loan?
Eligibility criteria depends on the lender you’re looking to apply with and your own personal situation. Generally, you need to be over the age of 18 and an Australian citizen or permanent Australian resident. Minimum income criteria will also apply.
How do I verify my income?
This depends on the lender you are applying with. You will usually need to provide your bank statements or the last two years of tax returns, but you can verify this on finder.com.au review pages and the lender’s website before starting your application.
Can I use a P2P loan for business purposes?
There are a few lenders that offer marketplace loans for business purposes. You can find out more about P2P business lending in this guide.