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No Need to be Net-Savvy to Apply for an Online Business Loan

by OnDeck Australia,   Mar 24, 2019

Technology is changing everything. From the way we make travel arrangements, shop at the department store, order a taxi—and even the way business owners apply for a small business loan. As more and more people do business on their smartphones, tablets, and computers, it’s no wonder that online applications for small business loans are the preferred choice for many business owners.

When you consider the traditional weeks-long process and reams of documents associated with a traditional loan application, a simple, easy-to-understand, online loan application makes a lot of sense for time-crunched small business owners.

You can apply for an online business loan without being net-savvy

A small business owner shouldn’t have to be a financial expert to complete a loan application, and small business lenders (like OnDeck) are embracing a new paradigm to provide business owners with efficient access to the capital they need to build growing businesses that strengthen communities and create jobs.

By looking at small business lending and the qualification process differently, these lenders are turning traditional credit models, which rely heavily on personal credit scores and specific collateral, on their heads. No longer do you need to be an internet-savvy wizard to apply for an online business loan. With OnDeck, it takes just 10 minutes to apply for a loan online, or if you’d prefer to speak to someone in person you can call on 1800 676 652. Since opening its doors in 2007, OnDeck Group has loaned over US$10 Billion to more than 80,000 small business owners, globally.

 

Frequently Asked Questions When Applying for a Business Loan

Do I need security to get a small business loan?
Some lenders, including many traditional lenders like the bank, do require specific security for a small business loan. This means that many potentially good borrowers could struggle to access the capital they need because their business doesn’t have the specific collateral needed to secure a loan. OnDeck’s unsecured business loan does not require the borrower to offer collateral as security. The owner / director is required to sign a personal guarantee.

 

Can I get a business loan after a bankruptcy?
Qualifying for a business loan following a bankruptcy will be more difficult after the bankruptcy appears on your credit report. You can check the status of your business credit report by contacting one of Australia’s credit bureaus such as Equifax or Illion.

 

Can I get a business loan with a less-than-perfect business credit score?
Your business credit score is commonly used by lenders to assess the health of your business. While a good credit score may unlock some more finance opportunities, a less-than-perfect score may impact your financing options. To check your business credit score for free, visit OnDeck’s Know Your Score tool.

 

How do I apply for an online business loan?
If you apply for an online business loan, you will generally complete a simple online application. To apply for a business loan with OnDeck, visit our easy to use online application. It only takes 10 minutes to complete and if approved you could have the funds within one business day.

 

Do I have to apply online for a business loan, or can I call?
You can apply online at any time or, if you pefer, you can call to speak to an OnDeck loan specialist on 1800 676 652 during normal office hours. Regardless of whether you apply online or over the phone, at OnDeck you will be assigned to a dedicated loan specialist, based in Australia, who will work with you throughout the application process. Our loan specialists are highly trained and can answer any questions you have regarding your loan application.

 

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