Unsecured small business loans can be an excellent financing option for businesses looking for flexibility and quick access to capital. Compared to traditional bank loans, unsecured loans can offer several advantages that make them an attractive option for many businesses, including those looking to work with a reputable lender like OnDeck.
No collateral required
One of the biggest benefits of unsecured business loans is that they don’t require collateral, meaning borrowers don’t have to put up their personal assets, like their home or car, as security against the loan. This can be a significant advantage for businesses that may not have enough assets to secure a traditional bank loan or don’t want to risk losing their personal property. At OnDeck, we offer unsecured business loans ranging from $10,000 to $250,000, which can be used for a wide range of purposes, including purchasing inventory, hiring new employees, or expanding your business.
Typically Faster Approval Process
Another benefit of unsecured loans is that they typically have a faster approval process than traditional bank loans, as they don’t require the lender to assess the value of the business’s assets before approving the loan. At OnDeck, we understand that small businesses often need access to funding quickly, which is why we’ve streamlined our application and funding process to help get you the capital you need as soon as possible. In fact, most of our customers receive funding within 24 hours of approval.
Flexibility
In addition to a faster approval process, unsecured business loans may also offer more flexible repayment terms than traditional bank loans. For example, with an OnDeck unsecured loan, you can have a weekly repayment option, which can help you better manage your cash flow with smaller, more manageable repayments.
Finally, unsecured business loans can be used for a wide range of purposes, making them an incredibly flexible financing option for businesses. Whether you’re looking to purchase new equipment, invest in marketing, or cover other operational expenses, an unsecured business loan from OnDeck can help you get the funds you need to achieve your goals.
In summary, unsecured business loans can offer several advantages over traditional bank loans, including no collateral requirements, a faster approval process, more flexible repayment terms, and the ability to use funds for a wide range of purposes. If you’re looking for a reputable lender that can help you secure the financing you need to grow your business, consider applying for an unsecured business loan from OnDeck.
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 May 2023. 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.
