Business Debt Consolidation Australia
It’s common for Australian businesses to require a few different loans to get their business model rolling. Still, the different repayment dates, stacking interest rates and fees on each loan can cause problems for a growing business.
OnDeck offers loans to Australian businesses to consolidate their debt, allowing them to reduce their overall monthly costs and simplify repayments to a single, easy-to-manage debt. All you have to do is refinance your existing debts with other credit providers under one OnDeck business loan.
How a debt consolidation loan works
If you are approved for an OnDeck loan, you can use it to pay out your existing debts, whether they’re secured or unsecured loans, from whoever you currently owe, setting you up with a single unsecured loan and repayment plan with us for the total amount.
Instead of having to make multiple payments with different interest rates on different loans, you make a single consolidated monthly payment.
Debt consolidation is a great solution that works with many types of existing loans and can make it easier to get your business back on its feet.
When to consider debt consolidation
If your business is struggling with:
- An endless pile of bills from multiple debts that you struggle to keep track of.
- Very high or varied interest rates on different loans.
- A stable source of income that takes time and effort to sort between different payments.
Then you could consider putting in an application with OnDeck to consolidate your loans.
What are the benefits of a business loan to consolidate your debts?
Debt consolidation isn’t always the answer, and you should always consider your current situation and all the options available for your specific financial situation.
There are some potential benefits to consolidating your debts with OnDeck:
- Simplified finances
- A single loan to one creditor
- Reduce the amount of ongoing fees
- One set end date for your debt
OnDeck’s finance team is ready to help you arrange the consolidation of your secured or unsecured loans into one easy-to-manage unsecured business loan.
Debt Consolidation Australia FAQs
How much does an unsecured business loan cost to consolidate your debts?
The total cost will be different for everyone; it entirely depends on your current financial circumstances and how large your combined existing loan is. Your new credit provider will use that information to work with you to settle on a new loan with set monthly repayments and a fixed interest rate.
What does my business need to qualify for a business loan to consolidate my debts?
To be eligible to consolidate your existing debts into an unsecured loan with OnDeck, your business needs to:
- Have been operating for more than one year
- Have a minimum business credit score of 400
- Have a minimum of $100,000 in gross turnover
You could be eligible for an OnDeck business loan if you meet these criteria.
What are the rates of a debt consolidation loan in Australia?
The rates of your new loan after debt consolidation depends on a few factors; the most relevant is your business’s credit rating, the loan amount, and the lender. OnDeck’s business loans have very competitive rates and cover amounts from $10,000 to $250,000, so long as you have a credit rating of at least 400.
Prepared by OnDeck Capital Australia Pty Ltd ABN 28 603 753 215 (“OnDeck”) 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. Information current as at August 2022. You should not rely upon the material or information as a basis for making any business, financial or any other decisions. Loans issued in Australia are subject to the terms of a loan agreement issued by OnDeck. Loans are subject to lender approval. OnDeck® is a Registered Trademark. All rights reserved.