Fast And Easy Funding: Why You Need OnDeck’s New Business Loans

Navigating new business loans and finding the right one for your venture can be tough. Thankfully, OnDeck is here to make meeting your small business financing goals a walk in the park. With our fast and easy small business loans, we can help your new venture become the business you’ve always envisioned and take further steps towards fulfilling its full potential.

Financing your growth

OnDeck is here to smooth the path for the new venture financing you need. We understand the pivotal role small businesses play and the challenges that the initial years can bring. That’s why we’re committed to supporting your venture with our tailored new business loans, ensuring you have the financial support you need to make the most of these critical years.

No need for collateral

Launching and scaling your business should not come with the added stress of securing collateral. Fortunately, OnDeck offers unsecured entrepreneur loans. This means you can focus on what matters most – growing your business – without the worry of risking assets or navigating the arduous process of asset evaluation.

Rapid funding 

Once your new business loan is approved, you can see the funds in your account in as fast as two hours. This efficiency eliminates unnecessary delays, allowing you to swiftly act on growth opportunities and business needs.

Tailored support

We believe in personal support, which is why every customer is paired with a dedicated, Australia-based loan specialist. They’re here to guide you through the application process, ensuring a smooth and stress-free experience. 

So, if you have any questions about our new business loans, there’s no need to worry. You can always turn to our specialists for help. They’re more than happy to make your loaning experience as simple and seamless as possible.

Frequently Asked Questions (FAQ)

How do I qualify for a new business loan?

When it comes to new business loans, our requirements are straightforward. As responsible business lending partners, our eligibility criteria are designed to ensure that a loan is conducive to your business’s financial health and operational stability. Here are the four online business loan requirements you have to meet if you want to apply with us.

Business credit score

Your business credit score is a critical indicator of your financial history. At OnDeck, we require a minimum score of 400. If you don’t know your credit score, you can check out our ‘Know Your Score’ online tool. It’s fast, secure, and risk-free. 

Cash flow

A minimum gross annual turnover of $100,000 is required at OnDeck. This criterion ensures that your business can engage with new opportunities and manage the repayment structure of our new business loans effectively.

No bankruptcy

Stability is key in business operations. Therefore, a clear history with no instances of bankruptcy, either prior or recent, is necessary. This requirement underlines the importance of a stable financial foundation for both the business and the lender.

Business age

Your business must have been operational for at least a year to qualify for a loan with OnDeck. This duration demonstrates your business’s ability to sustain operations and navigate the initial challenges that new ventures often face.

What documents do I need to apply for a new business loan?

Our new business loans require that you provide six months of business bank statements. With these statements, we’re able to do a thorough analysis of your cash flow and credit score. If you’re applying for Lightning Loan Plus, which are business loans that offer larger loan amounts, we also require accountant-prepared financial statements from the past twelve months. 

These documents ensure that we have a thorough understanding of your business’s fiscal health. Thus, we can tailor a loan solution that aligns with your needs, capabilities, and growth ambitions while safeguarding your financial future.

How long does it take to get approved for a new business loan?

In the fast-paced world of business, we know that time is of the essence when dealing with business funding needs. The good news is that, with OnDeck, you can get a decision in as little as thirty minutes. We’re committed to delivering fast approvals to meet your urgent financial needs, ensuring you’re equipped to seize opportunities as they arise. 

The Koala Score 

Wondering how we’ve streamlined the process to achieve such speedy results? At the heart of our online business loan approval process is our Koala Score, one of the most predictive credit scoring engines in Australia. 

By taking away human bias in favour of data-driven insights, it ensures that every loan decision is rooted in a comprehensive analysis of your business’s health and potential. This advanced scoring capability enables us to provide loan amounts that truly reflect your business’s potential, often surpassing what other loan companies might offer.

The speed, innovation, and accuracy of our online loan application ensure that OnDeck stands as a pivotal partner when it comes to new business loans. 

Take your business to the next level

OnDeck isn’t just a lender; we’re your partner in progress. Our commitment to your success is unwavering, and we’re here to support the growth and prosperity of your business with practical, real-world financial solutions. 

In our years of global experience in providing new business loans, we’ve helped thousands of Australian businesses not just survive but also thrive. With that kind of experience and expertise under our belt, there’s no doubt that we’re a lender you can rely on.

At OnDeck, getting a business loan becomes the seamless experience you deserve. Apply for our new business loans 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.