Equifax 550 Business Loan - What Credit Score Do You Need in Australia?

What Equifax score do you need for a business overdraft?

Most non-bank lenders on OverdraftMe's panel require a minimum Equifax credit score of 550. Some specialist lenders can work with scores as low as 400–500, though the rates and terms will be less favourable.

For context, the Equifax scale runs from 0 to 1,200. A score of 550 is considered "below average" but is sufficient for most non-bank business finance products. The average Australian credit score sits around 650–700.

How to check your Equifax score for free

You can check your Equifax score for free at getcreditscore.com.au. Checking your own score does NOT affect it - it's a "soft enquiry" that doesn't appear on your credit file.

What if my score is below 550?

A score below 550 doesn't mean automatic decline. Some options:

• Specialist lenders: Some lenders on our panel specialise in impaired credit and can work with scores of 400+.
• Secured facilities: Offering property or business assets as security can offset a lower credit score.
• Wait and rebuild: Paying existing debts on time, reducing credit card balances, and correcting errors on your credit file can improve your score within 3–6 months.

What hurts your credit score?

• Late payments on loans, credit cards, or utilities
• Defaults and court judgments
• Multiple credit applications in a short period (each one leaves a mark)
• High credit utilisation (maxed-out cards)

This is why OverdraftMe lodges a single credit enquiry across 50+ lenders - protecting your score while maximising your options. Going direct to multiple lenders means multiple enquiries, each one lowering your score further.