Get More Information on Business Loan Interest Rates Now

Understanding business loan interest rates is one of the first steps to making an informed decision about whether the financing will be used for equipment acquisition, cash flow assistance, or other purposes. 

For this reason, this article tackles topics like variable and fixed rates, interest factors, and much more. 

Getting financed at OnDeck

Unsecured loans with competitive rates

Those interested in the business loan interest rates Australia has to offer probably want a competitive percentage along with other reasonable terms and a straightforward application process. 

However, not a lot of people are inclined to consider secured business loans. 

Even if they may have competitive interest rates, they usually come with strict requirements. Typically, secured options require you to enlist assets, like a vehicle or property, as security. Should there be missed repayments, then these would be used as collateral. 

We at OnDeck understand those in this dilemma, and that’s why we’re here to provide unsecured business loans with competitive interest rates.

No longer will your business have to put assets on the line. With us, you can experience flexibility when applying and even receive a comprehensive yet speedy decision in as fast as thirty minutes.

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Frequently Asked Questions (FAQ)

How often do business loan interest rates change? 

Depending on the lender’s terms and conditions, the business loan interest rate can change as often as a couple of times a month. Contrastingly, it may not even change at all during the whole duration. 

Similar to any other type of loan, there are fixed and variable interest rates for business finance, both with their own unique advantages. 

• Variable business loan interest rates: Variable rates fluctuate in line with market indicators, but they can also be potentially capped to limit excessive rises. They may offer low or high rates, adjusting depending on the market trend.

• Fixed business loan interest rates: On the other hand, fixed rates remain unchanged throughout the loan term, offering the same percentage despite market fluctuations.

The good news is that at OnDeck, you can receive suitable loan rates based on the specific needs and circumstances of your business. We offer an array of interest rates, and they’re determined by the enterprise information you share with us.

How does the size of the loan impact the interest rate?

Whether it’s financing from a traditional bank or a digital lender, the amount borrowed for business loans generally plays a significant role in determining interest rates, with larger business loan options typically coming with higher rates. 

In addition to this, the same effect can typically be expected when it comes to business loan terms. The longer the repayment duration, the higher the business loan interest rates may be. This is because there is extended risk and commitment when the loan term is longer.

However, we at OnDeck also consider a wide range of factors when providing you with a competitive interest rate. This includes your overall business health (annual turnover, no record of bankruptcy, etc.) and your business credit score.

To give you a better idea, the range of business loan interest rates we offer could be comparable to those offered by banks or more similar to a business credit card, depending on your business’s profile.

Are there different interest rates for different types of business loans?

As with other forms of online financing, there are different interest rates for different types of business loans Australia-wide. 

For instance, unsecured business loans don’t need any collateral and have competitive finance rates, while secured business loans may offer lower interest rates but require you to put up collateral in case of missed repayments. 

What’s more, there are also small business loans, commercial loans, and other types of online financing that have fixed rate periods. This means that the start of the loan will generally have a constant interest rate. Afterwards, when the specified duration elapses, the interest rate can increase, turn into a variable rate, or perhaps even be finalised into another rate. 

Business loan interest rates would ultimately depend on the lender, with the percentage and potential changes detailed within the agreement. 

That’s why at OnDeck, not only do we present transparent terms, but we also provide a variety of competitive business loan interest rates, all based on factors such as business credit score, cash flow, and more. 

Apply now!

Providing support for small businesses in Australia

Our mission at OnDeck is to revolutionise small business financing. With a commitment to providing swift, flexible solutions, we cater to the unique needs of enterprises across the nation. Here, we’ve even been making financial support accessible and straightforward. Through our streamlined online application process, qualifying businesses can secure funding in as little as two hours!

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.