An Informative Perspective Into ABN Loans With OnDeck

ABN loans are a business financing option that is tailored for businesses holding an Australian Business Number.

Australia’s business landscape would have looked differently without ABN loans. These loans provide small and medium-sized businesses with specialised financing solutions, such as unsecured business financing or working capital loans.

These commercial loans also provide a robust alternative to traditional financing for a percentage of small businesses. They do so by bridging the financial gap and paving the way for businesses to flourish.

In short, these financial loans have strategic importance in the economic fabric of Australia. To better understand the value of ABN funding, here are OnDeck’s answers to some of the common questions pushed forward about this credit product.

Frequently Asked Questions (FAQ)

How does an ABN loan differ from other types of loans?

An ABN loan is a business finance option tailored specifically for businesses and sole traders with an Australian Business Number. Unlike personal loans, the application process for ABN loans typically includes requirements for business-related documents, such as bank statements or financial papers.

Your business credit score is also a common requirement for ABN loan options, as it gives loan providers a sense of the financial position of your business.

If you’d like to check your business credit score first before applying for a loan, then OnDeck’s ‘Know Your Score’ tool is a free and secure way of getting your score fast.

Provide us with your company details, and we’ll give you your business credit score right away. Even better, you are under no obligation to apply for an OnDeck loan simply by using the ‘Know Your Score’ tool.

At OnDeck, we also have the KOALA Score™. Our powerful credit scoring technology is designed for businesses in Australia and combines thousands of data points with our extensive experience in small business lending to provide loan amounts often above what traditional lenders offer.

What are the different types of ABN loans available?

If you’re interested in getting a business loan, then you’ll be happy to know that there are several types of ABN loans available, each catering to different business needs and circumstances.

You have secured and unsecured loans, with secured loans requiring some form of asset as collateral and unsecured loans offering more flexible access to funds without needing collateral.

Short-term business loans and small business financing typically provide a lump-sum amount that can be repaid in a short period, typically six to twelve months.

There are also lines of credit, which allow you to draw funds up to a set limit and repay them on an agreed-upon schedule, providing flexible access and availability for operational funds.

We at OnDeck understand that every small business has unique financial needs, which is why we developed Lightning Loans® to provide easy and fast access to capital financing. With Lightning Loans® Plus, you can also get larger loan amounts.

To qualify for OnDeck’s ABN loans, you will need to meet the following criteria:

• Your business must meet the required minimum gross annual turnover.
• Your business must be generating income for at least one year.
• Your business has not filed for bankruptcy (prior or recent).
• Your business must meet the minimum required business credit score.

What documents are required to apply for an ABN loan?

To qualify for ABN loans, the business must provide a comprehensive set of financial and operational documents.

As part of this process, you may be asked to provide details about your business, such as business registration information, personal identification, and financial records, such as bank statements and tax returns. This information will then be carefully assessed to determine eligibility for business finance loans.

To get started with our business loan application at OnDeck, you need to provide six months of recent business bank statements. Lightning Loans® Plus also requires the most recent accountant-prepared financials from the past twelve months.

For any questions about your eligibility or application requirements, feel free to contact us via phone call or email.

Business financing and growth with OnDeck

OnDeck is your partner towards progress, helping propel Australian small businesses into their next phase of growth. With years of experience in business lending in the country, we understand the unique financial needs of your business and offer ABN loans that are suited to a wide range of business needs.

Whether you’re eyeing expansion, need to boost your inventory, or simply want to stabilise your cash flow, our loan terms and funding options are designed to keep your business moving forward. Our mission is to make your loan application process seamless from start to finish, guiding you every step of the way.

Let us be the catalyst for your business’s future success. Get started on your OnDeck loan application today.

This article is for general information purposes only. Content may belong to or have originated from third parties, and OnDeck takes no responsibility for the accuracy, validity, reliability or completeness of any information. OnDeck is not a financial adviser. You should consider seeking independent legal, financial, taxation or other advice to check how this information relates to your unique circumstances. OnDeck is not liable for any loss caused, whether due to negligence or otherwise arising from the use of, or reliance on, the information provided directly or indirectly by the use of this website.