Speedy Finance Review

This Speedy Finance review will look at the history of this online business lender so we can understand if Speedy Finance is a credible option for your business loan. We’ll look at the type of clients Speedy Finance works with and what these clients have had to say about their experience with the lender. Read this Speedy Finance review to learn more about the business and if they’re the right business loan provider for you.

🌐 Website:www.speedyfinance.com.au
®️ Logo:speedy finance new logo
📝 ABN:51 107 822 766
📝 Credit License:37 90 39
💰 Loan Amount$5,000 – $250,000
⏲️ Loan Term
  • Secured Business Finance – 3 to 24 months
  • Interest Only Secured Business Loans – 3 to 6 months
💸 Unsecured Loans?Not anymore – to continue offering loans post COVID Speedy Finance offers only secured business loans.
⌚ Lender Requirements
  • Trading for at least 9 months
  • Property Owner
  • Equity Available up to 70%
  • Paid Credit Defaults OK.
📃 Required:180 Days of Bank Statements
⏱️ Response Time:Approval normally within one hour. Money in the bank in 24h.
🌝 Easy to Apply:Yes, fully online and takes 5 minutes (expedited application here)

The Nitty-gritty

💌 Online Reviews:4.8 / 5 TrustScore on TrustPilot (93% Excellent, 4% Great, 2% Bad)

Based on 206 reviews.

🏆 Awards and Recognition:
  • MFAA 2020 FinTech Lender Award – State Finalist
  • MFAA 2019 FinTech Lender Award – National Finalist
💳 Minimal Interest Rates:From 1.5% per month.
⚖️ Advantages
  • Funding: $5,000 to $300,000
  • Secured/Unsecured, Equipment, Bridging and Second Mortgage Loans
  • Loan Approval within one Hour
  • National Finalist MFAA Awards 2019
  • TrustPilot score of 4.6 /5 (100 reviews)
  • High Variety of Lending Products
  • Accepts Clients with Paid Credit Defaults
⚖️ Disadvantages
  • No references to origination fees or valuation fees
⚖️ Compare Speedy FinanceCompare SpeedyFinance with 20+ Australian Lenders on Lend.com
Review Table of Contents
Overall Rating: ⭐⭐⭐⭐

Types of Loans by Speedy Finance

In the past, Speedy Finance had a much wider variety of lending solutions than even the best Australian business lenders who are generally regarded as the cream of the crop in the online lending industry, such as Prospa.

However, since the COVID pandemic, Speedy Finance has ceased to offer unsecured loans, committing to two secured loan products:

Secured Business Loans

Secured business loans from Speedy Finance are a convenient financial solution that allows you to leverage your existing assets as security and borrow money for commercial purposes. These assets can be your residential home, vacant land or a commercial property that you own. In this sense, secured business loans are similar to a standard mortgage on your existing property. Speedy Finance uses the equity in your property to secure the loan and assist your business to grow.

Available up to $250,000 rates start at 1.5% per month and there are no exit fees or early repayment fees. Paid credit defaults on the applicant are OK.

Secured Interest Only Loans / Bridging Loans

More common for businesses in Property Development and Project Management, a bridging loan from Speedy Finance is also available up to $250,000. A business bridging loan is suitable for those borrowers with a short term requirement for cash flow, knowing they have a profitable payout in 3 to 6 months time (such as the sale of an asset or a refinance). Evidence of future income and being able to demonstrate how you intend to repay the loan in full will be critical to securing an interest only business loan.


These products were offered by Speedy Financing prior to the pandemic and aren’t available currently.

Equipment Finance

Customers can access equipment finance to invest in a whole variety of different things including; new vehicles, acquiring new plants and machinery, updating existing technology and even new software, computers and servers for your business. Equipment Finance loans range from $5,000 – $250,000 and can be accessed in as little as 24 hours all through electronic documentation.

Second Mortgage Loans

This is a solution provided by Speedy Finance targeted at business customers looking for larger loan amounts with a longer and lower repayment schedule. It’s also a product commonly used to purchase or open a business – the caveat of course that your are leveraging one of your existing assets in order to provide security for the loan. You therefore should be confident you can repay your loan obligations.

Product Score: ⭐⭐⭐ 

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Company Story & Credibility

Speedy Finance (website address speedyfinance.com.au) is considered by many to be one of the best Australian business lenders available on the market today.

Having been founded in 2004, Speedy Finance is one of the longest serving online lenders in Australia. The firm provides both Australian business loans and personal loans. For this reason, the firm is often referred to as a ‘Payday lender’ but in this review we focus purely on Speedy Finance as a Business Loan provider.

With over 15 years of solid and proven lending experience, Speedy Finance has the know-how to understand a borrower’s requirements and tailor alternative finance solutions to meet their needs.

Whilst you’ll find most of the new online FinTech lenders operating out of either Sydney or Melbourne, Speedy Finance is based in Bundall in the Gold Coast, Queensland. We get the impression Speedy Finance operate with a lot of local Queensland based businesses too, who have trusted Speedy Finance as their loan partner for a number of years. 

The current General Manager is Michael Blonk, having previously had experience as Director of Credit Risk in the Australian Telecommunications giant Optus.

Credibility Score: ⭐⭐⭐⭐ 

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Speedy Finance Client Reviews on Google

– TrustPilot Australia: 206 Reviews – 93% Excellent, 4% Great, <1% Average, <1% Poor, 2% Bad – TrustScore 4.8 / 5 

– Google Reviews: 8 Reviews, 6 Positive, 0 Neutral, 2 Negative – Average Score 3.9 / 5 (Good)

The Feedback:

As Speedy Finance operates as both a private and business lender it comes as no surprise that the majority of the reviews are from the more commonly used private loan service. It is difficult to pinpoint the business specific reviews but to get a general feel for the company as a whole, some of the positive Speedy Finance reviews state:

“So helpful, nothing is a bother for any of the staff members, kind, friendly I would highly recommend them for any small business looking to move forward. I have been dealing with Speedy Finance for over 5 years. Thank you”.

“The system that Speedy uses today is so quick and efficient, compared to the antiquated system that was in use when I first chose Speedy Finance in August 2012. Since that time, I have been very happy and satisfied client”.


Some of the negative reviews are quite scathing, one review believes Speedy Finance charge a number of hidden fees in addition to their interest rates with their private loans and another client complains of very high interest rates but no hidden fees. Speedy Finance are certainly very keen however to highlight transparent pricing for their business loans and they have a number of dedicated staff who are happy to detail the costs you will encounter when agreeing to the loan. It’s likely that the negative reviews are referring to late payment fees or missed direct debit fees – these are standard charges for business loan agreements and should be clearly detailed in your term sheet prior to agreeing to a loan. There are no early repayment or exit fees with Speedy Finance.

Analysis of Client Reviews:

There are 206 reviews online for Speedy Finance through TrustPilot but all of these have come since July 2019, so it suggests they have only recently started using TrustPilot as a review platform. It is worth noting that most customers rank Speedy Finance either excellent or above average with only a handful of unsatisfied customers. When considering most customers who are unhappy will write reviews we think this is a pretty good reflection on the company. It is less likely that a satisfied customer will leave a review versus an unhappy customer.

The fact one review mentions hidden fees perhaps raises questions on their business practices but the general feel of the 97% positive reviews and from the key messages Speedy Finance lead with on their website attests to a fair and reasonable lender. As a payday lender in the private space it is possible interest rates for these highly short term personal loans are higher too but we can’t see any reviews specifically detailing the high cost of a business loan. In their FAQ section Speedy Finance has this to say about fees:

“Each loan type has different fees and charges depending on the loan requirements. These fees can be financed into your loan amount and paid off over the loan duration. For more information please speak with your loan consultant”.

We also know business loans with Speedy Finance can start at anywhere from 1.5% per month – quite reasonable for an online business lender but remember a business loan with Speedy Finance is secured.


User Reviews Score: ⭐⭐⭐⭐ 

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Speedy Finance Compatibility

Startup: Speedy Finance asks that businesses applying for a secured business loan have been trading for a minimum of 9 months. To be eligible for a bridging loan, Speedy Finance asks that borrowers have been trading for 12 months.

Bad credit: Yes, Speedy Finance reviews your incoming cash flow, so bad credit can be mitigated in the loan process. Past defaults are also OK, providing they are now settled.

Sole trader: Yes, Speedy Finance will finance sole traders.

Minimum Monthly Turnover: Speedy finance requires minimum monthly turnover of $10,000 or more.

Established Business: Yes, Speedy Finance will finance established businesses 

Turnover: Speedy Finance makes no reference to a minimum turnover requirement. 

Business Purchase: Yes, Speedy Finance will finance business purchases.


With a 9 and 12 month minimum trading requirement for each of its products, Speedy Finance has a similar eligibility criteria to most other online business lenders. Some lenders, such as Lumi, only require a minimum of 6 months trading.

As noted before, providing your credit defaults are paid, this won’t prevent you from being able to apply for a Speedy Finance secured business loan.


Compatbility Score: ⭐ 

Speedy Finance Pricing & Rates

A secured business loan with Speedy Finance starts at 1.5% per month, whilst an interest-only bridging loan begins at 2% per month. Remember, to qualify for an interest only business loan you will have to demonstrate evidence of future income, such as the sale of an asset. As always, interest rates will vary based on your individual circumstances but you should expect to pay less for a secured business loan vs an unsecured business loan.

There are no references to origination fees or valuation fees on speedyfinance.com.au so be sure to fully read the repayment schedule and establish all of the possible loan fees before agreeing to a business loan.

If you look into the negative reviews, there are some that directly reference the expensive interests costs. In all but one case though this appears to relate to Speedy Finance personal loans. In the case that was specifically about Speedy Finance business loans, the borrower had this to say, “Charge high-interest charge on a daily basis to make sure that they get every single dollar out of you.” In this case the borrower is clearly unhappy with the rate but it’s worth noting daily repayments can be quite common for short-term business loans. Be absolutely sure you understand the fees and repayment terms before entering into any business loan.

Fees score: ⭐ 

Speedy Finance Review Summary
  • Credibility - 92%
  • Client Reviews - 95%
  • Website - 84%
  • Compatibility - 88%

Editor's Conclusions

Speedy Finance (website address speedyfinance.com.au) is considered by many to be one of the best Australian business lenders. Speedy Finance has been lending Australians money since 2004 and with limited negative reviews for a long-term business, which leads us to believe that they operate their business effectively and efficiently. Our Speedy Finance review demonstrates that the application process is quick compared to most competitors; it should only take 5 minutes. Loan terms are not available online because every loan situation is different but Speedy Finance do offer a variety of financing solutions and detail what your business requirements should be in order to be eligible for a Speedy Finance loan.

Best for:

Bad Credit Businesses

✓ Businesses that require multiple finance options

✓ Queensland based businesses