✅ Updated 2026 — rates verified

Need a business loan as a tradie? The three names you'll encounter most often are Prospa, Lumi and Moula — all Australian fintech lenders who specialise in small business loans and can approve and fund within 24–48 hours. Here's the honest comparison.

📋 In This Article

  1. →Quick verdict
  2. →Prospa reviewed
  3. →Lumi reviewed
  4. →Moula reviewed
  5. →Full comparison table
  6. →FAQs

Quick Verdict

Best for speed and flexibility: Prospa — the most established of the three, with the widest range of loan products and fastest approval for most tradies.

Best rates for stronger applicants: Lumi — competitive on rates when your business has solid revenue and credit history.

Best for line of credit: Moula — their revolving line of credit product suits tradies who need flexible access to funds rather than a fixed lump sum.

Prospa — Australia's Largest Online Business Lender

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Australia's largest online small business lender
$5K–$500K
Decision in hours

Prospa has been operating since 2011 and has lent over $3 billion to Australian small businesses. They offer small business loans (fixed term, fixed repayments) and a business line of credit. For tradies, they're popular for equipment purchases, bridging cash flow gaps and funding business expansion.

What tradies like about Prospa: Fast — many applications are approved and funded within 24 hours. Minimal paperwork — they use open banking to assess your cash flow rather than requiring extensive financial statements. Will lend to businesses as young as 6 months old.

  • Loans from $5,000 to $500,000
  • Terms from 3 to 36 months
  • No early repayment penalty
  • Minimum 6 months in business, $6,000/month turnover

Lumi — Competitive Rates for Established Businesses

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Lumi

Strong rates for tradies with solid revenue history
$5K–$300K
Same-day decisions

Lumi (formerly Sail Funding) positions itself on competitive rates and transparency. They publish their rate ranges openly and use an algorithmic assessment that rewards tradies with consistent revenue. If you have solid, documented turnover, Lumi often quotes better rates than Prospa.

  • Loans from $5,000 to $300,000
  • Terms from 3 to 24 months
  • Minimum 12 months in business, $8,000/month turnover
  • No early repayment fee

Moula — Best for Line of Credit

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Moula

Revolving line of credit — draw what you need, when you need it
Up to $250K
Revolving credit

Moula's standout product is their business line of credit — a pre-approved credit facility you can draw from whenever you need it and repay as cash flow allows. This suits tradies who have variable cash flow (big invoices, slow-paying clients) and want flexible access to working capital rather than a fixed lump-sum loan.

  • Line of credit up to $250,000
  • Draw and repay as needed
  • Only pay interest on what you've drawn
  • Minimum 12 months trading, $5,000/month revenue

Full Comparison

LenderLoan RangeMin. TradingMin. RevenueDecision SpeedBest For
Prospa ⭐$5K–$500K6 months$6K/month24 hoursMost tradies
Lumi$5K–$300K12 months$8K/monthSame dayEstablished businesses
MoulaUp to $250K12 months$5K/month24 hoursFlexible credit needs

Is interest on a business loan tax deductible?

Yes — interest on a business loan is a tax-deductible business expense. The principal repayments are not deductible (you borrowed money you still have), but the interest cost is. Keep your loan statements as records for your accountant.

Will applying affect my credit score?

Most fintech lenders do a "soft" credit check for pre-qualification that doesn't affect your score. A full application typically involves a "hard" check that does appear on your credit file. Multiple hard checks in a short period can reduce your score — apply to one lender at a time.

What's the difference between a business loan and a chattel mortgage?

A chattel mortgage is specifically for purchasing a vehicle or asset and uses that asset as security. A business loan (like those from Prospa, Lumi or Moula) is unsecured working capital — you can use it for anything business-related: materials, equipment, bridging cash flow, marketing. Different tools for different needs.