OnDeck’s Small Business Loans Australia: What You Need To Know

When you’re looking to grow your business, you may find yourself looking for a lender that offers small business loans Australia-wide. 

Small business loans can be pivotal for implementing growth initiatives. Some examples include launching marketing campaigns to reach new customers, facilitating technology upgrades, or opening new locations to expand market presence – anything to stay afloat while being competitive and innovative.

Your search for ‘small business loans Australia’ ends at OnDeck. How can we help boost your business, and why us? Read on to find out.

Simplifying the application process for business financing

Applying for traditional SME loans can be challenging for small business owners, made more complicated by exhaustive paperwork, high credit score demands, and collateral requirements. These factors delay access to necessary funds, impacting the ability of businesses to respond to opportunities or financial needs promptly.

OnDeck’s efficient process

OnDeck revolutionises business finance with a process that’s as straightforward as it is efficient. Here’s how the online business loan application process works:

• Application submission: Start by filling out a simple online form, providing basic details about your business, and uploading recent bank statements. This step is designed to be quick, taking as little as ten minutes to complete.

• Decision-making: Shortly after submission, we’ll review your application and business credit history. Our goal is to make decisions in as fast as thirty minutes, ensuring you’re not left waiting. 
• Support from real people: Your OnDeck loan specialist will explain it all. They can help answer all your questions about small business financing and provide the support you need. 
• Receiving funds: Once your application for business funding has been approved, your funds can be deposited into your account in as little as two hours. 

Frequently Asked Questions (FAQ)

What are the different types of lenders that offer small business loans in Australia?

For those who are interested in learning how to get small business loans Australia-wide, it’s good to know that you can get them from a variety of lenders. When you compare business loans, it’s not enough to look at the different business loan interest rates. Make sure you check the terms and benefits to find out which type suits your specific needs. 

Traditional banks and online lenders may offer small business loans Australia-wide. However, traditional lenders may have slow, manual processes. On the other hand, online lenders may be fast but leave you without support. 

The best business loans will bridge this gap and provide you with a service that’s part high-tech and part human. 

At OnDeck, we specialise in using technology to speed up the process while providing you with real human support. The application process for our unsecured business loans is designed to be quick and straightforward, with approval decisions made in as fast as thirty minutes and funds transferred in as little as two hours. 

We assess eligibility for small enterprise loans using data and technology, focusing on factors such as business credit score and cash flow analysis from the recent six months of bank statement data. This approach enables us to support a wide range of small businesses across Australia, helping them to grow and thrive.

Can I use a small business loan to purchase equipment or inventory?

If your search for ‘small business loans Australia’ led you to OnDeck, rest assured that when getting a business loan from us, you can use the funds to grow your business. You can use it as small business capital to purchase equipment or inventory. 

Our micro business loans can provide businesses with timely financing to maintain or expand their operations​​​​​​. Whether you’re looking to increase your cash flow, purchase additional inventory, or invest in more marketing, we’ve got you covered. 

How do lenders assess the creditworthiness of a small business?

Lenders assess the creditworthiness of a small business through various methods, focusing on its financial health and potential risks. OnDeck innovates in this space with our Koala Score, a proprietary credit scoring capability tailored for Australian businesses. 

This advanced algorithm evaluates thousands of data points to predict creditworthiness more accurately than traditional models. Our Koala Score allows us to offer potentially higher loan amounts by providing a detailed picture of a business’s financial situation.

OnDeck also partners with Equifax to offer ‘Know Your Score’, a free online tool that enables those looking for small business loans Australia-wide to check their credit score without affecting it. This service is designed to empower business owners with knowledge of their financial standing, providing quick, secure, and obligation-free insights. 

Such transparency and efficiency in credit scoring underscore our commitment to fast and fair lending, leveraging technology to streamline the loan application process and offer quick funding solutions to Australian businesses. This approach not only speeds up the lending process but also opens up opportunities for businesses that might be overlooked by traditional credit assessments.

OnDeck: offering tailored solutions for small businesses

At OnDeck, we are committed to propelling small businesses into their next phase of growth with our tailored financial solutions. Recognising the unique challenges and opportunities these businesses face, we ensure that entrepreneurs have access to small business loans Australia-wide. 

With many years of global experience in the online lending space, we’ve refined our processes to understand precisely what Australian small businesses require from their financing partner. Our commitment is reflected in our fast, flexible funding options, which are specifically tailored to keep your business on the move. 

With us, you are not just another application. We are here to help your business do more, now more than ever. So don’t delay, and apply 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.