Your Complete Guide To Business Finance Loans

No one wants the complexities of business finance to get in the way of their work. 

That’s why, at OnDeck, we’ll show you how we can help with our tailored, unsecured business loans and exclusive benefits. Through this article, you’ll be able to learn about the factors for approval, your business credit score, and other pertinent topics. 

Beyond financial support

Your partners in progress

At OnDeck, we boast more than just a straightforward application and a decision in minutes. 

With us, you can be supported by real people – professionals who can guide you through the business finance process.

Your OnDeck loan specialist will be ready to assist you, be it in determining the most suitable loan type and term for your business or perhaps addressing other concerns you may have. Additionally, our underwriters, repayment experts, and other specialists are also there to step in, taking care of any specific needs that may emerge.

Apply now and get access to business financing within twenty-four hours! 

Frequently Asked Questions (FAQ)

What types of business finance loans are available?

There are many types of business finance loans available, with various lenders providing different kinds of options. At OnDeck, we understand that every small business has unique financial needs, which is why we produced our Lightning Loans® to provide fast and easy access to finance.

• Lightning Loans: Our popular lightning loans range from $10,000 to $175,000. In addition to boosting cash flow, they are perfect for SMEs needing fast cash to purchase stock, acquire vehicles, implement marketing campaigns, or simply cover expenses. All we require is six months of recent business bank statements

• Lightning Loans Plus: On the other hand, we also offer larger loans that range from $175,001 to $250,000. In addition to the six months of recent business bank statements, you’ll also need to provide the most recent year’s accountant-prepared financials (past 12 months).

In addition to this, you’ll be pleased to know that we only provide unsecured business finance solutions (no assets, collateral, or security are needed). We even meticulously tailor them to fit your business’s specific situation and sector.

Whether you’re in the service industries or the finance and marketing industries, we at OnDeck are here with small business finance loans that span six to twenty-four months to meet your financing needs. 

How does a business’s credit score impact loan eligibility?

Your business credit score and cash flow analysed from your recent six months of bank statement data play a crucial role in loan eligibility. Traditionally, lenders would use this numerical rating as a general measure of your creditworthiness, even using it as a guide to see if your business is qualified for more suitable rates and terms.

We at OnDeck understand the health of Australian small businesses by taking a data and technology-led approach to providing finance. We don’t use human bias but data-driven decisions to provide you with access to the funds needed for growth or managing cash flow.

To submit an application, simply ensure that you have:

• a minimum of one year in business;
• an annual turnover of more than $100,000;
• no bankruptcy (prior or recent); and 
• a minimum business credit score of 400.

If you’ve met all these small business loan requirements, you can look forward to a decision in as fast as thirty minutes.

How can a business owner improve their chances of loan approval?

There are several strategies that you can use to increase your chances of getting a loan approval, whether you’re looking for startup financing or capital for a small business. As part of this process, you need to provide six months of business bank statement data, show you have healthy monthly revenue,  and have a business credit score above 400.

However, we at OnDeck know that you have business responsibilities in the background, and for that reason, we’re dedicated to helping you through our ‘Know Your Score’ tool and our Koala Score. 

Know Your Score

Through our partnership with Equifax, the credit reporting agency, we are able to give you access to your business credit report without affecting it in any way. Using this free online tool, you can get an idea of your financial standing before you apply.

Koala Score

Bringing together thousands of data points and fourteen years of small business lending, we have one of the most predictive credit-scoring engines.

As such, we can get a quick and accurate understanding of your business when you apply. This will also let us know how much we can let you borrow, potentially allowing us to offer more generous lending compared to business credit options. 

Remember, understanding your business’s credit health is the first step towards a successful business loan application.

Get started with us at OnDeck for business finance loans!

Suitable financing for your business

Providing unsecured business finance loans is what OnDeck is all about. We offer practical, real-world credit options for a wide range of Australian SMEs with our innovative and tailored approach. With us, you can navigate the financial landscape confidently and propel your business forward.

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.