Discover The Perks Of Taking Out Quick Business Loans

In the fast-paced world of entrepreneurship, navigating small business finance is a crucial step toward growth and stability. At OnDeck, we provide loans for a wide range of needs, from day-to-day cash flow loans to ambitious business expansion loans and even equipment financing loans.

By prioritising accessibility and efficiency, OnDeck empowers Australian small businesses to thrive in a competitive marketplace.

Frequently Asked Questions (FAQ)

What financing options are available to small businesses?

Australian small businesses have a number of business financing options available to them, each tailored for different operational needs and growth goals.

While traditional bank loans, government grants, investor funding, and alternative lenders provide a spectrum of choices, OnDeck specialises in offering unsecured small business finance loans called Lightning Loans® that stand out for their flexibility and accessibility in the world of small business finance.

OnDeck’s Unsecured Loans: A Premier Choice

OnDeck’s business loans cater specifically to businesses seeking fast, flexible financial solutions that don't require collateral. For businesses that lack substantial assets or do not wish to pledge them, these small business loans are valuable. 

Our loan offers range from $10,000 to $250,000, and you can get an answer ​​in as little as thirty minutes. If approved, businesses can access funds in as little as two hours.

Innovative Credit Assessment with the Koala Score™

At the heart of OnDeck’s approach is the Koala Score™, a proprietary credit scoring system that evaluates businesses on more than just traditional metrics. By considering real-world performance, this score allows for a more accurate and favourable assessment of an enterprise's creditworthiness. 

What is the process for obtaining a small business loan?

Securing finance for small businesses from OnDeck is a streamlined and efficient process designed to get funds into the hands of business owners quickly, allowing you to focus on what you do best — running your business.

Eligibility Criteria for Lightning Loans

For those interested in our finance loans, the eligibility criteria include:

• Providing six months of business bank statement data to demonstrate healthy monthly revenue;
• Having a business credit score above 400;
• Having no history of bankruptcy.

These criteria aim to ensure that those getting a business loan have a solid financial foundation and the ability to manage additional funding responsibly.

For higher loan amounts under our Lightning Loans Plus option, applicants must meet the requirements outlined above. Also, you need to provide the most recent year’s accountant-prepared financials (covering the past twelve months). This extra layer of financial scrutiny enables OnDeck to offer more substantial amounts for small business loans.

Online Application Submission

Once you know you meet the eligibility criteria for small business finance options, you can begin with our quick and simple online application. The process typically only takes a few minutes to complete. If you have any questions, don't hesitate to ask our loan specialists, who can guide you through the process.

How can I build and maintain good credit for my small business?

Building and maintaining a strong credit profile is essential for those seeking small business finance solutions. A healthy credit score can open the door to a wider range of finance loan options as well as result in more favourable terms and interest rates. Here are some strategies to enhance and preserve your business credit:

1. Regular Credit Checks: Use tools like our 'Know Your Score' to periodically check your business credit score and help identify areas for improvement without impacting your score.
2. Timely Payments: You should always make your payments on time. Late payments can significantly damage your credit score, so consider setting up automated payments.
3. Manage Debt Levels: Maintain a low debt level compared to your income. High credit utilisation can make lenders feel your business is risky.
4. Monitor Credit Regularly: You should monitor your credit report frequently for errors or fraud to ensure that your credit remains accurate and secure.
5. Diversify Credit: A mix of a revolving line of credit, cards, and loans can improve your credit score by showing you can handle various types of credit.
6. Seek Professional Advice: A financial advisor can help you with specific credit issues or provide you with strategies to improve your credit score.

If you can adhere to these practices, you will be able to establish a strong credit profile for your business, making it more attractive to lenders and opening the door to a broader range of funding options.

Empowering Australian Small Businesses with OnDeck

OnDeck is revolutionising small business financing online, offering SBA loans from $10,000 to $250,000 with terms ranging from six to twenty-four months. Our commitment to speed, flexibility, and support is unmatched, providing funding in as little as two hours through a straightforward online application. 

At OnDeck, let us be your dedicated partner in business lending, ready to support your enterprise's journey towards growth and success.

Apply now and get access to a business loan Australia-wide 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.