Draw when you need it
Use funds up to your limit, repay, and use them again, without reapplying.
Business Overdrafts & Loans
for the self-employed
Keep cash flow moving when the business account runs low. One application, 49+ lenders compared, and a broker who actually picks up the phone.
“Mina was incredibly helpful with getting me approved for my loan. Couldn’t recommend him enough!”
Rodrigo Enriquez
Google Reviews
Get qualified in 5-10 minutes
What is a business overdraft?
A business overdraft is a credit limit attached to your business transaction account. When your balance drops below zero, you keep paying suppliers, staff and bills up to your approved limit. As money comes in, the balance is repaid and the limit is available again.
What businesses use an overdraft for
- Covering payroll while you wait on customer invoices
- Buying stock or materials ahead of a busy period
- Paying quarterly BAS, GST or tax bills
- Getting through seasonal or quiet months
- Unexpected repairs or a one-off opportunity
Overdraft, line of credit or business loan?
| Business overdraft | Line of credit | Business loan | |
|---|---|---|---|
| How you get funds | Spend below zero in your transaction account | Draw from a separate limit as needed | Lump sum up front |
| Repayments | Flexible, as money comes in | Flexible, usually a minimum each month | Fixed repayments over a set term |
| Interest | On the amount used | On the amount used | On the full loan |
| Best for | Day-to-day cash flow gaps | Ongoing or recurring costs | One-off costs like a fit-out or expansion |
Secured or unsecured?
Unsecured overdrafts don’t need property as security, are usually quicker to arrange, and typically come with higher rates and smaller limits. Most lenders still ask for a director’s or personal guarantee. Secured overdrafts are backed by property and generally offer lower rates and higher limits.
Things to consider
- Fees: there may be an establishment fee, an ongoing line fee (even if you don’t draw), and fees for going over your limit.
- Rates: overdraft rates are usually higher than a secured term loan.
- Reviews: lenders review overdraft limits regularly, often every year.
- Discipline: if you’re always fully drawn, a term loan may be cheaper. We’ll tell you if that’s the case.
Why use Financfy?
Banks often struggle with sole traders and newer businesses. Many lenders on our panel are more flexible and may assess your application using business bank statements, BAS or an accountant’s letter instead of full financials. You deal with Mina directly from first call to settlement, not a call centre, and we explain every cost before you sign.
Buying assets too? See our small business finance, commercial loans and low doc car loans.
Lender criteria, fees and charges apply. This information is general in nature and does not take into account your objectives, financial situation or needs.
Need a vehicle or equipment as well?
We also arrange business car loans, truck, equipment, boat and caravan finance for sole traders and small businesses.
“I had an exceptional experience working with my broker for my loan. They went above and beyond to ensure that I not only got a great loan deal but also understood the entire process. Their professionalism, knowledge, and attention to detail were truly impressive. Thanks to their expertise, I was able to secure the financing I needed with ease. I highly recommend Mina to anyone in need of financial assistance or guidance. They are a true expert in their field and made the entire process a breeze. Thank you!”
George Michail
Why a business overdraft?
Pay for what you use
Interest is generally charged only on the amount you’ve drawn, not the full limit.
Unsecured options
Many lenders offer overdrafts without property security, depending on your business.
Self-employed specialists
Sole traders and newer ABNs are what we do. We know which lenders say yes.
One application. 49+ lenders.
Banks, specialist business lenders and non-bank lenders, compared for you so you don’t have to apply one by one.
Get a business overdraft in four simple steps.
1. Tell us about your business
A few minutes online, or a quick call with Mina.
2. We compare the lenders
We match you with the lenders most likely to approve, and explain the costs of each.
3. Choose and get approved
Pick the option that suits you. We handle the paperwork with the lender.
4. Draw funds as you need them
Your limit is ready to use whenever cash flow gets tight.
“Communication was always there and was super quick to get everything ready from when I bought the car right through to me picking it up.”
Rodrigo Enriquez
49+
Lending Partners
100%
Online Application
Frequently Asked Questions
Yes. Many lenders on our panel offer overdrafts and lines of credit to sole traders, not just companies. You’ll generally need an active ABN and to have been trading for at least 6 to 12 months. Depending on the lender, your income may be assessed using business bank statements or BAS rather than full tax returns.
Costs depend on the lender, your business and whether the facility is secured. Expect interest on the amount you’ve drawn, and possibly an establishment fee, an ongoing line fee and fees for exceeding your limit. We set out the full cost of each option side by side so you can compare properly.
For smaller unsecured limits, many lenders only need your ABN, ID and recent business bank statements (often 6 to 12 months). Larger or secured facilities may also need BAS, financial statements or tax returns. We’ll tell you exactly what your chosen lender needs, so there are no surprises.
Once your application is with the lender, some can approve within 24 hours, depending on your circumstances and the size of the limit. Secured facilities usually take longer because the property security has to be set up. Timeframes vary by lender.
Not seeing your question here?
Keep your cash flow moving. Talk to Mina today.
Google Reviews
How much would you like to borrow?
