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Our Terms - Things You Should Know


What makes up your loan with OnDeck

If you  take out a business loan with On Deck Capital Australia Pty Ltd ABN 28 603 753 215 (OnDeck, we, us, our), the terms and conditions that apply to your business loan and the guarantee provided by the guarantor, are set out in our Business Loan Agreement.

You will be provided with a copy of the Business Loan Agreement as part of the business loan application process, and you and each guarantor will be required to agree to the Business Loan Agreement before any funds are advanced to you under the business loan.

Once you and any guarantor accepts the Business Loan Agreement and the business loan is advanced to you (ie it is funded), then a contract will be formed between OnDeck and you, and any guarantor. This is when your obligations under the Business Loan Agreement start.


Your liability

You (as the named borrower) are required to repay the Loan Amount plus Total Interest Expense in full and in accordance with the Payment Schedule set out in the Business Loan Agreement.

Default interest will be applied at 1.25% per day to a late Payment Amount (the loan instalment due in accordance with the Payment Schedule). This is subject to a cap as set out under ‘Default Interest’ below.

The loan is unsecured. However, an individual guarantee is required for all our loans. This guarantee is normally provided by the individual entering into the Business Loan Agreement, although in some circumstances we may require an additional guarantor.  By providing a guarantee, the guarantor stands behind all the obligations of the named borrower under the Business Loan Agreement.

In the event of an Event of Default, OnDeck may terminate the Business Loan Agreement, recover the Balance Outstanding, appoint a receiver, and enforce the guarantee.

You (as the named borrower), and each guarantor, indemnifies OnDeck against any loss, cost, expense or liability reasonably incurred by OnDeck as a result of breach of the Business Loan Agreement or recovering outstanding sums due.


Our liability

In return for your agreement to the Business Loan Agreement and completing any conditions of our credit assessment (and each guarantor agreeing to provide an guarantee), we will advance the Disbursement Amount stated in the Business Loan Agreement.

It is a condition of lending that all our customers confirm that loans are for a business or investment purpose and borrowers are required to make a declaration to this effect in the Business Loan Agreement. By making this declaration, you confirm that your business loan from OnDeck is not protected under the National Credit Code (which applies to consumer credit lending).

OnDeck is a founding member of the Online Small Business Lending Code (Code). The Code support small business borrowers by providing a tool (the SMART BoxTM) included in the Business Loan Agreement which provides comparable metrics across small business lenders in the form of a loan summary sheet before the loan is accepted so borrowers can see the key features of a product. Under the Code we also make the following commitments to our customers:

  • We will focus on customers
  • We will be fair, honest & ethical
  • We will deliver high standards of service
  • We will give you clear information about our products and services
  • We will consider your financial circumstances when providing our products and services
  • Our staff and representatives will be trained and competent
  • We will deal fairly with complaints
  • We will comply with our industry and legal obligations
  • We will support and promote the Code

In addition to its internal dispute resolution procedures for customers complaints, OnDeck is a member of the Australian Financial Complaints Authority, which provides small businesses with fair, free and independent dispute resolution for financial complaints.


Customer Data

Customer data is handled and provided to third parties in accordance with our Privacy Statement, Privacy Policy and Credit Check Authority, which you confirm that you have read when applying for a business loan with OnDeck. This includes the provision of data to a third party electronic identity verification service to verify the identity of our customers, and to credit reporting bureaus as part of our credit assessment.


Default Interest

As set out in clause 6 of the Business Loan Agreement, Default Interest will only be charged for the first 120 days starting on the day that Default Interest in respect of that Late Payment is first charged.   This cap only applies to borrowers who have entered into a Business Loan Agreement with OnDeck on and from 08.08.2023.


Early Repayment

Loans may be repaid early without an additional fees or charges, but the Total Interest Expense will still be payable even if the loan is repaid early.

However, as set out in clause 5 of the Business Loan Agreement, if you want to repay the whole of the outstanding Balance Owing at any time before the end of the Loan Term, you can tell us you want to do so. We will then tell you the amount you need to pay out your Loan (this might be a reduced amount) and if you pay that amount within the time set out in the agreement, we will treat the Loan as being repaid in full.



This information is provided to prospective applicants and applicants to be aware of the terms and conditions of our Business Loan Agreement, including any term or condition which may substantially prejudice their interests on entering into a Business Loan Agreement with OnDeck.

For consistency, capitalised terms used on this page have the same meaning as in the Business Loan Agreement.

Should you have any questions regarding the information on this page, we encourage you to contact the OnDeck sales consultant you have been dealing with directly, our customer service team:


OnDeck cannot provide legal, financial or tax advice.  Applicants are responsible to seek their own independent legal, financial and tax advice in relation to the Business Loan Agreement.

Date of last revision: 19 June 2024