The Benefits of a Quick Loan, Small Business-Wise

If you’ve been looking for a short-term loan, small business financing, or something similar lately, you may be familiar with the unique challenges of securing the best business loans. If you manage the day-to-day operations of a small business, you may not have the time or the energy to go through tedious microbusiness loan processes.

At OnDeck, we pride ourselves on having a straightforward and quick loan application process. Learn how we can help you fuel the growth of your business today.

Considering a small business loan

Unique features

If you’re looking up ‘loan small business’, you may be interested to know about how it differs from other credit products. Personal financial loans are used by individuals for a variety of purposes, such as car repairs, wedding expenses, and more.

On the other hand, small business loans are an infusion of small business capital from an outside lender or financial institution. As they are designed for companies instead of individuals, they typically offer higher borrowing limits and longer repayment terms. They can be used in various ways, from supporting daily overhead expenses to upgrading equipment and more.

However, new businesses may not have the liquidity to offer collateral or security for certain business loans that require them. Since these challenges exist, it’s no surprise that many companies are looking for an unsecured small business loan that meets their needs.

Our goal at OnDeck is to offer the best small business funding to those who have previously been disappointed by the results they’ve seen when looking up ’loan small business’. As an unsecured small business loan, we offer quick business loans that don’t require collateral, with repayment terms ranging from six to twenty-four months.

The OnDeck difference

Some enterprise owners looking up ’loan small business’ may be working with limited cash on hand. When seasonal demand fluctuates, receivables are delayed, or inventory needs to be restocked promptly, quick loans can help manage cash flow gaps. 

Investments are often required for growth initiatives such as marketing campaigns, new product development, or geographic expansion. Quick business financing helps businesses keep up their momentum without waiting for traditional, slower options. This is how we at OnDeck can help drive your business’s growth.

With our Koala Score™, our powerful new credit scoring capability, we can combine thousands of data points with our many years of small business lending experience, creating one of the most predictive credit scoring engines in the country.

The scores give us a better understanding of your business and how much we can lend you. It also enables us to process loan applications quickly. In fact, you can get a decision in as fast as thirty minutes and access the funds in as little as two hours. This way, you don’t have to waste precious time looking up ’loan small business’.

Frequently Asked Questions (FAQ)

What are the different types of small business loans available?

There are several kinds of small business financing options, with different providers offering different types of loans. With special consideration to the unique financial needs of every business, OnDeck offers Lightning Loans® for eligible applicants looking up ‘loan small business’.

The great thing about our Lightning Loans is that they do not require collateral, and loan amounts can range from $10,000 to $175,000. In addition, we offer larger financial loans, called Lightning Loans Plus, available up to $250,000.

At OnDeck, we’ve proudly provided thousands of Australian business owners with access to the funding needed to grow their businesses. Whether you need financing for small business needs with competitive loan rates or larger loans for even larger goals, our offers could be something to consider.

How can I use a small business loan to expand my business?

There are many ways a business owner can use their loan proceeds effectively and efficiently. For one, you can increase your company’s productivity by investing in new equipment or upgrading technology. You may need to invest in machinery for production, upgrade computer systems, or install new software to streamline operations.

A loan could be used to expand your business or move to a larger location if your current space is not sufficient. It can also provide the capital that you need to purchase additional stock. For some industries, research and development (R&D) can be vital to staying on top of the competition. Taking out a loan can help you finance R&D activities to ensure your product or service is a cut above the rest.

Finally, loans can be helpful for marketing initiatives. To reach a wider audience, you might use a loan to boost your social media presence, revamp your website, or invest in e-commerce capabilities. Our loan offerings at OnDeck can give you the funding your business needs to reach the next level, so you don’t have to look up ‘loan small business’ anymore.

How do I create a business plan to support my loan application?

Some lenders will require you to submit a business plan along with your loan application. This may affect your interest rate, approved loan amount, and overall eligibility. OnDeck does not require business plans when you apply for a loan. Our process is straightforward.

 The minimum requirements to qualify for a loan with us are as follows:

• a minimum of one year in business, 
• an annual turnover exceeding $100,000,
• a record without prior or recent bankruptcy; and 
• a minimum business credit score of 400. 

Depending on your business size, desired loan amount, and other factors, we may need to ask for additional documentation during your application. If you have any questions about your application, our Australia-based loan specialists are ready to assist.

OnDeck: Empowering Australian small businesses

At OnDeck, we are dedicated to propelling Australian small businesses into their next phase of growth with our comprehensive suite of loan services. Our loan terms are designed for flexibility, ensuring that you find the perfect match for your business’s unique trajectory.

Our application process is designed for your convenience, requiring only a few minutes of your time to complete online, along with the provision of six months’ bank statements for rapid processing.

Understanding the importance of personalised support, each client is paired with a dedicated Australia-based loan specialist. This ensures a smooth application process from start to finish, with our experts available to assist you every step of the way.

Apply today and experience the OnDeck difference!

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.