The Essential Guide to Applying For Micro Business Loans | What to Know

Self-employed and on the hunt for short-term finance? With so many loan options out there, it’s hard to know what’s right for you. Although it may seem like a daunting and complicated task, micro business loans could be exactly what you need to get your start-up or small business off the ground!

Popularised in the US, micro-enterprise loans offer small, short-term loan amounts to help you secure whatever equipment or working capital you may need to grow your business. At Nifty, we offer self-employed applicants personal loans between $2,500 to $10,000. Best of all, since we’re a 100% online lender you could apply for a personal loan anywhere in Australia – whenever you like! All you need is a device and a good internet connection to get started.

Above all, we keep our application process simple. So, you will not need to provide any unnecessary details. If you wanted to, you could even use your smartphone to apply and complete your application in just a few short minutes. Since it’s free to apply, why not give us a go today?

A man in a suit with a blue, black and white striped tie pointing at the camera. His head is out of frame.

Micro Loans for Startup Businesses with Bad Credit

If you’re self-employed and trying to start up a new business, you can find lenders that look at more than just your credit score. Some lenders can take a fresh approach to bad credit because they can understand that people and circumstances change over time. As a result, they do not base their application assessment just off your credit score.

Poor credit can have an impact for up to 7 years and quality lenders know a lot can happen in that amount of time! So, if they can see that you have made a considerable effort to rectify your credit situation, you might be eligible for a micro business loans.

Micro Business Loans

How much could I borrow? Applicants can typically apply for micro business loans between $2,500 – $10,000, as long as their income is paid into a personal account.
When would I receive my funds? If your application is approved, you will usually receive a contract to sign. Depending on the lender, the funds could be distributed by the next business day after they receive your signed contract.
How long would I have to pay it back? You could have up to 24 months to repay your loan, depending on the lender and loan request.

That’s the low-down on micro business loans and what to expect from micro business loan lenders, so let’s take a look at personal loans.

Why Choose Nifty for Personal Loans?

With so many lenders out there, why should you choose Nifty? Well, if you’re not in the market for a micro business loan, Nifty could still offer you short-term funding. Essentially, Nifty can provide personal loans between $2,500 to $10,000 to help with a range of situations. Our dedication to 100% transparency also means we will never sting you with any unwanted fees and instead endeavour to help you find the right solution for your situation.

When we assess our loan applications, we adhere to responsible lending practices. At the end of the day, we don’t want to approve an applicant who cannot afford their repayments. That’s why every application we receive is assessed by a member of our lending team to ensure you are matched to the appropriate loan product. So, while we can’t guarantee approval – we can guarantee a fair assessment.

Eligibility for Personal Loans

To be eligible for a personal loan, you must be able to answer yes to the following:

  • Are you an Australian citizen or permanent resident?
  • Are you aged 18 or older?
  • Have you received a regular income for the last 90 days into your own personal bank account?
  • Do you have an active email address and mobile phone number?

If you ticked all the boxes, then you could apply today!

Required Documentation

If you meet all of the eligibility requirements, there are just a few documents you will need to provide with your application to ensure we can conduct a smooth assessment:

  • Personal details (e.g. online banking and employment info);
  • The purpose for applying for the loan;
  • Your myGov details (if you are receiving Centrelink payments);
  • Your employer’s contact details.

Why We Need Your Banking Details

A lot of our applicants ask us why we need their online banking details. It’s for convenience! Our team uses your online banking details so we can access read-only copies of your bank statements. These bank statements enable us to get a realistic idea of your spending habits, regular deposits and payments as well as your income.

If you’ve got a poor credit score then this could work in your favour since Nifty prefers to look at the whole picture, not just your credit score.

Learn More

Want to learn more about personal finance? We have a range of information available on our site, including the lowdown on emergency cash loans no credit check and micro loans. Keep up with the Nifty blog for a range of finance and lifestyle information.

Alternatively, if you would like to apply for a quick personal loan, but have some questions that have gone unanswered, head over to our FAQ page for answers to our most common enquiries. If you still can’t find the answer to a specific question or would like to talk directly with one of us, just send us a message via our contact page or call us direct on 1300 471 328.