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 easy application process, your small loan can be approved in as fast as 30 minutes.
Our fast business loans can:
- Provide you with extra cashflow to support your growing business (such as hiring more staff, expanding your facilities, taking on stock or starting a new marketing campaign)
- Allow you to pay for urgent repairs or renovations for your business
- Help you secure a great deal on new equipment that you don't want to pass up due to a lack of funds
- Assist you when there is an unforeseen or unfortunate situation (like temporary lockdowns)
Our Lightning Loans up to $100,000 can be approved in as fast as 30 minutes and funding in as fast as 2 hours. More complex loans up to $250,000 can be completed in as fast as 1 business day.
How much can I borrow with a fast business loan?
OnDeck's fast business loans let you borrow between $10,000 and $250,000 over terms ranging from 6 to 24 months. The amount you can borrow will depend on your recent bank statements and we can provide you a decision in as fast as 30 minutes. Our dedicated Australia-based Loan Specialists can help provide an indication of your expected loan amount over the phone. We offer flexible weekly or daily repayment options to support your cashflow as you make repayments.
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
Required documentation for a business loan application
The application process for a business loan with OnDeck should take only a few minutes. You will need:
- Recent 6 months of business bank statements, which can be upload at the end of the application via our secure portal
As we assess each application on a case by case situation, you may also need to provide:
- You may also need to provide details of your financial circumstances, i.e. assets, debts, income, expenses.
Fast business loan facts
There is a lot of information to understand when you're deciding if a loan is right for your 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 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 business loan with OnDeck
• A business loan can boost your credit score if scheduled repayments are paid on time
• OnDeck has minimum documentation requirements and your loan can be approved with as little as 6 months of recent business bank statements
• You can apply, get approved and receive funds in as fast as 2 hours
• Loan amounts are range from $10,000 to $250,000
• Terms range from 6 months to 24 months
• Repayments are flexible with weekly or daily options
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.
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.