What is a fast business loan?
A fast business loan from OnDeck means you can confidently make the right decisions for your business when they matter most. With a simple application process, your small loan can be approved in as little as one business day.
Maybe there was an unforeseen or unfortunate situation (like a global pandemic) that has forced you to close your doors for a time and you need a little boost to get through or want to take advantage of the quiet time to do those much needed renovations. You might have found a good deal on equipment that you can’t pass up and need the funds quickly to secure the purchase. Or maybe business is booming, and you need some extra cash to support the workflow and hire new staff.
Financing from OnDeck can help you focus on and grow your business, with loans up to $250,000 available to 700+ industries.
Eligibility criteria for fast business loans
$100,000 gross annual turnover
1 year in business
(prior or recent)
business credit score required
Minimum 3 monthly deposits
Find out how much funding you could get for your business
How much can I borrow with a small business loan?
OnDeck small business loans range from a minimum of $10,000 to a maximum of $250,000. The amount you can borrow will depend on how much you are able to pay back in weekly or daily instalments as a business.
You can use our business loan calculator to estimate how much you would be required to pay in weekly instalments based on your desired loan amount and loan term.
Required documentation for a business loan application
The application process for a business loan with OnDeck should take no longer than 10 minutes if you have all the documentation on hand. You will need:
• Business financial statements
As we assess each application on a case by case situation, you may also need to provide:
• Personal bank statements
• You may also need to provide details of your personal financial circumstances, i.e. assets, debts, income, expenses.
Fast business loan facts
There is a lot of information to take in about short-term loans when deciding if it’s right for you and your small business. Here are some key facts to consider:
• Revenue: If your business has had steady income, meets the minimum business revenue requirement, and can make the repayment terms, then you will probably be eligible for a short-term business loan
• Business credit scores: With a set minimum business credit score, it’s easy to know whether or not you can be considered for a short-term business loan with OnDeck
• A short-term business loan can boost your credit score if scheduled repayments are paid on time
• OnDeck has minimum documentation requirements and an easy income verification process
• The time to apply, get approved, and receive money can be within one business day
• Loan amounts are flexible depending on your income and ability to make repayments
• Repayment periods range from 6 months to 24 months and can be made daily, weekly, or monthly
• Interest rates and other fees apply but tend to be lower with short-term loans
Fast business loan repayments
At OnDeck, we offer flexible repayment plans to suit you that range from weekly to daily payment options. Your repayment amount will depend on the loan amount and length of term on the loan. Our short-term business loan minimum term is 6 months, and our maximum loan term is 24 months.
Repayment plans can be flexible based on your income and how much you are able to pay back each day, week, or month. You can estimate how much your loan repayments would be with our business loan calculator.
What you can do with a fast business loan
Fast business loans can be beneficial for your business in a variety of situations to develop, expand, and improve. Here are a couple examples:
Renovating during the off-season
Hannah first started her clothing store online in 2016. After a couple years of growing success, she decided to open a brick-and-mortar store in Bondi to accommodate her customers’ needs and increase storage capacity. While the price and location were right for her budget and customers, the layout wasn’t suited for a clothing store.
After trying to make it work for a year, she realised a proper renovation was needed. She took out a small business loan to knock down a wall, giving it a much more open look and feel. She also used the loan to redo the floors and give the walls a nice new coat of paint.
Hannah shut her doors for a few weeks in the winter season, making it possible for her to re-launch the new space right in time for summer sales and tourists. With the fresh, enticing environment and improved ability to accommodate more customers in the store at one time, Hannah immediately saw a boost in sales.
Upgrading your equipment and machinery
Alex started his own construction business a couple years ago in Melbourne. He owned the basic supplies and rented specialist equipment based on the specific job requirements. With some marketing and word-of-mouth referrals, his schedule quickly filled up and projects were being booked a couple months in advance. After more than a year of steady jobs and turning a profit, he decided to upgrade his equipment and buy a few more tools to eliminate the renting costs.
After searching for tradie small business loans, he decided to finance with OnDeck. There was a massive end of year sale on equipment that he wanted to take advantage of and was impressed with OnDeck’s fast approval times.
Once he decided on how much the equipment was going to cost, he applied for the loan and was approved the next day. He was able to buy everything before the sale ended. That investment has allowed Alex to better serve his clients by having instant access to the equipment he needs. He was also able to reduce his operating costs, giving him a better profit per job.
Increasing service capacity
Sam owns a surf school in Noosa, which has a massive busy season during the summer but tapers off in the winter. After a few years in business, he became familiar with the cycle and wanted to better take advantage of the peak season. He decided the best way to do this was to increase his capacity to serve more customers. That involved buying more boards and hiring extra teachers. He had enough money saved up to buy a couple boards and hire one person but anticipated quickly booking out within the first couple of weeks, even with the extra help.
To be properly prepared for the next busy season, he needed a cash injection to kickstart this upfront spending. He applied for a small business loan to fund the cost. With that money, he was able to buy a dozen boards and hire three seasonal teachers. He more than doubled his profits that summer, paid off the loan, and saved enough money to fund the next year’s wages for the summer staff.
Different Types of Small Businesses
Finance and Marketing
Businesses such as small accounting firms, tax companies or market research companies can benefit from a small business loan to:
• Upgrade or purchase powerful automation tools
• Upgrade or purchase office equipment such as printers, tables, chairs, storage cabinets
• Renovate or expand office space
Businesses such as construction/trade work, landscaping companies or house cleaning services can benefit from a small business loan to:
• Upgrade or purchase equipment such as construction machinery, cleaning supplies, or other heavy equipment required for trade jobs
• Pay contractors
IT and Digital
Businesses such as web development companies, SEO consultancies or podcast providers can benefit from a small business loan to:
• Purchase development programs or other business tools and software
• Upgrade or purchase equipment such as podcast microphones, laptops, and other hardware
Businesses such as boutique clothing stores, homeware stores and gift shops can benefit from a small business loan to:
• Purchase supplies in bulk as suppliers usually provide discounts for bulk buys
• Renovate or expand the store front
• Pay employee wages
Food and Hospitality
• Upgrade or purchase store equipment such as coffee machines, commercial kitchen equipment and POS systems
• Renovate or expand business front
• Pay employee wages
Businesses such as dog grooming, personal training or hair salons can benefit from a small business loan to:
• Purchase supplies or equipment in bulk such as gym equipment, pet supplies or salon chairs
• Pay employee wages
• Cover costs for transportation if the business is mobile
What makes OnDeck's fast business loans so quick?
OnDeck is a non-bank lender, which means we aren’t a bank, credit union, or building society. We require a less extensive set of financial documents to be submitted with a loan application and have more flexible criteria to be approved than banks. This streamlines our application process and means you can receive funding faster.
Created to support and empower small businesses, OnDeck is 100% committed to serving its customers with the smartest financing solutions and world class service. OnDeck is the secure financing service that Australian small business owners can truly rely on.
Rates and Fees
Because non-bank lenders are privately owned institutions, they are able alter their rates and fees to stay competitive against banks and other non-bank lenders.
Easier and Faster Application
Banks require a more extensive set of financial documents to be submitted with loan applications whereas non-bank lenders will not. This means that unsecured business loan applications with non-non-bank lenders are streamlined and you can receive funding faster.
More Flexible Criteria
Non-bank lenders will generally have more flexible criteria when it comes to requirements for unsecured business loan applications. This can include requirements such as time in business, minimum business revenue and minimum business credit score. Customer service and customer support can also be an advantage of non-bank lenders.