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At OnDeck, we love to help Australian small businesses move forward and we're here for you now more than ever. We're Australia's leading online lender with over 14 years global experience, so we know what you need from your financing. We can help with fast, flexible funding to keep you on the move.
Great you're eligible! Here's how it works:
Complete a quick and easy application - it only takes a few minutes
Our lightning loans up to $175k can be funded in as fast as 2 hours - simply provide 6 months bank statements
More complex loans of up to $250k can be completed in as fast as 1 business day
A dedicated Australia-based Loan Specialist will be in touch to help process your application
Navigating Your Business Loan Unsecured Options
As a business owner, the path is fraught with challenges, and at some point, you may need a loan to help you move forward and reach your goals. But with the variety of commercial finance options out there, it can be tough to figure out how and where to get a business loan unsecured. However, staying on top of small business finance shouldn’t have to get in the way of your day-to-day duties as a business owner.
Today, at OnDeck, we’ll be telling you about our unsecured business loans and how this tailored financial product can help you grow and scale your business. Read on to find out more about eligibility requirements and our easy application process.
Unsecured business loans made easy
People look up business loan unsecured options for various reasons. Some may be seeking alternative online loans to enhance liquidity for day-to-day operational expenses. Others may need a finance loan to acquire or upgrade equipment or enter a new regional market in Australia. Others may still want to launch marketing campaigns through SME funding to widen their customer base.
There are several types of business finance loans available, with different business loan providers offering different types of loans. Due to the unique financial needs of every small business, OnDeck offers Lightning Loans® and larger finance loans.
Lightning Loans are no-collateral loans that offer fast and easy access to finance, ranging from $10,000 to $175,000. We also offer larger financial loans, or Lightning Loans Plus, that range from $175,001 to $250,000.
With billions of dollars in business loans for over 100,000 companies like yours, our service has gained expertise across over 700 industries since we opened our online doors in 2007. Whether you need easy approval business loans to fuel your small business goals or need larger loan amounts, our business loan unsecured option could be something to consider.
We’re able to provide fast funding thanks to our OnDeck Koala Score™, our powerful new credit scoring ability, built for Australian businesses. Combining thousands of data points and years of small business lending experience, it is one of the most predictive credit scoring engines in the country.
Our score system gives us a better sense of your business and how much we can lend you, which is often more than you would get elsewhere. Apply today and get access to business financing in as little as two hours!
Frequently Asked Questions (FAQ)
What is an unsecured business loan?
A business loan unsecured option is a financing option where a business can borrow funds from a business lending entity without providing collateral. Unlike secured loans that require assets as security, unsecured loans are assessed based on various factors like financial history and business performance.
While the absence of collateral makes it less risky for the borrower, the loan amount for unsecured small business loans is often determined by the borrower’s creditworthiness and financial stability. With OnDeck, your business credit score and cash flow, which are analysed from the last six months of bank statement data, play a crucial role in loan eligibility for those looking up ‘business loan unsecured’.
What documents are typically required for an unsecured business loan application?
We understand that gathering requirements to apply for various business loan unsecured options can be overwhelming. Therefore, we adhere to four basic criteria for eligibility to ensure transparency and clarity. To qualify for a loan from us, your company simply needs to meet the following requirements:
- a minimum of one year in business,
- an annual turnover that exceeds $100,000,
- a record without prior or recent bankruptcy; and
- a minimum business credit score of 400.
Business owners will also need to provide six months of business bank statement data and present proof of healthy monthly revenue.
Our larger loans have additional requirements aside from the six months of business bank statements. You’ll also need to provide the most recent year’s accountant-prepared financials for the past twelve months. Approval schedules in these cases are determined on a case-by-case basis, taking into account complex loan structures.
We’ve carefully put these criteria in place to ensure that those partnering with us are well-positioned to manage and repay their small business credit effectively. We are committed to supporting the growth and stability of your business.
Can startups qualify for unsecured business loans?
The answer is yes – you can get loan financing for your startup even if you don’t have any collateral. Whether you’re looking to cover operating costs, invest in new equipment, or hire skilled staff, there are a variety of business loan unsecured pathways that can help your startup grow more quickly.
As long as your startup has been in business for at least one year and meets all our other indicated requirements, you can apply for our business loan unsecured options and potentially secure needed funding.
OnDeck: Your Partner in Financial Success
As a partner in progress, OnDeck helps small businesses all across Australia. In addition, we know how critical it is to provide individualised assistance in the business finance sector based on our extensive experience.
Our dedicated Australia-based Loan Specialists can assist your business accordingly. As you go through the application process, know that they can guide you, ultimately understanding your business and ensuring you have a smooth experience.
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.
