Simplifying Unsecured Business Loans Australia-wide: An Expert Guide for SMEs

Looking into unsecured business loans Australia-wide? Many small businesses across Australia are exploring how these loans can help them grow, adapt, and succeed in today’s fast-paced market. It all comes down to finding the right fit for your business needs. 

This article will help you understand how to qualify, how quickly you can get the funds, how much you can borrow, and how flexible the repayment terms are.

At OnDeck, we’re here to make that journey as smooth and straightforward as possible. We offer personalised financial solutions that are designed with your business’s growth in mind.

Understanding unsecured business loans

Understanding the nuts and bolts of unsecured business loans Australia-based companies can avail of starts with grasping two core elements: how much you can borrow and at what cost. 

At OnDeck, online loans stretch from $10,000 to $250,000, designed to cater to a wide array of needs without the need for collateral. Instead of requiring you to provide security, such as a vehicle or equipment, OnDeck uses your business credit score and cash flow to determine your interest rate and eligibility for our small business loans. 

Tailored loan solutions from OnDeck

At OnDeck, our unsecured financing solutions are a testament to our belief in providing flexible, unsecured business loans Australia-wide. 

Our Lightning Loans®, spanning from $10,000 to $175,000, serve as the swift cavalry for SMEs, ideal for a spectrum of needs from stocking up inventory to funding marketing endeavours. All we require to get started is six months of recent business bank statements.

If your goals stretch a bit further, our Lightning Loans Plus extends from $175,001 up to $250,000. Just provide your most recent year’s accountant-prepared financials (past twelve months) along with business bank statements for the past six months.

‘Know Your Score’ Tool and our Koala Score™

OnDeck’s innovative ‘Know Your Score’ feature empowers SMEs to verify their Equifax business credit score online for free without affecting their score.

But we don’t stop there. With the Koala Score, our bespoke credit scoring system, we use a myriad of data points and our extensive lending history to offer a more complete and nuanced evaluation of your business’s creditworthiness. 

Thanks to the Koala Score, we can tailor your business finance interest rate more precisely to your specific risk profile and potential, in line with OnDeck’s commitment to fostering SMEs’ growth.

Frequently Asked Questions (FAQ)

What are the eligibility criteria for obtaining an unsecured business loan in Australia?

To apply for unsecured business loans Australia-wide with OnDeck, your business should earn a minimum annual turnover of $100,000 and have at least one year of operations under its belt. Having no history of bankruptcy and maintaining a business credit score of 400 or above are also prerequisites. 

A credit check, part of our comprehensive assessment, taps into your commercial and consumer files. While this enquiry will be part of your Equifax Commercial and Consumer Report, it will not affect your credit score. 

How do I compare different unsecured business loan options?

When comparing the unsecured business loans Australia has to offer, it’s not enough to look at the interest rate and terms. You also have to consider the efficiency of the loan process and the support you get. 

Traditional banks may have financing specialists you can talk to, but they are typically slowed down by manual processes. On the other hand, online lenders can offer speed, but you may not get human support. 

We understand that struggle, and that’s why OnDeck combines technology and exceptional service. Your dedicated OnDeck loan specialist will be with you throughout the whole process, and they’re happy to answer any questions you may have about your loan. 

Plus, our application process is designed to be quick and easy, ensuring you can focus on running your business rather than on lengthy loan applications. You can receive a decision in as little as thirty minutes and, if approved, your funds in as little as two hours. 

How can I improve my chances of getting approved for an unsecured business loan?

If you want to increase your chances of sending an application for unsecured business loans Australia-based lenders would approve of, aim for a good business credit score, ideally 400 or above. Your cash flow also plays a crucial role in your eligibility, so ensure that you have enough to repay your loan without undue financial strain. 

Most unsecured loan providers, including OnDeck, will review your bank statements for the past six months to determine how capable you are of repaying your loan. 

Before applying for business loans without collateral, make sure that you have gathered all the necessary documents, such as bank statements and identification. Clear documentation of your financial situation, including assets, debts, income, and expenses, helps in presenting a complete picture to the lender.

OnDeck: your partner in business finance

At OnDeck, we’re not just another name on the list of loan companies; we’re a dedicated partner committed to propelling Australian SMEs forward. Our small business finance options offer the flexibility and support your business needs to thrive. 

Plus, our streamlined process ensures getting a business loan is super straightforward. Whether it’s enhancing business capital, expanding operations, or seizing new opportunities, OnDeck’s professional service is designed to deliver funding at lightning speed. 

There’s no need to keep looking up terms like ‘unsecured business loans Australia’. Achieving your business goals is simpler and faster, thanks to our efficient, flexible funding solutions and exceptional service. 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.