Why most business loans take so long
A typical business loan application passes through many hands. A broker or relationship manager packages the file. A credit analyst reviews years of financials. A valuer is booked, visits the property and writes a report. A credit committee meets. Questions go back and forth. A bank refinance commonly takes up to three months or more, and you may still not be approved for the amount you need.
Equity Tap removes most of those steps. We are a direct, independent private business lender lending our own money. There is no credit committee: the person who answers the phone is often the person who makes the decision.
What same-day approval means at Equity Tap
- Conditional approval on the phone. Once we understand the amount, the property, the purpose and the exit, we can often tell you on the call whether the loan works.
- A term sheet in about 30 minutes. We put the proposed loan amount, term, structure and full cost in writing so you can decide.
- Settlement in as little as 24 hours for eligible loans once documents are signed and the security is in place.
Conditional approval is not a guarantee. Final approval depends on confirming the details you have given us, and we never guarantee approval or timing. But you will know quickly whether you have a realistic option.
From first call to settlement
- Call or apply. Phone 1300 123 024 or apply online. Brokers use our broker page.
- Scenario. We ask how much, what for, which property, what is owing on it and how you will repay.
- Conditional answer. Often on the same call.
- Term sheet. Usually in about 30 minutes, showing the full cost before you proceed.
- Verification. ID, property and mortgage details and exit evidence. A credit check may be made before funding.
- Documents and settlement. Loan documents are signed, the mortgage or caveat is registered and funds are paid. Eligible loans can settle in as little as 24 hours.
What speeds it up
The fastest loans are the ones where everything is ready on the first call. Have these on hand:
| Have ready | Why it helps |
|---|---|
| Photo ID for every borrower and guarantor | Identity checks can start straight away |
| Security property address and title details | We can assess the security without waiting |
| Existing mortgage lender and balance | Tells us the available equity and whether consent is needed for a second mortgage |
| A clear purpose and amount | Lets us size the loan correctly the first time |
| Exit evidence (contract, refinance, receivables) | The exit is central to every decision |
| Your solicitor's details | Documents and settlement move faster with a responsive solicitor |
What slows it down
- A first mortgage lender that is slow to give consent to a second mortgage. A caveat can sometimes help.
- Unclear ownership, such as property held in a trust where the trust deed can't be located.
- An exit that can't yet be evidenced.
- Borrowers or guarantors who can't sign quickly.
What we don't need, which is why we are faster
We don't order a valuation before approval, so there is no wait for a valuer and you are not pulled away from your business to meet one at the property. For property-secured loans we don't need tax returns, BAS, profit and loss statements, an accountant's letter or bank statements. There is no credit check at initial assessment. Read more on our no valuation business loans and no credit check business loans pages.
Who needs approval today
Same-day decisions matter most when a date is fixed and close: a property settlement, an ATO deadline, a creditor's statutory demand, a supplier who wants payment before releasing stock, or a business purchase with a competing buyer. For example, a business owner whose purchase settlement is due in two days and whose lender has pulled out needs to know today whether there is another option. We can often tell them on the call.
See also urgent business loans and fast business loans.
For brokers who need an answer before the client walks
A broker with a client facing a deadline can't wait a week for an indicative answer. Send the scenario through our broker page or call us, and you deal with the same lending team that makes the decision. A fast indicative answer means you can tell your client where they stand on the same day and keep the relationship, while we handle the short-term loan and you plan the long-term refinance.
Loan basics
Equity Tap lends from $50k to $5m for one to twelve months, secured by a first or second mortgage or caveat over Australian residential or commercial property. Repayments are interest only, or interest for up to the first six months can be prepaid or added to the loan. Each loan is priced on the client's individual circumstances, aiming for the sharpest rate available for that situation, with the full cost shown before you proceed.
Get your answer now
Call 1300 123 024 with your scenario and the documents above, or apply online. If you would rather pick a time, schedule a call.
Business-purpose lending only. Approval, timing and terms depend on the scenario.
Frequently asked questions
Can I really get a business loan approved the same day?
How fast can the money be in my account?
Why can Equity Tap decide so quickly?
Does a valuation slow down approval?
What should I have ready to speed things up?
Is a conditional approval guaranteed?
Can my broker get a same-day answer?
Brokers: send the scenario through the Equity Tap broker channel and you will deal with the same lending team.