Why Choose OnDeck For Quick Business Finance Loans

If you’re looking for finance loans, chances are you’re putting in the work to sustain your business and make it thrive. At OnDeck, this is a drive that we admire and want to support. So, we’re here to guide you through your financing options and show you why getting a business loan with us may just be the key to your success. 

How OnDeck stands out

Unsecured loan offerings

At OnDeck, we offer unsecured loans. This means that, unlike lenders of secured loans, we don’t require you to use your personal assets as collateral for the loan. So, you can get small business loans without the risk of losing valuable assets like your house or your car. 

Additionally, the absence of collateral requirements also expedites the loan approval process. Without the need for asset evaluation, we can provide you with a decision regarding your unsecured business loans application in as little as thirty minutes. 

Fast and easy

Finance loans don’t have to be a lengthy and arduous process. You shouldn’t have to deal with piles of paperwork or wait for days just to secure business funding. This is especially true if your needs are urgent, like fixing a business emergency or pursuing a time-sensitive opportunity. That’s why OnDeck revolutionises business finance loans with a streamlined process designed for efficiency.

It’ll only take you minutes to complete our user-friendly loan application form from the comfort of your home. We don’t just provide decisions swiftly; we also disburse funds quickly. If your application is approved, the funds can be sent to your account in as little as two hours. 

When it comes to finance loans, our commitment to speed and convenience ensures that your business can respond to opportunities and challenges with unparalleled agility.

The Koala Score innovation

Are you wondering how we can possibly make approval decisions that quickly? It’s simple; we’ve got our groundbreaking Koala Score technology on our side. Using thousands of data points from our years of experience in business lending, our Koala Score, which is designed specifically for Australian businesses, has become one of the most predictive credit scoring engines in the country.

Frequently Asked Questions (FAQ)

How do business loans differ from personal loans?

Personal finance loans cater to a broad spectrum of individual needs, from educational expenses to home renovations. Unlike their business counterparts, these loans are not designed with commercial endeavours in mind. So, if you need access to funds to reach your company’s goals, business loans are the go-to option for you. 

What business loans can be used for

OnDeck recognises the unique goals of each business. One business may be gearing up for expansion, while another is planning to invest in some extra advertising. That’s why we offer finance loans of various amounts; by providing personalised financial solutions, we ensure that every business finds its perfect fit.

Our Lightning Loans®, which range from $10,000 to $175,000, are ideal for SMEs in need of quick business capital for inventory financing, marketing costs, or other operational expenses. For businesses seeking more substantial support, our Lightning Loans Plus are available up to $250,000, ideal for larger scale aspirations like buying new real estate.

How do lenders determine eligibility for business loans?

Loan companies traditionally weigh a myriad of factors, from business credit scores and cash flow to your business’s tenure and industry sector. However, no two loan programs are the same. So, the specific standards for each one will be different. 

This variety can make navigating eligibility criteria confusing and make it more difficult to figure out which finance loans you qualify for. That’s why OnDeck has made sure that our requirements are simple. To qualify for a loan with us, your business must have a minimum annual turnover of $100,000, at least one year of business operation, no bankruptcy record, and a minimum credit score of 400.

Find out your score

Are you unsure of what your business credit score is? Don’t worry, we have an online tool that lets you find out if your score meets our standards. OnDeck’s ‘Know Your Score’ tool is designed to offer businesses a transparent, secure, and immediate way to understand their financial standing, all without any cost or risk.

How can a business improve its chances of getting approved for a loan?

Still worried about your loan approval chances? Here are a couple of ways you can improve the likelihood of your business financing loan getting approved.

Business credit scores are a huge part of getting finance loans. A good credit score is not just a number; it’s a reflection of your business’s financial responsibility and reliability. By maintaining a strong credit score, you significantly enhance your chances of loan approval. You may even get more favourable terms and rates.

Demonstrating good cash flow is also important. As part of our required documents during application, you’ll have to submit six months’ worth of bank statements. Making sure these documents show a clear demonstration of steady, healthy monthly revenue can significantly improve your loan approval odds.

Elevate your business 

OnDeck has thrived for many years in the business lending industry, and for good reason. We’ve helped thousands of Australians get the finance loans they need to enable their businesses’ growth and evolution. 

On top of that, our customer service is unparalleled. Every client is paired with a dedicated Australia-based loan specialist to ensure that the application process is a smooth and efficient experience for each person. 

Opening a business was just the beginning of your dream. Grow your venture into the business you’ve always dreamed of. Apply for a loan today.

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.