Loan For Business Solutions By OnDeck

Are you looking for a loan for business needs to take your things to the next level? At OnDeck, we understand the critical role that timely and flexible financing plays in achieving growth and stability. Our diverse range of business loans caters to the unique needs of your venture, whether you need a business expansion loan, capital loan, or a commercial loan.

At OnDeck, we ensure that your journey towards success is supported by the solid foundation of our financial solutions. Throughout this journey, you’ll be fully supported by real people – professionals who can guide you through our loan for business process, illustrating our commitment to your business’s growth.

Eligibility and Application for Business Loans

Understanding Eligibility Criteria

OnDeck's business loan application process is designed to be easy and straightforward. 

Our business loan eligibility criteria are the following: 

• Minimum business credit score of 400
• Minimum of one year’s operational history
• No record of bankruptcy
• An annual revenue of at least $100,000

Your business’s health is assessed using our data and technology-led approach, focusing on your credit score and cash flow from the last six months of bank statement data.

In order to offer more inclusive financing options for SMEs who may need an equipment loan for business, we have developed our innovative Koala Score™, which combines thousands of data points and fourteen years of small business lending, making it one of the most predictive credit scoring engines in Australia. 

With the score, we're able to get a better picture of your business and how much we can lend you, which can often be more than you would get elsewhere. Our offering is a significant advantage, especially for those in need of new business loans including newer enterprises, sole traders, and partnerships. 

Our approach to small business loans is part of our commitment to making financial backing available to as many business owners in Australia as possible, including those in their early stages or with less commercial history.

Loan Terms and Financing Options

We’re committed to providing SME loan options that align with your business’s immediate needs and future ambitions. 

Our popular Lightning Loans® are suitable for those needing fast cash and ideal for SMEs in search of quick funding to buy inventory, purchase vehicles, launch marketing initiatives, or just manage day-to-day expenses. The only documentation needed is the last six months of business bank statements.

On the other hand, you can borrow larger loans with our Lightning Loans Plus. In addition to the six months of recent business bank statements, you’ll also need to provide the most recent year’s accountant-prepared financials (past 12 months).

Our financing solutions help ensure you find the perfect match for your business scenario, all without the requirement of collateral. 

It’s important to note that the terms of your loan for business can significantly impact your repayment strategy and interest costs. Short-term loans may offer the advantage of lower total interest costs over the life of the loan, while long-term business loans can make for more manageable monthly payments, albeit with a higher total interest cost over time. 

Streamlined Application Process

At OnDeck, we pride ourselves on making your loan application process as smooth and fast as possible. 

To ensure you’re fully prepared, having your financial statements, proof of ownership, identification, and six months of recent business bank statements ready can help expedite the process. You’ll be glad to know that decisions for a loan for business are often made within thirty minutes, with funds potentially available in as quick as two hours. 

A dedicated, Australia-based loan specialist will guide you every step of the way, ensuring your journey towards financial growth is smooth and efficient. You can have confidence in our service since we’ve provided thousands of Australian business owners with access to the working capital loan needed to grow their businesses. 

Frequently Asked Questions (FAQ)

Can I get a business loan without collateral?

Yes, OnDeck specialises in unsecured business loans, eliminating the need for collateral. This provides a significant advantage for business owners who seek financial flexibility from loan companies without sacrificing their assets, offering loan amounts tailored to their growth stage.

What are the different types of interest rates for business loans?

Fixed rates offer the predictability of consistent monthly payments, while variable rates can adjust with market conditions, potentially benefiting businesses with more flexible payment capabilities. At OnDeck, our approach to interest rates means considering various factors, including your business credit score, with higher scores generally leading to lower interest rates. 

Can I get a business loan if my business is a franchise?

Franchise businesses are welcome at OnDeck. If you can demonstrate a healthy monthly revenue and a business credit score above 400, you can access our unsecured finance loans for various growth or operational needs.

Empowering Australian Small Businesses with OnDeck

At OnDeck, we’re passionate about propelling Australian small businesses into the future with our fast, flexible funding solutions. With OnDeck, you gain more than just quick business loans; you receive a partnership. 

Ready to take your business to the next level? OnDeck is here to make it happen with a loan for business needs.

Apply now and get access to business financing within twenty-four 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.